Okla. Stat. tit. 18, § 18-441-1101: Member’s dissociation

MEMBER’S DISSOCIATION.

(a) A person has the power to dissociate as a member at any

time, rightfully or wrongfully, by express will.

(b) Unless the organic rules otherwise provide, a member’s

dissociation from a limited cooperative association is wrongful only

if the dissociation:

(1) Breaches an express provision of the organic rules; or

(2) Occurs before the termination of the limited cooperative

association and:

(A) the person is expelled as a member under paragraph (3)

or (4) of subsection (d) of this section; or

(B) in the case of a person that is not an individual,

trust other than a business trust, or estate, the

person is expelled or otherwise dissociated as a

member because it dissolved or terminated in bad

faith.

(c) Unless the organic rules otherwise provide, a person that

wrongfully dissociates as a member is liable to the limited

cooperative association for damages caused by the dissociation. The

liability is in addition to any other debt, obligation, or liability

of the person to the association.

(d) A member is dissociated from the limited cooperative

association as a member when:

(1) The association receives notice in a record of the member’s

express will to dissociate as a member, or if the member specifies

in the notice an effective date later than the date the association

received notice, on that later date;

(2) An event stated in the organic rules as causing the

member’s dissociation as a member occurs;

(3) The member is expelled as a member under the organic rules;

(4) The member is expelled as a member by the board of

directors because:

(A) it is unlawful to carry on the association’s

activities with the member as a member;

(B) there has been a transfer of all the member’s

financial rights in the association, other than:

(i) a creation or perfection of a security interest;

or

(ii) a charging order in effect under Section 61 of

this act which has not been foreclosed;

(C) the member is a limited liability company,

association, or partnership, which has been dissolved,

and its business is being wound up; or

(D) the member is a corporation or cooperative and:

(i) the member filed a certificate of dissolution or

the equivalent, or the jurisdiction of formation

revoked the association’s charter or right to

conduct business;

(ii) the association sends a notice to the member that

it will be expelled as a member for a reason

described in division (i) of this subparagraph;

and

(iii) not later than ninety (90) days after the notice

was sent under division (ii) of this

subparagraph, the member did not revoke its

certificate of dissolution or the equivalent, or

the jurisdiction of formation did not reinstate

the association’s charter or right to conduct

business; or

(E) the member is an individual and is adjudged

incompetent;

(5) In the case of a member who is an individual, the

individual dies;

(6) In the case of a member that is a trust or is acting as a

member by virtue of being a trustee of a trust, all the trust’s

financial rights in the association are distributed;

(7) In the case of a member that is an estate, the estate’s

entire financial interest in the association is distributed;

(8) In the case of a member that is not an individual,

partnership, limited liability company, cooperative, corporation,

trust, or estate, the member is terminated; or

(9) The association participates in a merger if under the plan

of merger as approved under Article 16 of the Uniform Limited

Cooperative Association Act of 2009 the member ceases to be a

member.