{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1071","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1071","heading":"Appointment of custodian or receiver of corporation on","body":"deadlock or for other cause.\n\nAPPOINTMENT OF CUSTODIAN OR RECEIVER OF CORPORATION\n\nON DEADLOCK OR FOR OTHER CAUSE\n\nA. The district court, upon application of any shareholder, may\n\nappoint one or more persons to be custodians, and, if the\n\ncorporation is insolvent, to be receivers, of and for any\n\ncorporation when:\n\n1. At any meeting held for the election of directors the\n\nshareholders are so divided that they have failed to elect\n\nsuccessors to directors whose terms have expired or would have\n\nexpired upon qualification of their successors;\n\n2. The business of the corporation is suffering or is\n\nthreatened with irreparable injury because the directors are so\n\ndivided respecting the management of the affairs of the corporation\n\nthat the required vote for action by the board of directors cannot\n\nbe obtained and the shareholders are unable to terminate this\n\ndivision; or\n\n3. The corporation has abandoned its business and has failed\n\nwithin a reasonable time to take steps to dissolve, liquidate or\n\ndistribute its assets.\n\nB. A custodian appointed pursuant to the provisions of this\n\nsection shall have all the powers and title of a receiver appointed\n\nby the court under applicable law, but the authority of the\n\ncustodian is to continue the business of the corporation and not to\n\nliquidate its affairs and distribute its assets, except when the\n\ncourt shall otherwise order and except in cases arising pursuant to\n\nparagraph 3 of subsection A of this section.\n\nC. In the case of a charitable nonstock corporation, the\n\napplicant shall provide a copy of any application referred to in\n\nsubsection A of this section to the Attorney General of this state\n\nwithin one (1) week of its filing with the district court.","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":"2e4d5aed8c4373cdff60bc68eca5e432ec3aedf0cf3e487f491b8a849183aca6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1070","next":"us-ok/okla.-stat.-tit.-18-18-1072"},"notice":"GroundRules: Original legal text. Not legal advice."}