Oklahoma § 18-1051 - Liability of directors as to dividends or stock

§ 18-1051. Liability of directors as to dividends or stock

redemption.

LIABILITY OF DIRECTORS AS TO DIVIDENDS OR STOCK REDEMPTION

A member of the board of directors, or a member of any committee

designated by the board of directors, shall be fully protected in

relying in good faith upon the records of the corporation and upon

such information, opinions, reports or statements presented to the

corporation by any of its officers or employees, or committees of

the board of directors, or by any other person as to matters the

director reasonably believes are within such officer's, employee's,

committee's or other person's competence and who have been selected

with reasonable care by or on behalf of the corporation, as to the

value and amount of the assets, liabilities and/or net profits of

the corporation, or any other facts pertinent to the existence and

amount of surplus or other funds from which dividends might properly

be declared and paid, or with which the corporation's stock might

properly be purchased or redeemed.

Added by Laws 1986, c. 292, § 51, eff. Nov. 1, 1986. Amended by

Laws 1988, c. 323, § 9, eff. Nov. 1, 1988.