{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1642","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1642","heading":"Injunctions - Voting of securities prohibited -","body":"Sequestration of voting securities.\n\nA. Whenever it appears to the Commissioner that any insurer or\n\nany director, officer, employee or agent thereof has committed or is\n\nabout to commit a violation of this act or of any rule, regulation\n\nor order issued by the Commissioner hereunder, the Commissioner may\n\napply to the district court for the county in which the principal\n\noffice of the insurer is located or if the insurer has no office in\n\nthis state then to the district court for Oklahoma County for an\n\norder enjoining the insurer or director, officer, employee or agent\n\nthereof from violating or continuing to violate this act or any\n\nrule, regulation or order, and for such other equitable relief as\n\nthe nature of the case and the interest of the insurer's\n\npolicyholders, creditors and shareholders or the public may require.\n\nB. No security which is the subject of any agreement or\n\narrangement regarding acquisition, or which is acquired or to be\n\nacquired, in contravention of the provisions of this act or of any\n\nrule, regulation or order issued by the Commissioner hereunder may\n\nbe voted at any shareholder's meeting, or may be counted for quorum\n\npurposes, and any action of shareholders requiring the affirmative\n\nvote of a percentage of shares may be taken as though the securities\n\nwere not issued and outstanding; but no action taken at any such\n\nmeeting shall be invalidated by the voting of the securities, unless\n\nthe action would materially affect control of the insurer or unless\n\nthe courts of this state have so ordered. If an insurer or the\n\nCommissioner has reason to believe that any security of the insurer\n\nhas been or is about to be acquired in contravention of the\n\nprovisions of this act or of any rule, regulation or order issued by\n\nthe Commissioner hereunder, the insurer or the Commissioner may\n\napply to the district court for the county in which the insurer has\n\nits principle place of business to enjoin any offer, request,\n\ninvitation, agreement or acquisition made in contravention of\n\nSection 3 of this act or any rule, regulation or order issued by the\n\nCommissioner thereunder to enjoin the voting of any security so\n\nacquired, to void any vote of the security already cast at any\n\nmeeting of shareholders and for such other equitable relief as the\n\nnature of the case and the interest of the insurer's policyholders,\n\ncreditor and shareholders or the public may require.\n\nC. In any case where a person has acquired or is proposing to\n\nacquire any voting securities in violation of this act or any rule,\n\nregulation or order issued by the Commissioner hereunder, the\n\ndistrict court for Oklahoma County or the district court for the\n\ncounty in which the insurer has its principal place of business may,\n\non such notice as the court deems appropriate, upon the application\n\nof the insurer or the Commissioner, seize or sequester any voting\n\nsecurities of the insurer owned directly or indirectly by the\n\nperson, and issue such order as may be appropriate to effectuate the\n\nprovisions of this act. For the purposes of this act the situs of\n\nthe ownership of the securities of domestic insurers shall be deemed\n\nto be in this state.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"716aef2b156c02c525a89fdef69a85b15664af564e203704a283453c66ab9450","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1641","next":"us-ok/okla.-stat.-tit.-36-36-1643"},"notice":"GroundRules: Original legal text. Not legal advice."}