Okla. Stat. tit. 18, § 18-438.17
This is the official text of Okla. Stat. tit. 18, § 18-438.17, 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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Consolidation of cooperatives
Official statutory text
Any two or more cooperatives (each of which is hereinafter
designated a "consolidating cooperative"), may consolidate into a
new cooperative (hereinafter designated the "new cooperative"), by
complying with the following requirements:
(a) The proposition for the consolidation of the consolidating
cooperatives into the new cooperative and proposed articles of
consolidation to give effect thereto shall be submitted to a meeting
of the members of each consolidating cooperative, the notice of
which shall have attached thereto a copy of the proposed articles of
consolidation;
(b) If the proposed consolidation and the proposed articles of
consolidation, with any amendments, are approved by the affirmative
vote of not less than two thirds of those members of each
consolidating cooperative voting thereon at each such meeting,
articles of consolidation in the form approved shall be executed and
acknowledged on behalf of each consolidating cooperative by its
president or vice president and its seal shall be affixed thereto
and attested by its secretary. The articles of consolidation shall
recite that they are executed pursuant to this act and shall state:
(1) the name of each consolidating cooperative and the address of
its principal office; (2) the name of the new cooperative and the
address of its principal office; (3) a statement that each
consolidating cooperative agrees to the consolidation; (4) the names
and addresses of the trustees of the new cooperative; (5) the terms
and conditions of the consolidation and the mode of carrying the
same into effect, including the manner in which members and
shareholders, if any, of the consolidating cooperatives may or shall
become members and shareholders, respectively, of the new
cooperative; (6) the purpose for which the cooperative is formed;
(7) the period of existence of the new cooperative, and may contain
any provisions not inconsistent with this act deemed necessary or
advisable for the conduct of the business of the new cooperative.
The president or vice president of each consolidating cooperative
executing such articles of consolidation shall make and annex
thereto an affidavit stating that the provisions of this section in
respect of such articles were duly complied with by such
cooperative.
designated a "consolidating cooperative"), may consolidate into a
new cooperative (hereinafter designated the "new cooperative"), by
complying with the following requirements:
(a) The proposition for the consolidation of the consolidating
cooperatives into the new cooperative and proposed articles of
consolidation to give effect thereto shall be submitted to a meeting
of the members of each consolidating cooperative, the notice of
which shall have attached thereto a copy of the proposed articles of
consolidation;
(b) If the proposed consolidation and the proposed articles of
consolidation, with any amendments, are approved by the affirmative
vote of not less than two thirds of those members of each
consolidating cooperative voting thereon at each such meeting,
articles of consolidation in the form approved shall be executed and
acknowledged on behalf of each consolidating cooperative by its
president or vice president and its seal shall be affixed thereto
and attested by its secretary. The articles of consolidation shall
recite that they are executed pursuant to this act and shall state:
(1) the name of each consolidating cooperative and the address of
its principal office; (2) the name of the new cooperative and the
address of its principal office; (3) a statement that each
consolidating cooperative agrees to the consolidation; (4) the names
and addresses of the trustees of the new cooperative; (5) the terms
and conditions of the consolidation and the mode of carrying the
same into effect, including the manner in which members and
shareholders, if any, of the consolidating cooperatives may or shall
become members and shareholders, respectively, of the new
cooperative; (6) the purpose for which the cooperative is formed;
(7) the period of existence of the new cooperative, and may contain
any provisions not inconsistent with this act deemed necessary or
advisable for the conduct of the business of the new cooperative.
The president or vice president of each consolidating cooperative
executing such articles of consolidation shall make and annex
thereto an affidavit stating that the provisions of this section in
respect of such articles were duly complied with by such
cooperative.
Status: in_force · Read it on the official government site
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