{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1202","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1202","heading":"Definitions","body":"As used in the Oklahoma Benefit Corporation Act:\n\n1. \"Benefit corporation\" means:\n\na. a business corporation incorporated under the Oklahoma\n\nGeneral Corporation Act that is subject to this act,\n\nor\n\nb. a state bank or trust company incorporated under Title\n\n6 of the Oklahoma Statutes that is subject to this\n\nact;\n\n2. \"Benefit enforcement proceeding\" means any claim or action\n\nor proceeding for:\n\na. failure of a benefit corporation to pursue or create\n\ngeneral public benefit or a specific public benefit\n\npurpose set forth in its certificate of incorporation,\n\nor\n\nb. violation of any obligation, duty or standard of\n\nconduct under this act;\n\n3. \"General public benefit\" means a material positive impact on\n\nsociety and the environment, taken as a whole, assessed against a\n\nthird-party standard, from the business and operations of a benefit\n\ncorporation;\n\n4. \"Minimum status vote\" means:\n\na. in the case of a business corporation or a state bank\n\nor trust company, in addition to any other required\n\napproval or vote, the satisfaction of the following\n\nconditions:\n\n(1) the shareholders of every class or series shall\n\nbe entitled to vote as a class on the corporate\n\naction regardless of a limitation stated in the\n\ncertificate of incorporation or bylaws on the\n\nvoting rights of any class or series, and\n\n(2) the corporate action shall be approved by the\n\naffirmative vote of the shareholders of each\n\nclass or series entitled to cast at least two-\n\nthirds (2/3) of the votes that all shareholders\n\nof the class or series are entitled to cast on\n\nthe action, or\n\nb. in the case of a domestic entity other than a\n\ncorporation or state bank or trust company, in\n\naddition to any other required approval, vote or\n\nconsent, the satisfaction of the following conditions:\n\n(1) the holders of every class or series of equity\n\ninterest in the entity that are entitled to\n\nreceive a distribution of any kind from the\n\nentity shall be entitled to vote on or consent to\n\nthe action regardless of any otherwise applicable\n\nlimitation on the voting or consent rights of any\n\nclass or series, and\n\n(2) the action shall be approved by the affirmative\n\nvote or consent of the holders described in\n\ndivision (1) of this subparagraph entitled to\n\ncast at least two-thirds (2/3) of the votes or\n\nconsents that all of those holders are entitled\n\nto cast on the action; and\n\n5. \"Specific public benefit\" includes:\n\na. providing low-income or underserved individuals or\n\ncommunities with beneficial products or services,\n\nb. promoting economic opportunity for individuals or\n\ncommunities beyond the creation of jobs in the normal\n\ncourse of business,\n\nc. protecting or restoring the environment,\n\nd. improving human health,\n\ne. promoting the arts, sciences or advancement of\n\nknowledge,\n\nf. increasing the flow of capital to entities with a\n\npurpose to benefit society or the environment, and\n\ng. conferring any other particular benefit on society or\n\nthe environment.","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":"e7f9dbcc3f5e9e094fee8c8c74f79d54cc9465ebc39b7aba828bbe166298b1f6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1201","next":"us-ok/okla.-stat.-tit.-18-18-1203"},"notice":"GroundRules: Original legal text. Not legal advice."}