{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1030","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1030","heading":"Interested Directors - Quorum","body":"INTERESTED DIRECTORS; QUORUM\n\nA. No contract or transaction between a corporation and one or\n\nmore of its directors or officers, or between a corporation and any\n\nother corporation, partnership, association, or other organization\n\nin which one or more of its directors or officers are directors or\n\nofficers, or have a financial interest, shall be void or voidable\n\nsolely for this reason, or solely because the director or officer is\n\npresent at or participates in the meeting of the board or committee\n\nthereof which authorizes the contract or transaction, or solely\n\nbecause his or their votes are counted for such purpose, if:\n\n1. The material facts as to his relationship or interest and as\n\nto the contract or transaction are disclosed or are known to the\n\nboard of directors or the committee, and the board or committee in\n\ngood faith authorizes the contract or transaction by the affirmative\n\nvotes of a majority of the disinterested directors, even though the\n\ndisinterested directors be less than a quorum;\n\n2. The material facts as to his relationship or interest and as\n\nto the contract or transaction are disclosed or are known to the\n\nshareholders entitled to vote thereon, and the contract or\n\ntransaction is specifically approved in good faith by vote of the\n\nshareholders; or\n\n3. The contract or transaction is fair as to the corporation as\n\nof the time it is authorized, approved or ratified, by the board of\n\ndirectors, a committee thereof, or the shareholders.\n\nB. Common or interested directors may be counted in determining\n\nthe presence of a quorum at a meeting of the board of directors or\n\nof a committee which authorizes the contract or transaction.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"46838e70a12938301918ab79d5eaca1cf45ce2b6158a4c41e1cb72b2c7fff1e2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1029","next":"us-ok/okla.-stat.-tit.-18-18-1031"},"notice":"GroundRules: Original legal text. Not legal advice."}