{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1049","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1049","heading":"Dividends - Payment - Wasting asset corporations","body":"DIVIDENDS; PAYMENT; WASTING ASSET CORPORATIONS\n\nA. The directors of every corporation, subject to any\n\nrestrictions contained in its certificate of incorporation, may\n\ndeclare and pay dividends upon the shares of its capital stock,\n\neither out of its surplus, as defined in and computed in accordance\n\nwith the provisions of Sections 1035 and 1079 of this title, or in\n\ncase there is no surplus, out of its net profits for the fiscal year\n\nin which the dividend is declared or the preceding fiscal year. If\n\nthe capital of the corporation, computed in accordance with the\n\nprovisions of Sections 1035 and 1079 of this title, shall have been\n\ndiminished by depreciation in the value of its property, or by\n\nlosses, or otherwise, to an amount less than the aggregate amount of\n\nthe capital represented by the issued and outstanding stock of all\n\nclasses having a preference upon the distribution of assets, the\n\ndirectors of the corporation shall not declare and pay out of the\n\nnet profits any dividends upon any shares of any classes of its\n\ncapital stock until the deficiency in the amount of capital\n\nrepresented by the issued and outstanding stock of all classes\n\nhaving a preference upon the distribution of assets shall have been\n\nrepaired. Nothing in this subsection shall invalidate or otherwise\n\naffect a note, debenture, or other obligation of the corporation\n\npaid by it as a dividend on shares of its stock, or any payment made\n\nthereon, if at the time the note, debenture, or obligation was\n\ndelivered by the corporation, the corporation had either surplus or\n\nnet profits as provided in this subsection from which the dividend\n\ncould lawfully have been paid.\n\nB. Subject to any restrictions contained in its certificate of\n\nincorporation, the directors of any corporation engaged in the\n\nexploitation of wasting assets including, but not limited to, a\n\ncorporation engaged in the exploitation of natural resources or\n\nother wasting assets, including patents, or engaged primarily in the\n\nliquidation of specific assets, may determine the net profits\n\nderived from the exploitation of wasting assets or the net proceeds\n\nderived from liquidation without taking into consideration the\n\ndepletion of such assets resulting from lapse of time, consumption,\n\nliquidation, or exploitation.","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":"e926a0d44103ed240530b2ae27861d65396d32466dffc98ebc16258554211344","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1048","next":"us-ok/okla.-stat.-tit.-18-18-1050"},"notice":"GroundRules: Original legal text. Not legal advice."}