Okla. Stat. tit. 18, § 18-953
This is the official text of Okla. Stat. tit. 18, § 18-953, 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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Actions for divestment of interest in land held by
Official statutory text
corporation - Exemptions - Dissolution of corporation.
A. No corporation organized for a purpose other than farming or
ranching shall own, lease or hold, directly or indirectly,
agricultural lands in excess of that amount reasonably necessary to
carry out its business purpose.
B. Any resident of the county in which the land is situated,
who is of legal age, may initiate an action for the divestment of an
interest in land held by a corporation in violation of the
provisions of Sections 951 through 954 of this title, in the county
in which the land is situated. If such action is successful all
costs of the action shall be assessed against the defendant
corporation, and a reasonable attorney's fee shall be allowed the
plaintiff. Should judgment be rendered for the defendant, such
costs and a reasonable attorney's fee for the defendant shall be
paid by the plaintiff.
C. In the event an action for the divestment of an interest in
land held by a corporation in violation of the provisions of
Sections 951 through 954 of this title is successful against said
corporation, said corporation shall be required to dispose of said
land within such reasonable period of time as may be ordered by the
court, subject to the corporation's right of appeal. Except as
otherwise provided by Section 954 of this title, the provisions of
Sections 951 through 954 of this title shall not apply to
corporations engaging in food canning operations, food processing or
frozen food processing insofar as such corporations engage in the
raising of food products for aforesaid purposes.
D. Upon the petition to a court of competent jurisdiction by
shareholders holding twenty-five percent (25%) or more of the shares
in a farming or ranching business corporation the court in its
discretion, for good cause shown, may order the corporation
dissolved and the assets of such corporation divided in kind pro
rata to the shareholders or liquidated and the proceeds of such
liquidation divided pro rata to the shareholders all according to
the procedures specified for the dissolution and liquidation of
business corporations under the Oklahoma General Corporation Act.
A. No corporation organized for a purpose other than farming or
ranching shall own, lease or hold, directly or indirectly,
agricultural lands in excess of that amount reasonably necessary to
carry out its business purpose.
B. Any resident of the county in which the land is situated,
who is of legal age, may initiate an action for the divestment of an
interest in land held by a corporation in violation of the
provisions of Sections 951 through 954 of this title, in the county
in which the land is situated. If such action is successful all
costs of the action shall be assessed against the defendant
corporation, and a reasonable attorney's fee shall be allowed the
plaintiff. Should judgment be rendered for the defendant, such
costs and a reasonable attorney's fee for the defendant shall be
paid by the plaintiff.
C. In the event an action for the divestment of an interest in
land held by a corporation in violation of the provisions of
Sections 951 through 954 of this title is successful against said
corporation, said corporation shall be required to dispose of said
land within such reasonable period of time as may be ordered by the
court, subject to the corporation's right of appeal. Except as
otherwise provided by Section 954 of this title, the provisions of
Sections 951 through 954 of this title shall not apply to
corporations engaging in food canning operations, food processing or
frozen food processing insofar as such corporations engage in the
raising of food products for aforesaid purposes.
D. Upon the petition to a court of competent jurisdiction by
shareholders holding twenty-five percent (25%) or more of the shares
in a farming or ranching business corporation the court in its
discretion, for good cause shown, may order the corporation
dissolved and the assets of such corporation divided in kind pro
rata to the shareholders or liquidated and the proceeds of such
liquidation divided pro rata to the shareholders all according to
the procedures specified for the dissolution and liquidation of
business corporations under the Oklahoma General Corporation Act.
Status: in_force · Read it on the official government site
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