Okla. Stat. tit. 18, § 18-441-1008
This is the official text of Okla. Stat. tit. 18, § 18-441-1008, 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.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Liability for improper distributions - Limitation of
Official statutory text
action.
LIABILITY FOR IMPROPER DISTRIBUTIONS; LIMITATION OF ACTION.
(a) A director who consents to a distribution that violates
Section 96 of this act is personally liable to the limited
cooperative association for the amount of the distribution which
exceeds the amount that could have been distributed without the
violation if it is established that in consenting to the
distribution the director failed to comply with Section 83 or 84 of
this act.
(b) A member or transferee of financial rights which received a
distribution knowing that the distribution was made in violation of
Section 96 of this act is personally liable to the limited
cooperative association to the extent the distribution exceeded the
amount that could have been properly paid.
(c) A director against whom an action is commenced under
subsection (a) may:
(1) Implead in the action any other director who is liable
under subsection (a) of this section and compel contribution from
the person; and
(2) Implead in the action any person that is liable under
subsection (b) of this section and compel contribution from the
person in the amount the person received as described in subsection
(b) of this section.
(d) An action under this section is barred if it is commenced
later than two (2) years after the distribution.
LIABILITY FOR IMPROPER DISTRIBUTIONS; LIMITATION OF ACTION.
(a) A director who consents to a distribution that violates
Section 96 of this act is personally liable to the limited
cooperative association for the amount of the distribution which
exceeds the amount that could have been distributed without the
violation if it is established that in consenting to the
distribution the director failed to comply with Section 83 or 84 of
this act.
(b) A member or transferee of financial rights which received a
distribution knowing that the distribution was made in violation of
Section 96 of this act is personally liable to the limited
cooperative association to the extent the distribution exceeded the
amount that could have been properly paid.
(c) A director against whom an action is commenced under
subsection (a) may:
(1) Implead in the action any other director who is liable
under subsection (a) of this section and compel contribution from
the person; and
(2) Implead in the action any person that is liable under
subsection (b) of this section and compel contribution from the
person in the amount the person received as described in subsection
(b) of this section.
(d) An action under this section is barred if it is commenced
later than two (2) years after the distribution.
Status: in_force · Read it on the official government site
Need a lawyer in Oklahoma?
Find a Oklahoma lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.