{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1209","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1209","heading":"Liability – Benefit enforcement proceeding","body":"A. Except in a benefit enforcement proceeding, no person shall\n\nbring an action or assert a claim against a benefit corporation or\n\nits directors or officers with respect to:\n\n1. Failure to pursue or create general public benefit or a\n\nspecific public benefit set forth in its certificate of\n\nincorporation; or\n\n2. Violation of an obligation, duty or standard of conduct\n\nunder the Oklahoma Benefit Corporation Act or the Oklahoma Banking\n\nCode.\n\nB. A benefit corporation shall not be liable for monetary\n\ndamages under the Oklahoma Benefit Corporation Act or the Oklahoma\n\nBanking Code for any failure of the benefit corporation to pursue or\n\ncreate general public benefit or a specific public benefit.\n\nC. A benefit enforcement proceeding may be commenced or\n\nmaintained only:\n\n1. Directly by the benefit corporation; or\n\n2. Derivatively in accordance with the Oklahoma General\n\nCorporation Act or the Oklahoma Banking Code, as applicable, by:\n\na. a person or group of persons that owned beneficially\n\nor of record at least two percent (2%) of the total\n\nnumber of shares of a class or series outstanding at\n\nthe time of the act or omission complained of,\n\nb. a director,\n\nc. a person or group of persons that owned beneficially\n\nor of record five percent (5%) or more of the\n\noutstanding equity interests in an entity of which the\n\nbenefit corporation is a subsidiary at the time of the\n\nact or omission complained of, or\n\nd. other persons as specified in the certificate of\n\nincorporation or bylaws of the benefit corporation.\n\nD. For purposes of this section, a person is the beneficial\n\nowner of shares or equity interests if the shares or equity\n\ninterests are held in a voting trust or by a nominee on behalf of\n\nthe beneficial owner.","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":"002416871bc28b45fffc8982082d5e376e9f8ad23b1fec5fb619fe6f508f5e0d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1208","next":"us-ok/okla.-stat.-tit.-18-18-1210"},"notice":"GroundRules: Original legal text. Not legal advice."}