Okla. Stat. tit. 71, § 71-460
This is the official text of Okla. Stat. tit. 71, § 71-460, part of Oklahoma’s Stat. tit. 71, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 71,." Browse the sections below, each linked to its official government source.
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Violations - Penalty - Evidence
Official statutory text
A. Any person who violates, and a controlling person of an
offeror or target company who knowingly violates, any provision of
this act or any rule thereunder, or any order of the Administrator
of which this person has notice, shall be guilty of a Class D1
felony offense and may be fined not more than Twenty-five Thousand
Dollars ($25,000.00), or imprisoned as provided for in subsections B
through F of Section 20N of Title 21 of the Oklahoma Statutes, or
both. Each of the acts specified shall constitute a separate
offense and a prosecution or conviction for any one of such offenses
shall not bar prosecution or conviction for any other offense. No
indictment or information may be returned under this act more than
two (2) years after the alleged violation.
B. The Administrator may refer such evidence as is available
concerning violations of this act or of any rule or order hereunder
to the Attorney General or the district attorney for the appropriate
county who may, with or without any reference, institute the
appropriate criminal proceedings under this act. If referred to a
district attorney, he shall, within ninety (90) days, file with the
Administrator a statement concerning any action taken or, if no
action is taken, the reasons therefor.
C. Nothing in this act limits the power of the state to punish
any person for any conduct which constitutes a crime under any other
statute.
D. All shares acquired from an Oklahoma resident in violation
of any provision of this act or any rule thereunder, or any order of
the Administrator of which the person has notice, shall be denied
voting rights for one (1) year after acquisition, the shares shall
be nontransferable on the books of the target company for one (1)
year after acquisition and the target company shall, during this
one-year period, have the option to call the shares for redemption
either at the price at which the shares were acquired or at book
value per share as of the last day of the fiscal quarter ended prior
to the date of the call for redemption. Such a redemption shall
Oklahoma Statutes - Title 71. Securities Page 132
occur on the date set in the call notice, but not later than sixty
(60) days after the call notice is given.
offeror or target company who knowingly violates, any provision of
this act or any rule thereunder, or any order of the Administrator
of which this person has notice, shall be guilty of a Class D1
felony offense and may be fined not more than Twenty-five Thousand
Dollars ($25,000.00), or imprisoned as provided for in subsections B
through F of Section 20N of Title 21 of the Oklahoma Statutes, or
both. Each of the acts specified shall constitute a separate
offense and a prosecution or conviction for any one of such offenses
shall not bar prosecution or conviction for any other offense. No
indictment or information may be returned under this act more than
two (2) years after the alleged violation.
B. The Administrator may refer such evidence as is available
concerning violations of this act or of any rule or order hereunder
to the Attorney General or the district attorney for the appropriate
county who may, with or without any reference, institute the
appropriate criminal proceedings under this act. If referred to a
district attorney, he shall, within ninety (90) days, file with the
Administrator a statement concerning any action taken or, if no
action is taken, the reasons therefor.
C. Nothing in this act limits the power of the state to punish
any person for any conduct which constitutes a crime under any other
statute.
D. All shares acquired from an Oklahoma resident in violation
of any provision of this act or any rule thereunder, or any order of
the Administrator of which the person has notice, shall be denied
voting rights for one (1) year after acquisition, the shares shall
be nontransferable on the books of the target company for one (1)
year after acquisition and the target company shall, during this
one-year period, have the option to call the shares for redemption
either at the price at which the shares were acquired or at book
value per share as of the last day of the fiscal quarter ended prior
to the date of the call for redemption. Such a redemption shall
Oklahoma Statutes - Title 71. Securities Page 132
occur on the date set in the call notice, but not later than sixty
(60) days after the call notice is given.
Status: in_force · Read it on the official government site
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