{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-441-603","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-441-603","heading":"Transferability of member’s interest","body":"TRANSFERABILITY OF MEMBER’S INTEREST.\n\n(a) The provisions of the Uniform Limited Cooperative Act of\n\n2009 relating to the transferability of a member’s interest are\n\nsubject to the Uniform Commercial Code.\n\n(b) Unless the organic rules otherwise provide, a member’s\n\ninterest other than financial rights is not transferable.\n\n(c) Unless a transfer is restricted or prohibited by the\n\norganic rules, a member may transfer its financial rights in the\n\nlimited cooperative association.\n\n(d) The terms of any restriction on transferability of\n\nfinancial rights must be:\n\n(1) Set forth in the organic rules and the member records of\n\nthe association; and\n\n(2) Conspicuously noted on any certificates evidencing a\n\nmember’s interest.\n\n(e) A transferee of a member’s financial rights, to the extent\n\nthe rights are transferred, has the right to share in the allocation\n\nof profits or losses and to receive the distributions to the member\n\ntransferring the interest to the same extent as the transferring\n\nmember.\n\n(f) A transferee of a member’s financial rights does not become\n\na member upon transfer of the rights unless the transferee is\n\nadmitted as a member by the limited cooperative association.\n\n(g) A limited cooperative association need not give effect to a\n\ntransfer under this section until the association has notice of the\n\ntransfer.\n\n(h) A transfer of a member’s financial rights in violation of a\n\nrestriction on transfer contained in the organic rules is\n\nineffective as to a person having notice of the restriction at the\n\ntime of transfer.","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":"ef022a879099a34feb10991cf2eee8c564acb9bda75f86bb0ff9393abb20c807","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-441-602","next":"us-ok/okla.-stat.-tit.-18-18-441-604"},"notice":"GroundRules: Original legal text. Not legal advice."}