Okla. Stat. tit. 2, § 2-17-11
This is the official text of Okla. Stat. tit. 2, § 2-17-11, part of Oklahoma’s Stat. tit. 2, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 2,." Browse the sections below, each linked to its official government source.
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Membership in associations - Termination and transfer of
Official statutory text
memberships - Liability for debts.
A. Under the terms and conditions prescribed in the bylaws
adopted by it, an association may admit as members, or issue common
stock to only cooperative associations and/or persons engaged in the
production of agricultural products to be handled by or through the
association, including the lessees and tenants of land used for the
production of agricultural products and any lessors and landlords
who receive as rent all or part of the crop raised on the leased
premises.
B. An association organized pursuant to the Cooperative
Marketing Association Act may become a member or stockholder of any
other cooperative association organized in this or any other state.
C. A member shall lose membership and voting rights if the
member ceases to belong to the class of persons eligible for
membership pursuant to this section, however, such member shall
remain subject to any liability already incurred by such member as a
member of the association. Upon the death of a member and the
deceased member’s estate ceasing to belong to the class of persons
eligible for membership pursuant to this section, the deceased
member’s estate shall be entitled to receive from the association,
within three (3) years after the latter of the member’s death or the
member ceasing to be a member, the value of the membership interest
in the association subject to the conclusive appraisal by the board
of directors. If the association approves the member's designation
of a transferee of the membership interest, the association shall be
under no obligation to pay the transferor the value of the interest.
D. Except for debts lawfully contracted between a member and
the association, no member shall be liable for the debts of the
association to any amount exceeding the sum remaining unpaid on the
subscription to membership of the member.
A. Under the terms and conditions prescribed in the bylaws
adopted by it, an association may admit as members, or issue common
stock to only cooperative associations and/or persons engaged in the
production of agricultural products to be handled by or through the
association, including the lessees and tenants of land used for the
production of agricultural products and any lessors and landlords
who receive as rent all or part of the crop raised on the leased
premises.
B. An association organized pursuant to the Cooperative
Marketing Association Act may become a member or stockholder of any
other cooperative association organized in this or any other state.
C. A member shall lose membership and voting rights if the
member ceases to belong to the class of persons eligible for
membership pursuant to this section, however, such member shall
remain subject to any liability already incurred by such member as a
member of the association. Upon the death of a member and the
deceased member’s estate ceasing to belong to the class of persons
eligible for membership pursuant to this section, the deceased
member’s estate shall be entitled to receive from the association,
within three (3) years after the latter of the member’s death or the
member ceasing to be a member, the value of the membership interest
in the association subject to the conclusive appraisal by the board
of directors. If the association approves the member's designation
of a transferee of the membership interest, the association shall be
under no obligation to pay the transferor the value of the interest.
D. Except for debts lawfully contracted between a member and
the association, no member shall be liable for the debts of the
association to any amount exceeding the sum remaining unpaid on the
subscription to membership of the member.
Status: in_force · Read it on the official government site
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