Okla. Stat. tit. 18, § 18-441-1003
This is the official text of Okla. Stat. tit. 18, § 18-441-1003, 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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Contribution agreements
Official statutory text
CONTRIBUTION AGREEMENTS.
(a) Except as otherwise provided in the agreement, the
following rules apply to an agreement made by a person before
formation of a limited cooperative association to make a
contribution to the association:
(1) The agreement is irrevocable for six (6) months after the
agreement is signed by the person unless all parties to the
agreement consent to the revocation.
(2) If a person does not make a required contribution:
(A) the person is obligated, at the option of the
association, once formed, to contribute money equal to
the value of that part of the contribution that has
not been made, and the obligation may be enforced as a
debt to the association; or
(B) the association, once formed, may rescind the
agreement if the debt remains unpaid more than twenty
(20) days after the association demands payment from
the person, and upon rescission the person has no
further rights or obligations with respect to the
association.
(b) Unless the organic rules or an agreement to make a
contribution to a limited cooperative association otherwise
provides, if a person does not make a required contribution to an
association, the person or the person’s estate is obligated, at the
option of the association, to contribute money equal to the value of
the part of the contribution which has not been made.
(a) Except as otherwise provided in the agreement, the
following rules apply to an agreement made by a person before
formation of a limited cooperative association to make a
contribution to the association:
(1) The agreement is irrevocable for six (6) months after the
agreement is signed by the person unless all parties to the
agreement consent to the revocation.
(2) If a person does not make a required contribution:
(A) the person is obligated, at the option of the
association, once formed, to contribute money equal to
the value of that part of the contribution that has
not been made, and the obligation may be enforced as a
debt to the association; or
(B) the association, once formed, may rescind the
agreement if the debt remains unpaid more than twenty
(20) days after the association demands payment from
the person, and upon rescission the person has no
further rights or obligations with respect to the
association.
(b) Unless the organic rules or an agreement to make a
contribution to a limited cooperative association otherwise
provides, if a person does not make a required contribution to an
association, the person or the person’s estate is obligated, at the
option of the association, to contribute money equal to the value of
the part of the contribution which has not been made.
Status: in_force · Read it on the official government site
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