Oklahoma § 12-2023.1

§ 12-2023.1.

Derivative actions by shareholders.

DERIVATIVE ACTIONS BY SHAREHOLDERS

In a derivative action brought by one or more shareholders or

members to enforce a right of a corporation or of an unincorporated

association, the corporation or association having failed to enforce

a right which may properly be asserted by it, the petition shall be

verified and shall allege that the plaintiff was a shareholder or

member at the time of the transaction of which he complains or that

his share or membership thereafter devolved on him by operation of

law. The petition shall also allege with particularity the efforts,

if any, made by the plaintiff to obtain the action he desires from

the directors or comparable authority and, if necessary, from the

shareholders or members, and the reasons for his failure to obtain

the action or for not making the effort. The derivative action may

not be maintained if it appears that the plaintiff does not fairly

and adequately represent the interests of the shareholders or

members similarly situated in enforcing the right of the corporation

or association. The action shall not be dismissed or compromised

without the approval of the court, and notice of the proposed

dismissal or compromise shall be given to shareholders or members in

such manner as the court directs.

Added by Laws 1984, c. 164, § 24, eff. Nov. 1, 1984.