{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-38-117","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-38-117","heading":"Organization of urban redevelopment corporations -","body":"Powers, duties and obligations.\n\nA. Corporations referred to in this article as urban\n\nredevelopment corporations shall be organized in the following\n\nmanner: The articles of agreement or association shall be prepared,\n\nsubscribed and acknowledged, and filed in the office of the\n\nSecretary of State pursuant to the general corporation laws of the\n\nstate and shall contain: (1) The name of the proposed corporation,\n\nwhich must have the words \"redevelopment corporation\" as a part\n\nthereof; (2) The purposes for which it is formed, which shall be to\n\nacquire, construct, maintain and operate a redevelopment project or\n\nredevelopment projects in accordance with the provisions of this\n\narticle; (3) The amount of the capital stock, and if any be\n\npreferred stock, the preference thereof; (4) The number of shares of\n\nwhich the capital shall consist, all of which shall have a par\n\nvalue; (5) The municipality in which its principal business office\n\nis to be located; (6) Its duration, which shall not exceed ninety-\n\nnine (99) years; (7) The number of directors, which shall not be\n\nless than three (3), nor more than thirteen (13); (8) The names and\n\npost office addresses of the directors for the first year, at least\n\none of whom shall be a resident of the State of Oklahoma; (9) The\n\nnames and post office addresses of the subscribers to the articles\n\nof association or agreement; (10) A provision that in the event that\n\nincome debenture certificates are issued by a corporation, the\n\nowners thereof shall have the same right to vote as they would have\n\nif possessed of certificates of stock of the amount and par value of\n\nthe income debenture certificates held by them. The articles may\n\nprovide for the retirement of income debenture certificates or\n\npreferred stock of the corporation as and when there shall be funds\n\navailable in the treasury of the corporation from the receipt of\n\namortization of sinking fund installments for that purpose; and (11)\n\nA declaration that the corporation has been organized to serve a\n\npublic purpose; that all real estate acquired by it and all\n\nstructures erected by it are to be acquired for the purpose of\n\npromoting the public health, safety, and welfare, and that such\n\ncorporation is organized for the purpose of clearing, replanning,\n\nreconstructing or rehabilitating blighted areas, and the\n\nconstruction of such industrial, commercial, residential or public\n\nstructure as may be appropriate including provisions for\n\nrecreational and other facilities incidental or appurtenant thereto.\n\nB. No corporation now organized under the laws of this state shall\n\nchange its name to a name, and no such corporation hereafter\n\norganized shall have a name, containing the word \"redevelopment\" as\n\na part thereof except as provided in this article. No foreign\n\ncorporation now authorized to do business in this state shall change\n\nits name to a name, and no such corporation shall hereafter be\n\nauthorized to do business in the state with a name, containing the\n\nword \"redevelopment\" as a part thereof.\n\nC. An urban redevelopment corporation may operate under this\n\narticle on one or more redevelopment projects and, with respect to\n\neach such project, shall have such rights, powers, duties, and\n\nimmunities and obligations, not inconsistent with the provisions of\n\nthis article, as may be granted to it by an agreement to operate and\n\nto execute an urban renewal plan or any portion thereof. The\n\nagreement to operate may be entered between the redevelopment\n\ncorporation and any municipality or Urban Renewal Authority. The\n\nagreement shall provide, among other things, that the corporation is\n\nto carry out the purposes of the urban renewal plan for the project\n\narea, and to devote such property as it may acquire, to uses\n\nspecified in the urban renewal plan and shall contain provisions\n\ndeemed to be necessary or desirable to assist in preventing the\nnt\n\ncorporation and any municipality or Urban Renewal Authority. The\n\nagreement shall provide, among other things, that the corporation is\n\nto carry out the purposes of the urban renewal plan for the project\n\narea, and to devote such property as it may acquire, to uses\n\nspecified in the urban renewal plan and shall contain provisions\n\ndeemed to be necessary or desirable to assist in preventing the\n\ndevelopment or spread of future blight or otherwise carry out the\n\npurposes of this article. The agreement shall contain such\n\nrequirements as the municipality or Urban Renewal Authority may\n\ndetermine to be in the public interest, including the obligation to\n\nbegin to execute the redevelopment plan within a reasonable time.