{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-861","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-861","heading":"Governing board - Officers - Quorum - Powers","body":"A. The powers of the Oklahoma Industrial Finance Authority\n\nshall be exercised by a governing body consisting of the members of\n\nthe Authority acting as a Board. Within thirty (30) days after this\n\nact shall become effective the Board shall meet and organize,\n\nelecting a chairman, vice-chairman, secretary and treasurer. Bonds\n\nrunning to the State of Oklahoma shall be required of the chairman,\n\ntreasurer and any other officer or employee having funds of the\n\nAuthority in his control or possession in an amount to be determined\n\nby the Board.\n\nB. A majority of the members shall constitute a quorum of the\n\nBoard for the purpose of organizing the Authority and conducting the\n\nbusiness thereof and, except in the instance of passing upon loan\n\napplications, all action may be taken by a vote of a majority of the\n\nmembers present, unless in any case the bylaws shall require a\n\nlarger number. Approval or rejection of loan applications shall be\n\nby a majority vote of the full membership of the Board, the vote of\n\neach member being duly recorded thereon.\n\nC. The Board shall have full authority to manage the properties\n\nand business of the Authority and to renegotiate loans and approve\n\nleases with new tenants when, in the sound business judgment of the\n\nBoard, the remedy of foreclosure is not in the best interest of the\n\nState of Oklahoma; to be represented by the Office of Attorney\n\nGeneral in all legal matters other than with respect to issuance of\n\nstate industrial finance bonds; and to prescribe, amend, and repeal\n\nbylaws, rules and regulations governing the manner in which the\n\nbusiness of the Authority shall be conducted. Out of any court\n\nawarded attorney fees in foreclosure actions successfully prosecuted\n\nby the Attorney General on behalf of the Authority, a sum equal to\n\nactual expenses incurred by that office shall be withheld and placed\n\nin the Attorney General's evidence fund; and a sum up to the full\n\namount of attorney fees awarded by the court shall be placed in said\n\nevidence fund to the extent that proceeds of sale of the property\n\nbeing foreclosed upon shall exceed the unpaid balance on the\n\nAuthority's loan, including delinquent interest thereon.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"49cbd8166cd2d50c013e5d910cafc539d33a31d887375e50294c0c6a9cfe7d2d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-860","next":"us-ok/okla.-stat.-tit.-74-74-863"},"notice":"GroundRules: Original legal text. Not legal advice."}