{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.31","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.31","heading":"Directors","body":"A. The operating and business policies of each association\n\nshall be directed by a board of directors of not less than five nor\n\nmore than fifteen persons elected by a majority of the votes of the\n\nmembers or stockholders present in person or by proxy at the annual\n\nmeeting. Directors need not be members or stockholders unless so\n\nrequired by the association's certificate of incorporation or\n\nbylaws. A majority of the directors shall be bona fide residents of\n\nthis state. Directors may be elected for a longer term than one (1)\n\nyear if the bylaws so provide, but no director may be elected for a\n\nterm longer than three (3) years, and the terms of at least two\n\ndirectors shall expire each year.\n\nB. If a vacancy occurs with respect to the board of directors,\n\nthe remaining directors, though less than a quorum, may fill such\n\nvacancy by electing a director or directors to serve the remainder\n\nof the unexpired term for the class of directors in which such\n\nvacancies exist.\n\nC. The board of directors shall meet each year, following the\n\nannual members' or stockholders' meeting, and shall elect the\n\nofficers at such meeting. Such additional meetings of the board of\n\ndirectors shall or may be held as the bylaws shall require or\n\npermit. A majority of the directors, if present at any meeting,\n\nshall constitute a quorum unless the bylaws otherwise provide.","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":"f4984709d219fabb974855c9501bee1e49320e079e757555b771015082a12f64","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.30","next":"us-ok/okla.-stat.-tit.-18-18-381.31a"},"notice":"GroundRules: Original legal text. Not legal advice."}