Okla. Stat. tit. 18, § 18-441-304
This is the official text of Okla. Stat. tit. 18, § 18-441-304, 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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Bylaws
Official statutory text
BYLAWS.
(a) Bylaws must be in a record and, if not stated in the
articles of organization, must include:
(1) A statement of the capital structure of the limited
cooperative association, including:
(A) the classes or other types of members’ interests and
relative rights, preferences, and restrictions granted
to or imposed upon each class or other type of
member’s interest; and
(B) the rights to share in profits or distributions of the
association;
(2) A statement of the method for admission of members;
(3) A statement designating voting and other governance rights,
including which members have voting power and any restriction on
voting power;
(4) A statement that a member’s interest is transferable if it
is to be transferable and a statement of the conditions upon which
it may be transferred;
(5) A statement concerning the manner in which profits and
losses are allocated and distributions are made among patron members
and, if investor members are authorized, the manner in which profits
and losses are allocated and how distributions are made among
investor members and between patron members and investor members;
(6) A statement concerning:
(A) whether persons that are not members but conduct
business with the association may be permitted to
share in allocations of profits and losses and receive
distributions; and
(B) the manner in which profits and losses are allocated
and distributions are made with respect to those
persons; and
(7) A statement of the number and terms of directors or the
method by which the number and terms are determined.
(b) Subject to subsection (c) of Section 13 of this act and the
articles of organization, bylaws may contain any other provision for
managing and regulating the affairs of the association.
(c) In addition to amendments permitted under Article 4 of the
Uniform Limited Cooperative Association Act of 2009, the initial
board of directors may amend the bylaws by a majority vote of the
directors at any time before the admission of members.
(a) Bylaws must be in a record and, if not stated in the
articles of organization, must include:
(1) A statement of the capital structure of the limited
cooperative association, including:
(A) the classes or other types of members’ interests and
relative rights, preferences, and restrictions granted
to or imposed upon each class or other type of
member’s interest; and
(B) the rights to share in profits or distributions of the
association;
(2) A statement of the method for admission of members;
(3) A statement designating voting and other governance rights,
including which members have voting power and any restriction on
voting power;
(4) A statement that a member’s interest is transferable if it
is to be transferable and a statement of the conditions upon which
it may be transferred;
(5) A statement concerning the manner in which profits and
losses are allocated and distributions are made among patron members
and, if investor members are authorized, the manner in which profits
and losses are allocated and how distributions are made among
investor members and between patron members and investor members;
(6) A statement concerning:
(A) whether persons that are not members but conduct
business with the association may be permitted to
share in allocations of profits and losses and receive
distributions; and
(B) the manner in which profits and losses are allocated
and distributions are made with respect to those
persons; and
(7) A statement of the number and terms of directors or the
method by which the number and terms are determined.
(b) Subject to subsection (c) of Section 13 of this act and the
articles of organization, bylaws may contain any other provision for
managing and regulating the affairs of the association.
(c) In addition to amendments permitted under Article 4 of the
Uniform Limited Cooperative Association Act of 2009, the initial
board of directors may amend the bylaws by a majority vote of the
directors at any time before the admission of members.
Status: in_force · Read it on the official government site
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