Okla. Stat. tit. 18, § 18-1205
This is the official text of Okla. Stat. tit. 18, § 18-1205, 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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Termination of benefit corporation status
Official statutory text
A. A benefit corporation may terminate its status and cease to
be subject to the Oklahoma Benefit Corporation Act by amending its
certificate of incorporation to delete the provision required by
Sections 3 and 4 of this act to be stated in the certificate of a
benefit corporation. In order to be effective, the amendment shall
be adopted by at least the minimum status vote.
B. 1. Except as provided in paragraph 2 of this subsection, if
a plan of merger, consolidation or conversion would have the effect
of terminating the status of a business corporation as a benefit
corporation, the plan shall be adopted by at least the minimum
status vote in order to be effective.
2. Paragraph 1 of this subsection shall not apply in the case
of a corporation that is a party to a merger if the shareholders of
the corporation are not entitled to vote on the merger.
3. Any sale, lease, exchange or other disposition of all or
substantially all of the assets of a benefit corporation, unless the
transaction is in the usual and regular course of business, shall
not be effective unless the transaction is approved by at least the
minimum status vote.
be subject to the Oklahoma Benefit Corporation Act by amending its
certificate of incorporation to delete the provision required by
Sections 3 and 4 of this act to be stated in the certificate of a
benefit corporation. In order to be effective, the amendment shall
be adopted by at least the minimum status vote.
B. 1. Except as provided in paragraph 2 of this subsection, if
a plan of merger, consolidation or conversion would have the effect
of terminating the status of a business corporation as a benefit
corporation, the plan shall be adopted by at least the minimum
status vote in order to be effective.
2. Paragraph 1 of this subsection shall not apply in the case
of a corporation that is a party to a merger if the shareholders of
the corporation are not entitled to vote on the merger.
3. Any sale, lease, exchange or other disposition of all or
substantially all of the assets of a benefit corporation, unless the
transaction is in the usual and regular course of business, shall
not be effective unless the transaction is approved by at least the
minimum status vote.
Status: in_force · Read it on the official government site
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