Okla. Stat. tit. 18, § 18-1149
This is the official text of Okla. Stat. tit. 18, § 18-1149, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Law governing control share voting rights
Official statutory text
LAW GOVERNING CONTROL SHARE VOTING RIGHTS
After a control share acquisition occurs, control shares of the
acquiring person have only such voting rights as are conferred by
this section.
1. Subject to the provisions of paragraphs 2 through 4 of this
section, the voting power of control shares having voting power of
one-fifth (1/5) or more of all voting power is reduced to zero
unless the shareholders of the issuing public corporation approve a
resolution pursuant to the procedure set forth in Section 1153 of
this title according the shares the same voting rights as they had
before they became control shares.
2. Except as provided in subsection A of Section 1153 of this
title, the voting power of control shares representing voting power
of less than one-fifth (1/5) of all voting power is not affected by
Sections 1145 through 1155 of this title.
Oklahoma Statutes - Title 18. Corporations Page 524
3. If control shares of the acquiring person previously have
been accorded, pursuant to the procedure set forth in Section 1153
of this title, the same voting rights they had before they became
control shares, or if such control shares were acquired in a
transaction excluded from the definition of "control share
acquisition", then only the voting power of control shares acquired
in a subsequent control share acquisition by such acquiring person
within a higher range of voting power shall be reduced to zero.
4. The voting rights of control shares are restored to those
accorded such shares prior to the control share acquisition in any
of the following circumstances:
(a) if, by reason of subsequent issuances of shares or
other transactions by the issuing public corporation,
the voting power of those control shares is reduced to
a range of voting power for which approval has been
granted or is not required; or
(b) upon transfer to a person other than an acquiring
person; or
(c) the expiration of three (3) years after the date of a
vote of shareholders, pursuant to Section 1153 of this
title, failing to approve the resolution according
voting rights to those control shares.
After a control share acquisition occurs, control shares of the
acquiring person have only such voting rights as are conferred by
this section.
1. Subject to the provisions of paragraphs 2 through 4 of this
section, the voting power of control shares having voting power of
one-fifth (1/5) or more of all voting power is reduced to zero
unless the shareholders of the issuing public corporation approve a
resolution pursuant to the procedure set forth in Section 1153 of
this title according the shares the same voting rights as they had
before they became control shares.
2. Except as provided in subsection A of Section 1153 of this
title, the voting power of control shares representing voting power
of less than one-fifth (1/5) of all voting power is not affected by
Sections 1145 through 1155 of this title.
Oklahoma Statutes - Title 18. Corporations Page 524
3. If control shares of the acquiring person previously have
been accorded, pursuant to the procedure set forth in Section 1153
of this title, the same voting rights they had before they became
control shares, or if such control shares were acquired in a
transaction excluded from the definition of "control share
acquisition", then only the voting power of control shares acquired
in a subsequent control share acquisition by such acquiring person
within a higher range of voting power shall be reduced to zero.
4. The voting rights of control shares are restored to those
accorded such shares prior to the control share acquisition in any
of the following circumstances:
(a) if, by reason of subsequent issuances of shares or
other transactions by the issuing public corporation,
the voting power of those control shares is reduced to
a range of voting power for which approval has been
granted or is not required; or
(b) upon transfer to a person other than an acquiring
person; or
(c) the expiration of three (3) years after the date of a
vote of shareholders, pursuant to Section 1153 of this
title, failing to approve the resolution according
voting rights to those control shares.
Status: in_force · Read it on the official government site
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