\n\nThe agreement to operate may provide that the redevelopment\n\ncorporation is to prepare a renewal plan; however, execution of the\n\nplan shall not proceed until such plan is adopted by the\n\nmunicipality as required in this article. The agreement may require\n\nthe redevelopment corporation to furnish a performance bond for an\n\namount to be determined by the municipality or the Urban Renewal\n\nAuthority whichever the case may be.\n\nD. The provisions of the general corporation law, as presently\n\nin effect and as hereafter from time to time amended, shall apply to\n\nurban redevelopment corporations, except where such provisions are\n\nin conflict with the provisions of this article.\n\nE. In the event that any action with respect to which the\n\nholders of income debentures shall have the right to vote is\n\nproposed to be taken, notice of any meeting at which such action is\n\nproposed to be taken shall be given to such holders in the same\n\nmanner and to the same extent as if they were stockholders entitled\n\nto notice of and to vote at such meeting. Any articles filed\n\npursuant to law in the office of the Secretary of State with respect\n\nto any such action, and any affidavit required by law to be annexed\n\nto such articles shall contain the same statements or recitals. The\n\narticles shall be subscribed and acknowledged, and such affidavit\n\nshall be made, in the same manner as if such debenture holders were\n\nstockholders holding shares of an additional class of stock entitled\n\nto vote on such action, or with respect to the proceedings provided\n\nin such document.\n\nF. An urban redevelopment corporation shall establish and\n\nmaintain depreciation, obsolescence, and other reserves, also\n\nsurplus and other accounts, including, among others, a reserve for\n\nthe payment of taxes according to recognized standard accounting\n\npractices.\n\nG. No urban redevelopment corporation shall pay any interest on\n\nits income debentures or dividends on its stock during any dividend\n\nyear unless there shall exist at the time of such payment no default\n\nunder any amortization requirements with respect to its\n\nindebtedness, or unless all accrued interest, taxes and other public\n\ncharges shall have been duly paid or reserves set up for payment\n\ntherefor, and adequate reserves provided for depreciation,\n\nobsolescence and other proper reserves.\n\nH. The real property, title of which is vested in an urban\n\nredevelopment corporation, shall be subject to the payment of\n\ngeneral ad valorem taxes imposed by the state or any political\n\nsubdivision thereof.\n\nI. Notwithstanding any requirement of law to the contrary, or\n\nthe absence of direct provision therefor in the instrument under\n\nwhich a fiduciary is acting, any of the following persons,\n\npartnerships, or corporations, and public bodies or public officers,\n\nowning or holding any real property within any blighted area\n\nproposed to be cleared or redeveloped by an urban redevelopment\n\ncorporation, may grant, sell, lease or otherwise transfer any such\n\nreal property to an urban redevelopment corporation, and receive and\n\nhold any cash, mortgages, or other securities or obligations\nns,\n\npartnerships, or corporations, and public bodies or public officers,\n\nowning or holding any real property within any blighted area\n\nproposed to be cleared or redeveloped by an urban redevelopment\n\ncorporation, may grant, sell, lease or otherwise transfer any such\n\nreal property to an urban redevelopment corporation, and receive and\n\nhold any cash, mortgages, or other securities or obligations\n\nexchanged therefor by such urban redevelopment corporation, and may\n\nexecute such instruments and do such acts as may be deemed necessary\n\nor desirable by them or to and by the urban redevelopment\n\ncorporation in connection with the execution of any urban renewal\n\nplan: (1) Every executor, administrator, trustee, guardian or any\n\nother person holding trust funds or acting in a fiduciary capacity,\n\nunless the instrument under which such fiduciary is acting expressly\n\nforbids; (2) The state, its subdivisions, municipalities, all other\n\npublic bodies, and all public officers; (3) Persons, partnerships\n\nand corporations, organized under or subject to the provisions of\n\nthe banking and trust laws (including savings banks, savings and\n\nloan associations, trust companies, private bankers and private\n\nbanking corporations); (4) The State Bank Commissioner or the\n\nCommissioner of Securities as conservator, liquidator, or\n\nrehabilitator of any such person, partnership, or corporation.