{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1094","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1094","heading":"Dissolution of Joint Venture Corporation Having Two","body":"Shareholders.\n\nDISSOLUTION OF JOINT VENTURE CORPORATION HAVING TWO SHAREHOLDERS\n\nA. If the shareholders of a corporation of this state, having\n\nonly two shareholders each of which owns fifty percent (50%) of the\n\nstock therein, shall be engaged in the prosecution of a joint\n\nventure and if the shareholders shall be unable to agree upon the\n\ndesirability of discontinuing the joint venture and disposing of the\n\nassets used in the venture, either shareholder may, unless otherwise\n\nprovided in the certificate of incorporation of the corporation or\n\nin a written agreement between the shareholders, file with the\n\ndistrict court a petition stating that it desires to discontinue the\n\njoint venture and to dispose of the assets used in the venture in\n\naccordance with a plan to be agreed upon by both shareholders or\n\nthat, if no plan shall be agreed upon by both shareholders, the\n\ncorporation be dissolved. The petition shall have attached thereto\n\na copy of the proposed plan of discontinuance and distribution and a\n\ncertificate stating that copies of the petition and plan have been\n\ntransmitted in writing to the other shareholder and to the directors\n\nand officers of the corporation. The petition and certificate shall\n\nbe executed and acknowledged in accordance with the provisions of\n\nSection 1007 of this title.\n\nB. 1. Unless both shareholders file with the district court,\n\nthe district court may dissolve the corporation and may by\n\nappointment of one or more trustees or receivers with all the powers\n\nand title of a trustee or receiver appointed pursuant to the\n\nprovisions of Section 1100 of this title, administer and wind up its\n\naffairs:\n\na. within three (3) months of the date of the filing of\n\nthe petition, a certificate similarly executed and\n\nacknowledged stating that they have agreed on the\n\nplan, or a modification thereof, and\n\nb. within one (1) year from the date of the filing of the\n\npetition, a certificate similarly executed and\n\nacknowledged stating that the distribution provided by\n\nthe plan has been completed.\n\n2. Either or both of the periods provided for in paragraph 1 of\n\nthis subsection may be extended by agreement of the shareholders,\n\nevidenced by a certificate similarly executed, acknowledged and\n\nfiled with the district court prior to the expiration of the period.","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":"510197ef5b01e419bf82b173d0bb9b2210f5948faf8942bbb9f3aedf6ab93cdf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1093","next":"us-ok/okla.-stat.-tit.-18-18-1095"},"notice":"GroundRules: Original legal text. Not legal advice."}