Okla. Stat. tit. 18, § 18-1071: Appointment of custodian or receiver of corporation on

deadlock or for other cause.

APPOINTMENT OF CUSTODIAN OR RECEIVER OF CORPORATION

ON DEADLOCK OR FOR OTHER CAUSE

A. The district court, upon application of any shareholder, may

appoint one or more persons to be custodians, and, if the

corporation is insolvent, to be receivers, of and for any

corporation when:

1. At any meeting held for the election of directors the

shareholders are so divided that they have failed to elect

successors to directors whose terms have expired or would have

expired upon qualification of their successors;

2. The business of the corporation is suffering or is

threatened with irreparable injury because the directors are so

divided respecting the management of the affairs of the corporation

that the required vote for action by the board of directors cannot

be obtained and the shareholders are unable to terminate this

division; or

3. The corporation has abandoned its business and has failed

within a reasonable time to take steps to dissolve, liquidate or

distribute its assets.

B. A custodian appointed pursuant to the provisions of this

section shall have all the powers and title of a receiver appointed

by the court under applicable law, but the authority of the

custodian is to continue the business of the corporation and not to

liquidate its affairs and distribute its assets, except when the

court shall otherwise order and except in cases arising pursuant to

paragraph 3 of subsection A of this section.

C. In the case of a charitable nonstock corporation, the

applicant shall provide a copy of any application referred to in

subsection A of this section to the Attorney General of this state

within one (1) week of its filing with the district court.