Okla. Stat. tit. 71, § 71-461
This is the official text of Okla. Stat. tit. 71, § 71-461, 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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Liability of offeror - Rights and remedies of seller
Official statutory text
A. Any offeror who purchases a security in connection with a
take-over offer in violation of this act shall be liable to the
person selling the security to him who may sue either at law or in
equity. In an action for rescission the seller shall be entitled to
recover the security, plus any income received by the purchaser
thereon, upon tender of the consideration received. Tender requires
only notice of willingness to pay the amount specified in exchange
for the security. Any notice may be given by service as in civil
actions or by certified mail to the last-known address of the person
liable. Damages are the excess of either the value of the security
on the date of purchase or its present value, whichever is greater,
over the present value of the consideration received for the
security.
B. Every person who directly or indirectly controls a person
liable under subsection A of this section, every partner, principal
executive officer or director of such person, every person occupying
a similar status or performing similar functions, every employee of
such person who materially aids in the act or transaction
constituting the violation, and every broker-dealer or agent who
materially aids in the act or transaction constituting the
violation, is also liable jointly and severally with and to the same
extent as such person, unless the person who would otherwise be so
liable proves that he did not know, and in the exercise of
reasonable care could not have known, of the existence of the facts
by reason of which the liability is alleged to exist. There is
contribution as in cases of contract among the several persons so
liable.
C. No action may be maintained under this section unless
commenced before the expiration of three (3) years after the act or
transaction constituting the violation or the expiration of one (1)
year after the discovery of the facts constituting the violation,
whichever first expires.
D. The rights and remedies under this act are in addition to
any other rights or remedies that may exist at law or in equity.
take-over offer in violation of this act shall be liable to the
person selling the security to him who may sue either at law or in
equity. In an action for rescission the seller shall be entitled to
recover the security, plus any income received by the purchaser
thereon, upon tender of the consideration received. Tender requires
only notice of willingness to pay the amount specified in exchange
for the security. Any notice may be given by service as in civil
actions or by certified mail to the last-known address of the person
liable. Damages are the excess of either the value of the security
on the date of purchase or its present value, whichever is greater,
over the present value of the consideration received for the
security.
B. Every person who directly or indirectly controls a person
liable under subsection A of this section, every partner, principal
executive officer or director of such person, every person occupying
a similar status or performing similar functions, every employee of
such person who materially aids in the act or transaction
constituting the violation, and every broker-dealer or agent who
materially aids in the act or transaction constituting the
violation, is also liable jointly and severally with and to the same
extent as such person, unless the person who would otherwise be so
liable proves that he did not know, and in the exercise of
reasonable care could not have known, of the existence of the facts
by reason of which the liability is alleged to exist. There is
contribution as in cases of contract among the several persons so
liable.
C. No action may be maintained under this section unless
commenced before the expiration of three (3) years after the act or
transaction constituting the violation or the expiration of one (1)
year after the discovery of the facts constituting the violation,
whichever first expires.
D. The rights and remedies under this act are in addition to
any other rights or remedies that may exist at law or in equity.
Status: in_force · Read it on the official government site
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