Okla. Stat. tit. 18, § 18-1209
This is the official text of Okla. Stat. tit. 18, § 18-1209, 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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Liability – Benefit enforcement proceeding
Official statutory text
A. Except in a benefit enforcement proceeding, no person shall
bring an action or assert a claim against a benefit corporation or
its directors or officers with respect to:
1. Failure to pursue or create general public benefit or a
specific public benefit set forth in its certificate of
incorporation; or
2. Violation of an obligation, duty or standard of conduct
under the Oklahoma Benefit Corporation Act or the Oklahoma Banking
Code.
B. A benefit corporation shall not be liable for monetary
damages under the Oklahoma Benefit Corporation Act or the Oklahoma
Banking Code for any failure of the benefit corporation to pursue or
create general public benefit or a specific public benefit.
C. A benefit enforcement proceeding may be commenced or
maintained only:
1. Directly by the benefit corporation; or
2. Derivatively in accordance with the Oklahoma General
Corporation Act or the Oklahoma Banking Code, as applicable, by:
a. a person or group of persons that owned beneficially
or of record at least two percent (2%) of the total
number of shares of a class or series outstanding at
the time of the act or omission complained of,
b. a director,
Oklahoma Statutes - Title 18. Corporations Page 535
c. a person or group of persons that owned beneficially
or of record five percent (5%) or more of the
outstanding equity interests in an entity of which the
benefit corporation is a subsidiary at the time of the
act or omission complained of, or
d. other persons as specified in the certificate of
incorporation or bylaws of the benefit corporation.
D. For purposes of this section, a person is the beneficial
owner of shares or equity interests if the shares or equity
interests are held in a voting trust or by a nominee on behalf of
the beneficial owner.
bring an action or assert a claim against a benefit corporation or
its directors or officers with respect to:
1. Failure to pursue or create general public benefit or a
specific public benefit set forth in its certificate of
incorporation; or
2. Violation of an obligation, duty or standard of conduct
under the Oklahoma Benefit Corporation Act or the Oklahoma Banking
Code.
B. A benefit corporation shall not be liable for monetary
damages under the Oklahoma Benefit Corporation Act or the Oklahoma
Banking Code for any failure of the benefit corporation to pursue or
create general public benefit or a specific public benefit.
C. A benefit enforcement proceeding may be commenced or
maintained only:
1. Directly by the benefit corporation; or
2. Derivatively in accordance with the Oklahoma General
Corporation Act or the Oklahoma Banking Code, as applicable, by:
a. a person or group of persons that owned beneficially
or of record at least two percent (2%) of the total
number of shares of a class or series outstanding at
the time of the act or omission complained of,
b. a director,
Oklahoma Statutes - Title 18. Corporations Page 535
c. a person or group of persons that owned beneficially
or of record five percent (5%) or more of the
outstanding equity interests in an entity of which the
benefit corporation is a subsidiary at the time of the
act or omission complained of, or
d. other persons as specified in the certificate of
incorporation or bylaws of the benefit corporation.
D. For purposes of this section, a person is the beneficial
owner of shares or equity interests if the shares or equity
interests are held in a voting trust or by a nominee on behalf of
the beneficial owner.
Status: in_force · Read it on the official government site
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