Okla. Stat. tit. 74, § 74-861
This is the official text of Okla. Stat. tit. 74, § 74-861, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Governing board - Officers - Quorum - Powers
Official statutory text
A. The powers of the Oklahoma Industrial Finance Authority
shall be exercised by a governing body consisting of the members of
the Authority acting as a Board. Within thirty (30) days after this
act shall become effective the Board shall meet and organize,
electing a chairman, vice-chairman, secretary and treasurer. Bonds
running to the State of Oklahoma shall be required of the chairman,
treasurer and any other officer or employee having funds of the
Authority in his control or possession in an amount to be determined
by the Board.
Oklahoma Statutes - Title 74. State Government Page 586
B. A majority of the members shall constitute a quorum of the
Board for the purpose of organizing the Authority and conducting the
business thereof and, except in the instance of passing upon loan
applications, all action may be taken by a vote of a majority of the
members present, unless in any case the bylaws shall require a
larger number. Approval or rejection of loan applications shall be
by a majority vote of the full membership of the Board, the vote of
each member being duly recorded thereon.
C. The Board shall have full authority to manage the properties
and business of the Authority and to renegotiate loans and approve
leases with new tenants when, in the sound business judgment of the
Board, the remedy of foreclosure is not in the best interest of the
State of Oklahoma; to be represented by the Office of Attorney
General in all legal matters other than with respect to issuance of
state industrial finance bonds; and to prescribe, amend, and repeal
bylaws, rules and regulations governing the manner in which the
business of the Authority shall be conducted. Out of any court
awarded attorney fees in foreclosure actions successfully prosecuted
by the Attorney General on behalf of the Authority, a sum equal to
actual expenses incurred by that office shall be withheld and placed
in the Attorney General's evidence fund; and a sum up to the full
amount of attorney fees awarded by the court shall be placed in said
evidence fund to the extent that proceeds of sale of the property
being foreclosed upon shall exceed the unpaid balance on the
Authority's loan, including delinquent interest thereon.
shall be exercised by a governing body consisting of the members of
the Authority acting as a Board. Within thirty (30) days after this
act shall become effective the Board shall meet and organize,
electing a chairman, vice-chairman, secretary and treasurer. Bonds
running to the State of Oklahoma shall be required of the chairman,
treasurer and any other officer or employee having funds of the
Authority in his control or possession in an amount to be determined
by the Board.
Oklahoma Statutes - Title 74. State Government Page 586
B. A majority of the members shall constitute a quorum of the
Board for the purpose of organizing the Authority and conducting the
business thereof and, except in the instance of passing upon loan
applications, all action may be taken by a vote of a majority of the
members present, unless in any case the bylaws shall require a
larger number. Approval or rejection of loan applications shall be
by a majority vote of the full membership of the Board, the vote of
each member being duly recorded thereon.
C. The Board shall have full authority to manage the properties
and business of the Authority and to renegotiate loans and approve
leases with new tenants when, in the sound business judgment of the
Board, the remedy of foreclosure is not in the best interest of the
State of Oklahoma; to be represented by the Office of Attorney
General in all legal matters other than with respect to issuance of
state industrial finance bonds; and to prescribe, amend, and repeal
bylaws, rules and regulations governing the manner in which the
business of the Authority shall be conducted. Out of any court
awarded attorney fees in foreclosure actions successfully prosecuted
by the Attorney General on behalf of the Authority, a sum equal to
actual expenses incurred by that office shall be withheld and placed
in the Attorney General's evidence fund; and a sum up to the full
amount of attorney fees awarded by the court shall be placed in said
evidence fund to the extent that proceeds of sale of the property
being foreclosed upon shall exceed the unpaid balance on the
Authority's loan, including delinquent interest thereon.
Status: in_force · Read it on the official government site
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