Okla. Stat. tit. 18, § 18-441-1007: Limitations on distributions

LIMITATIONS ON DISTRIBUTIONS.

(a) A limited cooperative association may not make a

distribution if, after the distribution:

(1) The association would not be able to pay its debts as they

become due in the ordinary course of the association’s activities;

or

(2) The association’s assets would be less than the sum of its

total liabilities.

(b) A limited cooperative association may base a determination

that a distribution is not prohibited under subsection (a) of this

section on financial statements prepared on the basis of accounting

practices and principles that are reasonable in the circumstances or

on a fair valuation or other method that is reasonable in the

circumstances.

(c) Except as otherwise provided in subsection (d) of this

section, the effect of a distribution allowed under subsection (b)

of this section is measured:

(1) In the case of distribution by purchase, redemption, or

other acquisition of financial rights in the limited cooperative

association, as of the date money or other property is transferred

or debt is incurred by the association; and

(2) In all other cases, as of the date:

(A) the distribution is authorized, if the payment occurs

not later than one hundred twenty (120) days after

that date; or

(B) the payment is made, if payment occurs more than one

hundred twenty (120) days after the distribution is

authorized.

(d) If indebtedness is issued as a distribution, each payment

of principal or interest on the indebtedness is treated as a

distribution, the effect of which is measured on the date the

payment is made.

(e) For purposes of this section, “distribution” does not

include reasonable amounts paid to a member in the ordinary course

of business as payment or compensation for commodities, goods, past

or present services, or reasonable payments made in the ordinary

course of business under a bona fide retirement or other benefits

program.