\n\nJ. An urban redevelopment corporation may acquire real property\n\nor secure options in its own name or in the name of nominees, or it\n\nmay acquire real property by gift, grant, lease, purchase, lease-\n\npurchase, or otherwise.\n\nK. When title to real property has been vested in an urban\n\nredevelopment corporation, the urban redevelopment corporation may\n\nagree with the previous owners of such property, or any tenants\n\ncontinuing to occupy or use it, or any other persons who may occupy\n\nor use or seek to occupy or use such property, that such former\n\nowner, tenant, or other persons may occupy or use such property upon\n\nthe payment periodically of an agreed sum of money. Such occupation\n\nor use shall not be construed as a tenancy from month to month, nor\n\nrequire the giving of notice by the urban redevelopment corporation\n\nfor the termination of such occupation or use of the right to such\n\noccupation or use, but immediately upon the expiration of the term\n\nfor which payment has been made the urban redevelopment corporation\n\nshall be entitled to possession of the real property and may\n\nmaintain an action for either unlawful detainer or ejectment for the\n\npurpose of recovering immediate possession thereof.\n\nL. An urban redevelopment corporation may borrow funds and\n\nsecure the repayment thereof by mortgage which shall contain\n\nreasonable amortization provisions and shall be a lien upon no other\n\nreal property except that forming the whole or a part of a single\n\ndevelopment area. Certificates, bonds and notes, or part interest\n\ntherein, or any part of an issue thereof, which are secured by a\n\nfirst mortgage on the real property in an urban renewal area, or any\n\npart thereof, shall be securities in which all the following\n\npersons, partnerships, or corporations and public bodies or public\n\nofficers may legally invest the funds within their control: (1)\n\nEvery executor, administrator, trustee, guardian, committee or other\n\nperson or corporation holding trust funds or acting in a fiduciary\n\ncapacity; (2) Persons, partnerships and corporations organized under\n\nor subject to the provisions of the banking law (including savings\n\nbanks, savings and loan associations and trust companies); (3) The\n\nState Bank Commissioner or the Commissioner of Securities as\n\nconservator, liquidator, or rehabilitator of any such person,\n\npartnership or corporation; (4) Persons, partnerships, or\n\ncorporations organized under or subject to the provisions of the\n\ninsurance law; (5) Fraternal benefit societies; and (6) The State\ncluding savings\n\nbanks, savings and loan associations and trust companies); (3) The\n\nState Bank Commissioner or the Commissioner of Securities as\n\nconservator, liquidator, or rehabilitator of any such person,\n\npartnership or corporation; (4) Persons, partnerships, or\n\ncorporations organized under or subject to the provisions of the\n\ninsurance law; (5) Fraternal benefit societies; and (6) The State\n\nCommissioner of Insurance as conservator, liquidator, or\n\nrehabilitator of any such person, partnership or corporation. Any\n\nmortgage on the real property in an urban renewal area, or any part\n\nthereof, may create a first lien, or a second or other junior lien,\n\nupon such real property.\n\nM. Any urban redevelopment corporation may lease, sell, grant,\n\ndedicate or otherwise dispose of any or all of the real property\n\nacquired by it for the purposes of a redevelopment project. In the\n\nevent of the sale by reason of foreclosure or other disposition of\n\nreal property of any urban redevelopment corporation by voluntary\n\ntransfer or otherwise, or by reason of the foreclosure of any\n\nmortgage or other lien, through insolvency or bankruptcy\n\nproceedings, by order of any court of competent jurisdiction, by\n\nvoluntary transfer or otherwise, the purchaser of such real property\n\nof such redevelopment corporation shall continue to use, operate and\n\nmaintain such real property in accordance with the provisions of the\n\nurban renewal plan.\n\nN. Any urban redevelopment corporation may accept grants or\n\nloans of money from the Federal Government or any department or\n\nagency thereof.\n\nO. Any corporation organized under the laws of the State of\n\nOklahoma, or admitted to do business in the State of Oklahoma, shall\n\nhave power to purchase shares of stock of an urban redevelopment\n\ncorporation organized under the provisions of this article.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6ca21cc7b4249ab8e609c86e9b016afd92e938796b262dac4d13e8ad535a07e2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-38-116","next":"us-ok/okla.-stat.-tit.-11-11-38-118"},"notice":"GroundRules: Original legal text. Not legal advice."}