§18-1104. Revocation or forfeiture of charter - proceedings.
186 words·~1 min read·
/ok/title-18-corporations/18-1104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
REVOCATION OR FORFEITURE OF CHARTER; PROCEEDINGS
A. The district court shall have jurisdiction to revoke or forfeit the charter of any corporation for abuse, misuse or nonuse of its corporate powers, privileges or franchises. The Attorney General, upon his own motion or upon the relation of a proper party, shall proceed for this purpose by complaint in the county in which the registered office of the corporation is located.
B. The district court shall have power, by appointment of receivers or otherwise, to administer and wind up the affairs of any corporation whose charter shall be revoked or forfeited by any court pursuant to the provisions of the Oklahoma General Corporation Act or otherwise, and to make such orders and decrees with respect thereto as shall be just and equitable respecting its affairs and assets and the rights of its shareholders and creditors.
C. No proceeding shall be instituted pursuant to the provisions of this section for nonuse of any corporation's powers, privileges or franchises during the first two
(2)years after its incorporation. Added by Laws 1986, c. 292, § 104, eff. Nov. 1, 1986.