Oklahoma § 18-1106 - Receivers for insolvent corporations - Appointment and

§ 18-1106. Receivers for insolvent corporations - Appointment and

powers.

RECEIVERS FOR INSOLVENT CORPORATIONS; APPOINTMENT AND POWERS

Whenever a corporation shall be insolvent, the district court of

the county in which the registered office is located may at any time

upon the application of a shareholder or shareholders, severally or

jointly, who have been registered owners for a period of not less

than six (6) months, of not less than ten percent (10%) of the

entire outstanding stock of the corporation or a creditor whose

claim has been reduced to judgment and execution thereon has been

issued, appoint one or more persons to be receivers of and for the

corporation, to take charge of its assets, estate, effects, business

and affairs, and to collect the outstanding debts, claims, and

property due and belonging to the corporation, with power to

prosecute and defend, in the name of the corporation or otherwise,

all claims or suits, to appoint an agent or agents under them, and

to do all other acts which might be done by the corporation and

which may be necessary or proper. The powers of the receivers shall

be such and shall continue so long as the court shall deem

necessary.

Added by Laws 1986, c. 292, § 106, eff. Nov. 1, 1986.