Oklahoma § 18-1095 - Dissolution before the issuance of shares or beginning

§ 18-1095. Dissolution before the issuance of shares or beginning

business – Procedure.

DISSOLUTION BEFORE THE ISSUANCE OF SHARES OR

BEGINNING BUSINESS; PROCEDURE

If a corporation has not issued shares or has not commenced the

business for which the corporation was organized, a majority of the

Oklahoma Statutes - Title 18. Corporations

incorporators, or, if directors were named in the certificate of

incorporation or have been elected, a majority of the directors, may

surrender all of the corporation's rights and franchises by filing

in the Office of the Secretary of State a certificate, executed and

acknowledged by a majority of the incorporators or directors,

stating :

1. That no shares of stock have been issued or that the

business of activity for which the corporation was organized has not

begun;

2. The date of filing of the corporation's original certificate

of incorporation with the Secretary of State;

3. That no part of the capital of the corporation has been

paid, or, if some capital has been paid, that the amount actually

paid in for the corporation's shares, less any part thereof

disbursed for necessary expenses, has been returned to those

entitled thereto;

4. That if the corporation has begun business but it has not

issued shares, all debts of the corporation have been paid;

5. That if the corporation has not begun business but has

issued stock certificates, all issued stock certificates, if any,

have been surrendered and canceled; and

6. That all rights and franchises of the corporation are

surrendered. Upon such certificate becoming effective in accordance

with the provisions of Section 1007 of this title, the corporation

shall be dissolved.

Added by Laws 1986, c. 292, § 95, eff. Nov. 1, 1986. Amended by

Laws 1988, c. 323, § 20, eff. Nov. 1, 1988; Laws 2017, c. 323, § 27,

eff. Nov. 1, 2017.