{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-660.12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-660.12","heading":"Initial shares — Majority of voting shares","body":"A. As used in this section:\n\n1. \"Intermediate holding company\" means a holding company that:\n\na. is a subsidiary of a mutual holding company formed to\n\nreorganize a mutual insurance company, and\n\nb. directly or through a subsidiary intermediate holding\n\ncompany, owns the resulting company; and\n\n2. \"Majority of the voting shares of the capital stock\" means\n\nshares of the capital stock of a company that carry the right to\n\ncast a majority of the votes entitled to be cast by all of the\n\noutstanding shares of the capital stock of the company on all\n\nmatters submitted to a vote of the shareholders of the company.\n\nB. All of the initial shares of the capital stock of the\n\nresulting company shall be issued to the mutual holding company.\n\nC. The mutual holding company shall at all times own a majority\n\nof the voting shares of the capital stock of the resulting company\n\nor of an intermediate holding company established to hold the voting\n\nshares of the resulting company. The requirements of this\n\nsubsection may be satisfied by indirect ownership through one or\n\nmore intermediate holding companies in a corporate structure\n\napproved by the Oklahoma Insurance Commissioner.\n\nD. The mutual holding company or intermediate holding company\n\nmay not convey, transfer, assign, pledge, subject to a security\n\ninterest or lien, encumber, or otherwise hypothecate or alienate the\n\nmajority of the voting shares of the capital stock that is required\n\nto be owned under subsection C of this section.\n\nE. A violation of subsection D of this section is void in\n\ninverse chronological order from the date of the conveyance or\n\nactivity as to the shares necessary to constitute a majority of the\n\nvoting shares of the capital stock.","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":"421b9bba3e4e3d2a57887ad36458cfd72a48f759477e46cbed64e01caf987458","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-660.11","next":"us-ok/okla.-stat.-tit.-36-36-660.13"},"notice":"GroundRules: Original legal text. Not legal advice."}