{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2402","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2402","heading":"Formation - Prerequisites to transaction of business -","body":"Articles of association.\n\nAny number of persons, being citizens of the United States, not\n\nless than seven, five of whom shall also be citizens and residents\n\nof the state of Oklahoma, desiring to form a mutual benefit\n\nassociation, may associate themselves together and effect such\n\norganization in the manner provided in this section and as otherwise\n\nprovided in this article for reorganization of associations now\n\ndoing business in this state, and not otherwise. Articles of\n\nassociation shall be prepared in triplicate in the manner\n\nhereinafter provided, and submitted to the Insurance Commissioner\n\nfor approval. If the name selected for an association is not the\n\nsame or so near the same as that of another association or\n\ncorporation doing business in this state as to cause confusion in\n\nthe minds of the people, and the objects of the association conform\n\nto the provisions of this article, the Insurance Commissioner shall\n\nendorse on the back of each copy of said articles of association the\n\nfact that the Commissioner has approved the same. Before the\n\nInsurance Commissioner shall approve such articles of association,\n\nit shall be shown to the Commissioner by the sworn statement of one\n\nor more of the proposed incorporators that at least one thousand\n\npersons have signed, in good faith, applications for benefit\n\nmembership in such proposed association, and paid to the proper one\n\nof such proposed incorporators the amount of one death or mortuary\n\ncollection, by whatever name it may be called, and that such money\n\nis deposited with some bank or trust company and is held for the\n\nspecial purpose named. For such examination and approval of the\n\narticles of association herein mentioned, the Insurance Commissioner\n\nshall charge and receive a fee as stated in Section 321, Article 3\n\nof this title. Provided, however, that before such incorporators,\n\nor any of them, or any person or persons, shall solicit members or\n\ncollect any money whatever from any applicant in an association\n\nformed, or to be formed, under this article, they shall first\n\nfurnish to the Insurance Commissioner a surety bond running to the\n\nState of Oklahoma, to be approved by the Commissioner, in the sum of\n\nFive Thousand Dollars ($5,000.00) Dollars, conditioned that all sums\n\ncollected, or to be collected, from applicants for benefit\n\nmembership in such association will be promptly returned to\n\nrespective applicants in case the articles of incorporation are not\n\napproved or no certificate of incorporation is granted within one\n\n(1) year from the date of the filing of such bond, or in case the\n\nassociation fails to accept said charter and in good faith conduct\n\nthe business of a mutual benefit association authorized thereby.\n\nUpon the filing of said bond, the Insurance Commissioner shall issue\n\na certificate to that effect, showing that the person or persons\n\nnamed therein are authorized to solicit members in such proposed\n\nassociation and to collect dues and assessments in advance. When\n\nthe foregoing conditions are complied with and the articles of\n\nassociation are approved by the Insurance Commissioner, as\n\nhereinbefore provided, one copy thereof shall be filed with the\n\nSecretary of State, whereupon the said Secretary shall issue a\n\ncertificate of incorporation and affix the Seal of the State\n\nthereto, and one copy, approved as hereinbefore provided, shall be\n\ndelivered to the incorporators of such association, and the third\n\napproved copy of such articles shall be filed with the Insurance\n\nCommissioner. Such articles of association shall be substantially\n\nin the following form:\n\nFirst. The preamble shall name the incorporators and give the\n\nresidence of each and the fact of their citizenship, as herein\n\nrequired, and express their desire to incorporate a mutual benefit\n\nassociation in accordance with and under the provisions of this\n\narticle, making definite reference to the same.\nCommissioner. Such articles of association shall be substantially\n\nin the following form:\n\nFirst. The preamble shall name the incorporators and give the\n\nresidence of each and the fact of their citizenship, as herein\n\nrequired, and express their desire to incorporate a mutual benefit\n\nassociation in accordance with and under the provisions of this\n\narticle, making definite reference to the same.\n\nSecond. Article I shall give the name of the association.\n\nThird. Article II shall state the location of the principal\n\noffice of the association.\n\nFourth. Article III shall state the objects of the association\n\nand the plans by which these objects are to be carried out,\n\nincluding the extreme limit of age of persons to whom benefit\n\ncertificates may be issued, which limit of age shall not exceed\n\nseventy-two (72) years.\n\nFifth. Article IV shall state the names of the persons selected\n\nto manage the business or prudential affairs of the association for\n\nthe first term, for which such persons are to be elected, the title\n\nof all officers and the names of such officers, with their\n\nresidence, if they have been selected.\n\nSixth. Article V shall contain a description of the corporate\n\nseal adopted by such association, together with an impress of the\n\nsame.\n\nThe articles of association shall be signed and acknowledged by\n\neach of the incorporators.","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":"b7765907158e65076fcce477dee807ec3ebf9b9f1571be2eecffef9352e39d4b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2401","next":"us-ok/okla.-stat.-tit.-36-36-2403"},"notice":"GroundRules: Original legal text. Not legal advice."}