Okla. Stat. tit. 18, § 18-1206

This is the official text of Okla. Stat. tit. 18, § 18-1206, 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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General public benefit purpose

Official statutory text

A. A benefit corporation shall have a purpose of creating

general public benefit. This purpose is in addition to its purpose

under the Oklahoma General Corporation Act or the Oklahoma Banking

Code.

B. The certificate of incorporation of a benefit corporation

may identify one or more specific public benefits that it is the

purpose of the benefit corporation to create in addition to its

purposes under the Oklahoma General Corporation Act or the Oklahoma

Banking Code and subsection A of this section. The identification

of a specific public benefit under this subsection does not limit

the purpose of a benefit corporation to create general public

benefit under subsection A of this section.

C. The creation of general public benefit and specific public

benefit under subsections A and B of this section shall be in the

best interests of the benefit corporation.

D. A benefit corporation may amend its certificate of

incorporation to add, amend or delete the identification of a

specific public benefit that it is the purpose of the benefit

Oklahoma Statutes - Title 18. Corporations Page 532

corporation to create. In order to be effective, the amendment

shall be adopted by at least the minimum status vote.

E. A professional corporation that is a benefit corporation

shall not violate the Professional Entity Act by having the purpose

to create general public benefit or a specific public benefit.

F. A state bank or trust company that is a benefit corporation

shall not violate the Oklahoma Banking Code by having the purpose to

create general public benefit or a specific public benefit, but

nothing in the Oklahoma Benefit Corporation Act shall eliminate,

diminish or supersede the duties of a benefit corporation that is a

state bank or trust company to operate safely and soundly in

accordance with applicable regulatory requirements.

Status: in_force · Read it on the official government site

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