{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2105","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2105","heading":"Articles of incorporation; contents","body":"A. This section applies to stock and mutual insurers hereafter\n\nincorporated in Oklahoma.\n\nB. Five or more individuals of age of twenty-one (21) years or\n\nmore may incorporate a stock insurer; ten or more such individuals\n\nmay incorporate a mutual insurer. Not less than two-thirds (2/3) of\n\nthe incorporators shall be citizens of the United States residing in\n\nOklahoma. The articles of incorporation shall be signed and\n\nacknowledged by the incorporators as deeds are required to be\n\nacknowledged.\n\nC. The articles of incorporation shall state:\n\n1. The name of the corporation; if a mutual, the word \"mutual\"\n\nshall be a part of the name;\n\n2. The duration of its existence, which may be perpetual;\n\n3. The kinds of insurance the corporation is formed to\n\ntransact, according to the definitions thereof in this Code;\n\n4. If a stock corporation, its authorized capital, the classes\n\nand number of shares into which divided, the par value of each such\n\nshare, and the respective rights of each such class. Shares without\n\npar value shall not be authorized;\n\n5. If a mutual corporation, the maximum contingent liability of\n\nits members, other than as to nonassessable policies, for payment of\n\nlosses and expenses incurred, which liability shall be as stated in\n\nthe articles of incorporation but not less than one nor more than\n\nsix times the premium for the member's policy at the annual premium\n\nrate for a term of one (1) year;\n\n6. The number of directors, of which there shall be not less\n\nthan three nor more than fifty, who shall conduct the affairs of the\n\ncorporation, and the names and addresses of the corporation's first\n\ndirectors and officers for stated terms of office of not less than\n\ntwo (2) months nor more than one (1) year; provided, however, that\n\nthe Insurance Commissioner may approve amended articles of\n\nincorporation for a domestic insurer to permit the board of\n\ndirectors to consist of three or more directors;\n\n7. The city or town in Oklahoma in which is to be located the\n\nprincipal place of business, and the counties, states, and countries\n\nin which business may be transacted;\n\n8. The limitations, if any, on the corporation's indebtedness;\n\n9. If a stock corporation, the extent, if any, to which stock\n\nof the corporation shall be liable to assessment;\n\n10. Such other provisions, not inconsistent with law, as deemed\n\nappropriate by the incorporators;\n\n11. The names and addresses of the incorporators; and\n\n12. The name and address of the person in Oklahoma upon whom\n\nall process in any action or proceeding may be served. Such\n\ndesignation may be changed or amended on authority of the Board of\n\nDirectors evidenced by the filing of a certificate stating such\n\nchange, executed by the President, attested by the Secretary, and\n\nfiled with the Insurance Commissioner.","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":"fb9e65ab1b472a389148bbed924c3293cf7bbaccb7342d3f80d172f7c1f53834","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2104","next":"us-ok/okla.-stat.-tit.-36-36-2106"},"notice":"GroundRules: Original legal text. Not legal advice."}