{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-441-1608","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-441-1608","heading":"Approval or abandonment of merger by members","body":"APPROVAL OR ABANDONMENT OF MERGER BY MEMBERS.\n\n(a) Subject to subsections (b) and (c) of this section, a plan\n\nof merger must be approved by:\n\n(1) At least two-thirds (2/3) of the voting power of members\n\npresent at a members meeting called under subsection (b) of Section\n\n140 of this act; and\n\n(2) If the limited cooperative association has investor\n\nmembers, at least a majority of the votes cast by patron members,\n\nunless the organic rules require a greater percentage vote by patron\n\nmembers.\n\n(b) The organic rules may provide that the percentage of votes\n\nunder paragraph (1) of subsection (a) of this section is:\n\n(1) A different percentage that is not less than a majority of\n\nmembers voting at the meeting;\n\n(2) Measured against the voting power of all members; or\n\n(3) A combination of paragraphs (1) and (2) of this subsection.\n\n(c) The vote required to approve a plan of merger may not be\n\nless than the vote required for the members of the limited\n\ncooperative association to amend the articles of organization.\n\n(d) Consent in a record to a plan of merger by a member must be\n\ndelivered to the limited cooperative association before delivery of\n\narticles of merger for filing pursuant to Section 142 of this act if\n\nas a result of the merger the member will have:\n\n(1) Personal liability for an obligation of the association; or\n\n(2) An obligation or liability for an additional contribution.\n\n(e) Subject to subsection (d) of this section and any\n\ncontractual rights, after a merger is approved, and at any time\n\nbefore the effective date of the merger, a limited cooperative\n\nassociation that is a party to the merger may approve an amendment\n\nto the plan of merger or approve abandonment of the planned merger:\n\n(1) As provided in the plan; and\n\n(2) Except as prohibited by the plan, with the same affirmative\n\nvote of the board of directors and of the members as was required to\n\napprove the plan.\n\n(f) The voting requirements for districts, classes, or voting\n\ngroups under Section 36 of this act apply to approval of a merger\n\nunder this article.","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":"f62fcb2f2f124a63be4a580dfa38b678ce85c1a73e5a4ae088939e28a9f557e6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-441-1607","next":"us-ok/okla.-stat.-tit.-18-18-441-1609"},"notice":"GroundRules: Original legal text. Not legal advice."}