{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-437.15","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-437.15","heading":"Conversion of existing corporations","body":"Any corporation organized under the laws of this state for the\n\npurpose, among others, of supplying electric energy in rural areas\n\nmay be converted into a cooperative and become subject to this act\n\nwith the same effect as if originally organized under this act by\n\ncomplying with the following requirements:\n\n(a) The proposition for the conversion of such corporation into\n\na cooperative and proposed articles of conversion to give effect\n\nthereto shall be first approved by the board of trustees or the\n\nboard of directors, as the case may be, of such corporation. The\n\nproposed articles of conversion shall recite in the caption that\n\nthey are executed pursuant to this act and shall state: (1) the name\n\nof the corporation prior to its conversion into a cooperative; (2)\n\nthe address of the principal office of such corporation; (3) the\n\ndate of the filing of the articles of incorporation of such\n\ncorporation in the office of the Secretary of State; (4) the statute\n\nor statutes under which such corporation was organized; (5) the name\n\nassumed by such corporation; (6) a statement that such corporation\n\nelects to become a cooperative, nonprofit, membership corporation\n\nsubject to this act; (7) the manner and basis of converting either\n\nmemberships in or shares of stock of such corporation into\n\nmemberships therein after completion of the conversion; and (8) any\n\nprovisions not inconsistent with this Act deemed necessary or\n\nadvisable for the conduct of the business and affairs of such\n\ncorporation;\n\n(b) The proposition for the conversion of such corporation into\n\na cooperative and the proposed articles of conversion approved by\n\nthe board of trustees or board of directors, as the case may be, of\n\nsuch corporation shall then be submitted to a vote of the members or\n\nstockholders, as the case may be, of such corporation at any duly\n\nheld annual or special meeting thereof, the notice of which shall\n\nset forth full particulars concerning the proposed conversion. The\n\nproposition for the conversion of such corporation into a\n\ncooperative and the proposed articles of conversion, with such\n\namendments thereto as the members or stockholders of such\n\ncorporation shall choose to make, shall be deemed to be approved\n\nupon the affirmative vote of not less than two-thirds of those\n\nmembers of such corporation voting thereon at such meeting, or, if\n\nsuch corporation is a stock corporation, upon the affirmative vote\n\nof the holders of not less than two-thirds of the capital stock of\n\nsuch corporation represented at such meeting;\n\n(c) Upon such approval by the members or stockholders of such\n\ncorporation, articles of conversion in the form approved by such\n\nmembers or stockholders shall be executed and acknowledged on behalf\n\nof such corporation by its president or vice president and its\n\ncorporate seal shall be affixed thereto and attested by its\n\nsecretary. The president or vice president executing such articles\n\nof conversion on behalf of such corporation shall also make and\n\nannex thereto an affidavit stating that the provisions of this\n\nsection with respect to the approval of its trustees or directors\n\nand its members or stockholders, of the proposition for the\n\nconversion of such corporation into a cooperative and such articles\n\nof conversion were duly complied with. Such articles of conversion\n\nand affidavit shall be submitted to the Secretary of State for\n\nfiling as provided in this act. The term \"articles of\n\nincorporation\" as used in this act shall be deemed to include the\n\narticles of conversion of a converted corporation.","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":"28fae75cc3a23a060604b40f797b93799f486ff735e24347c673c4ac33b10029","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-437.14","next":"us-ok/okla.-stat.-tit.-18-18-437.16"},"notice":"GroundRules: Original legal text. Not legal advice."}