{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1205","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1205","heading":"Termination of benefit corporation status","body":"A. A benefit corporation may terminate its status and cease to\n\nbe subject to the Oklahoma Benefit Corporation Act by amending its\n\ncertificate of incorporation to delete the provision required by\n\nSections 3 and 4 of this act to be stated in the certificate of a\n\nbenefit corporation. In order to be effective, the amendment shall\n\nbe adopted by at least the minimum status vote.\n\nB. 1. Except as provided in paragraph 2 of this subsection, if\n\na plan of merger, consolidation or conversion would have the effect\n\nof terminating the status of a business corporation as a benefit\n\ncorporation, the plan shall be adopted by at least the minimum\n\nstatus vote in order to be effective.\n\n2. Paragraph 1 of this subsection shall not apply in the case\n\nof a corporation that is a party to a merger if the shareholders of\n\nthe corporation are not entitled to vote on the merger.\n\n3. Any sale, lease, exchange or other disposition of all or\n\nsubstantially all of the assets of a benefit corporation, unless the\n\ntransaction is in the usual and regular course of business, shall\n\nnot be effective unless the transaction is approved by at least the\n\nminimum status vote.","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":"b6ee75cf7f7505e8341108be01eebccd4fa8b29a18196442e8d3c60cf5229cd5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1204","next":"us-ok/okla.-stat.-tit.-18-18-1206"},"notice":"GroundRules: Original legal text. Not legal advice."}