Oklahoma § 52-32 - Violations - Receivership - procedure

§ 52-32. Violations - Receivership - procedure

The Corporation Commission shall, upon being reasonably

satisfied that any corporation has violated the provisions of this

act, recommend to the Attorney General that a receiver be appointed

for such corporation. Upon receipt of the recommendation by the

Attorney General, he shall within ten (10) days file a petition on

behalf of the state in any court of competent jurisdiction, praying

that a receiver be appointed, and such court shall immediately

consider the application and appoint a receiver, if in the judgment

of the court the provisions of this act have been willfully

violated. The receiver, when appointed, shall immediately take

charge of all the business, property and assets of such corporation

in the state and shall retain possession thereof until it shall be

determined upon the trial whether or not such corporation has

violated the provisions of this act, then, in addition to the other

Oklahoma Statutes - Title 52. Oil and Gas

penalties herein provided, all the property of said corporation

shall be retained under such receivership until the penalties

incurred hereunder are paid, after which the receivership may be

discharged upon such terms and conditions as the court may impose as

an assurance for the further compliance with this act.

Added by Laws 1913, c. 99, p. 173, § 12, emerg. eff. March 26, 1913.