{"data":{"id":"us-ok/okla.-stat.-tit.-12-12-2023.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12, § 12-2023.1","heading":"Derivative actions by shareholders","body":"DERIVATIVE ACTIONS BY SHAREHOLDERS\n\nIn a derivative action brought by one or more shareholders or\n\nmembers to enforce a right of a corporation or of an unincorporated\n\nassociation, the corporation or association having failed to enforce\n\na right which may properly be asserted by it, the petition shall be\n\nverified and shall allege that the plaintiff was a shareholder or\n\nmember at the time of the transaction of which he complains or that\n\nhis share or membership thereafter devolved on him by operation of\n\nlaw. The petition shall also allege with particularity the efforts,\n\nif any, made by the plaintiff to obtain the action he desires from\n\nthe directors or comparable authority and, if necessary, from the\n\nshareholders or members, and the reasons for his failure to obtain\n\nthe action or for not making the effort. The derivative action may\n\nnot be maintained if it appears that the plaintiff does not fairly\n\nand adequately represent the interests of the shareholders or\n\nmembers similarly situated in enforcing the right of the corporation\n\nor association. The action shall not be dismissed or compromised\n\nwithout the approval of the court, and notice of the proposed\n\ndismissal or compromise shall be given to shareholders or members in\n\nsuch manner as the court directs.","path":["OK Code","Title 12"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0b5b5cf830c43ecb8da31a7cfb1c71f5a7777e64510a992a599c2d3bb3c16d0e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12-12-2023","next":"us-ok/okla.-stat.-tit.-12-12-2023.2"},"notice":"GroundRules: Original legal text. Not legal advice."}