Okla. Stat. tit. 18, § 18-441-603
This is the official text of Okla. Stat. tit. 18, § 18-441-603, 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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Transferability of member’s interest
Official statutory text
TRANSFERABILITY OF MEMBER’S INTEREST.
Oklahoma Statutes - Title 18. Corporations Page 193
(a) The provisions of the Uniform Limited Cooperative Act of
2009 relating to the transferability of a member’s interest are
subject to the Uniform Commercial Code.
(b) Unless the organic rules otherwise provide, a member’s
interest other than financial rights is not transferable.
(c) Unless a transfer is restricted or prohibited by the
organic rules, a member may transfer its financial rights in the
limited cooperative association.
(d) The terms of any restriction on transferability of
financial rights must be:
(1) Set forth in the organic rules and the member records of
the association; and
(2) Conspicuously noted on any certificates evidencing a
member’s interest.
(e) A transferee of a member’s financial rights, to the extent
the rights are transferred, has the right to share in the allocation
of profits or losses and to receive the distributions to the member
transferring the interest to the same extent as the transferring
member.
(f) A transferee of a member’s financial rights does not become
a member upon transfer of the rights unless the transferee is
admitted as a member by the limited cooperative association.
(g) A limited cooperative association need not give effect to a
transfer under this section until the association has notice of the
transfer.
(h) A transfer of a member’s financial rights in violation of a
restriction on transfer contained in the organic rules is
ineffective as to a person having notice of the restriction at the
time of transfer.
Oklahoma Statutes - Title 18. Corporations Page 193
(a) The provisions of the Uniform Limited Cooperative Act of
2009 relating to the transferability of a member’s interest are
subject to the Uniform Commercial Code.
(b) Unless the organic rules otherwise provide, a member’s
interest other than financial rights is not transferable.
(c) Unless a transfer is restricted or prohibited by the
organic rules, a member may transfer its financial rights in the
limited cooperative association.
(d) The terms of any restriction on transferability of
financial rights must be:
(1) Set forth in the organic rules and the member records of
the association; and
(2) Conspicuously noted on any certificates evidencing a
member’s interest.
(e) A transferee of a member’s financial rights, to the extent
the rights are transferred, has the right to share in the allocation
of profits or losses and to receive the distributions to the member
transferring the interest to the same extent as the transferring
member.
(f) A transferee of a member’s financial rights does not become
a member upon transfer of the rights unless the transferee is
admitted as a member by the limited cooperative association.
(g) A limited cooperative association need not give effect to a
transfer under this section until the association has notice of the
transfer.
(h) A transfer of a member’s financial rights in violation of a
restriction on transfer contained in the organic rules is
ineffective as to a person having notice of the restriction at the
time of transfer.
Status: in_force · Read it on the official government site
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