{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-550","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-550","heading":"Power to borrow money and incur indebtedness - Mortgage or","body":"pledge of property - Liability of property to taxation.\n\nAny such charitable or educational corporation may borrow money\n\nand incur debts either for its principal purposes, or for the\n\nfurtherance of any or all its business enterprises or both. In case\n\nmoney is borrowed to aid any corporation, a majority of whose stock\n\nis lawfully owned by such charitable or educational corporation, it\n\nmay loan or advance the same to such controlled corporation on such\n\nterms as may seem advisable to its trustees. Any such charitable or\n\neducational corporation so borrowing money to aid any other\n\ncorporation as aforesaid, may evidence its indebtedness by notes or\n\nbonds and secure their payment by mortgaging and pledging all or any\n\npart of its property, real, personal and mixed, except the real\n\nestate, buildings and personal property consisting of household\n\ngoods, farm implements and domestic animals used for the ordinary\n\nconduct and operation of the institution of such corporations, which\n\nlast-named property shall never be liable, or in any manner taken\n\nfor indebtedness, charge or lien of any nature whatsoever contracted\n\nby such corporation, to aid another corporation as aforesaid,\n\nprovided that if any charitable or educational corporation shall\n\nmaintain or carry on any auxiliary business under the terms of\n\nSection 549 of this title, either directly or through any other\n\ncorporation or corporations, such fact shall be held to be an\n\nagreement on its part and on the part of such other corporation or\n\ncorporations that all property owned by, devoted to, or used in such\n\nauxiliary business hereunder, shall be subject to taxation for all\n\npurposes in the same manner as taxable property generally and that\n\nsuch property shall not be exempt from taxation by reason of the\n\nfact that the revenues or profits or a portion thereof, are used or\n\nintended to be used as additional funds for carrying out the\n\ncharitable or educational purposes of such corporation or for\n\nreinvestment by or in behalf of such charitable or educational\n\ncorporation; and it is hereby declared that no such property shall\n\nbe exempt from taxation; and provided, further, that the real\n\nestate, buildings, and personal property consisting of household\n\ngoods, farming implements and domestic animals necessary for the\n\nordinary conduct and operation of such charitable or educational\n\ncorporations, shall be exempt from taxation.","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":"5fe92007c4573524ddf2d72ddbaf3689002e8afbfd17c3683f89f8a75e071a3b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-549","next":"us-ok/okla.-stat.-tit.-18-18-552.1"},"notice":"GroundRules: Original legal text. Not legal advice."}