Okla. Stat. tit. 18, § 18-441-1503
This is the official text of Okla. Stat. tit. 18, § 18-441-1503, 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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Notice and action on disposition of assets
Official statutory text
Oklahoma Statutes - Title 18. Corporations Page 225
NOTICE AND ACTION ON DISPOSITION OF ASSETS. For a limited
cooperative association to dispose of assets under Section 131 of
this act:
(1) A majority of the board of directors, or a greater
percentage if required by the organic rules, must approve the
proposed disposition; and
(2) The board of directors must call a members meeting to
consider the proposed disposition, hold the meeting not later than
ninety (90) days after approval of the proposed disposition by the
board, and mail or otherwise transmit or deliver in a record to each
member:
(A) the terms of the proposed disposition;
(B) a recommendation that the members approve the
disposition, or if the board determines that because
of conflict of interest or other special circumstances
it should not make a favorable recommendation, the
basis for that determination;
(C) a statement of any condition of the board’s submission
of the proposed disposition to the members; and
(D) notice of the meeting at which the proposed
disposition will be considered, which must be given in
the same manner as notice of a special meeting of
members.
NOTICE AND ACTION ON DISPOSITION OF ASSETS. For a limited
cooperative association to dispose of assets under Section 131 of
this act:
(1) A majority of the board of directors, or a greater
percentage if required by the organic rules, must approve the
proposed disposition; and
(2) The board of directors must call a members meeting to
consider the proposed disposition, hold the meeting not later than
ninety (90) days after approval of the proposed disposition by the
board, and mail or otherwise transmit or deliver in a record to each
member:
(A) the terms of the proposed disposition;
(B) a recommendation that the members approve the
disposition, or if the board determines that because
of conflict of interest or other special circumstances
it should not make a favorable recommendation, the
basis for that determination;
(C) a statement of any condition of the board’s submission
of the proposed disposition to the members; and
(D) notice of the meeting at which the proposed
disposition will be considered, which must be given in
the same manner as notice of a special meeting of
members.
Status: in_force · Read it on the official government site
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