§18-552.24. Notice to Attorney General before certain events —
597 words·~3 min read·
/ok/title-18-corporations/18-552-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notice to charitable organizations of objections by Attorney General.
A. The requirements of this section shall only apply to a charitable organization that:
1. Is incorporated, organized, or has its principal place of business in this state, or has assets located in this state with a fair market value in excess of Five Hundred Thousand Dollars ($500,000.00); and
2. Has engaged in solicitation of contributions in this state for a period of one
(1)year.
B. A charitable organization required to register under Section 552.3 of Title 18 of the Oklahoma Statutes shall give written notice to the Attorney General no later than forty-five
(45)days before any of the following events:
1. Dissolution of the charitable organization;
2. Termination of the charitable organization;
3. Disposition by the charitable organization of all or substantially all of the charitable assets of the charitable organization;
4. Removal of the charitable organization from the jurisdiction of this state;
5. Removal of all or substantially all charitable assets of the charitable organization from this state; or
6. An amendment of the governing document that describes the charitable purposes of the charitable organization and the use and administration of charitable assets held by the charitable organization.
Such events shall not include a grant or other donation by a charitable organization in the ordinary course of its operation and consistent with its past practice.
C. A charitable organization required to register under Section 552.3 of Title 18 of the Oklahoma Statutes shall give written notice to the Attorney General no later than forty-five
(45)days before the consummation of a merger, consolidation, or conversion of the charitable organization.
D. A transfer of a charitable asset in connection with an event described in subsection B or C of this section which occurs earlier than forty-five
(45)days after giving the notice required in subsection B or C of this section shall be a violation of this section unless before the transfer, the charitable organization receives written consent from the Attorney General to the event or written notice from the Attorney General that the Attorney General will take no action related to the event.
E. A charitable organization required to register under Section 552.3 of Title 18 of the Oklahoma Statutes shall give written notice to the Attorney General no later than twenty
(20)days after receipt of a notice of revocation, modification, or denial of its federal charitable income tax exemption.
F. In reviewing any event for which notice is required under subsection B or C of this section, the Attorney General shall consider, among other relevant factors as determined by the Attorney General, the value of the assets or interests transferred, the person or entity to which such transfer is made, the purpose of the transfer, the source of the assets, whether the assets consist of donated funds or property, the donors’ intent to the extent it can be determined, and any expression of support by the board of directors and the voting members of the charitable organization that proposes to make the transfer.
G. If the Attorney General objects to any event for which notice is required under subsection B or C of this section, the Attorney General shall give written notice to the charitable organization of the objection. Either the Attorney General or the charitable organization may file an action with the district court of the county in which the charitable organization is located to obtain a review by such district court of the objection of the Attorney General.
Added by Laws 2023, c. 313, § 1, eff. Nov. 1, 2023.