{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-953","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-953","heading":"Actions for divestment of interest in land held by","body":"corporation - Exemptions - Dissolution of corporation.\n\nA. No corporation organized for a purpose other than farming or\n\nranching shall own, lease or hold, directly or indirectly,\n\nagricultural lands in excess of that amount reasonably necessary to\n\ncarry out its business purpose.\n\nB. Any resident of the county in which the land is situated,\n\nwho is of legal age, may initiate an action for the divestment of an\n\ninterest in land held by a corporation in violation of the\n\nprovisions of Sections 951 through 954 of this title, in the county\n\nin which the land is situated. If such action is successful all\n\ncosts of the action shall be assessed against the defendant\n\ncorporation, and a reasonable attorney's fee shall be allowed the\n\nplaintiff. Should judgment be rendered for the defendant, such\n\ncosts and a reasonable attorney's fee for the defendant shall be\n\npaid by the plaintiff.\n\nC. In the event an action for the divestment of an interest in\n\nland held by a corporation in violation of the provisions of\n\nSections 951 through 954 of this title is successful against said\n\ncorporation, said corporation shall be required to dispose of said\n\nland within such reasonable period of time as may be ordered by the\n\ncourt, subject to the corporation's right of appeal. Except as\n\notherwise provided by Section 954 of this title, the provisions of\n\nSections 951 through 954 of this title shall not apply to\n\ncorporations engaging in food canning operations, food processing or\n\nfrozen food processing insofar as such corporations engage in the\n\nraising of food products for aforesaid purposes.\n\nD. Upon the petition to a court of competent jurisdiction by\n\nshareholders holding twenty-five percent (25%) or more of the shares\n\nin a farming or ranching business corporation the court in its\n\ndiscretion, for good cause shown, may order the corporation\n\ndissolved and the assets of such corporation divided in kind pro\n\nrata to the shareholders or liquidated and the proceeds of such\n\nliquidation divided pro rata to the shareholders all according to\n\nthe procedures specified for the dissolution and liquidation of\n\nbusiness corporations under the Oklahoma General Corporation Act.","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":"158d1acf997e49ea62d689829be729947acf435fed06a06c6760f507aa3ea5ea","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-952","next":"us-ok/okla.-stat.-tit.-18-18-954"},"notice":"GroundRules: Original legal text. Not legal advice."}