Oklahoma § 18-1117 - Compromise or arrangement between corporation and

§ 18-1117. Compromise or arrangement between corporation and

creditors or shareholders.

COMPROMISE OR ARRANGEMENT BETWEEN CORPORATION AND CREDITORS

OR SHAREHOLDERS

A. Whenever the provision provided for in paragraph 2 of

subsection B of Section 1006 of this title is included in the

original certificate of incorporation of any corporation, all

persons who become creditors or shareholders thereof shall be deemed

to have become such creditors or shareholders subject in all

respects to that provision and the same shall be absolutely binding

upon them. Whenever that provision is inserted in the certificate of

incorporation of any such corporation by an amendment of its

certificate all persons who become creditors or shareholders of such

corporation after such amendment shall be deemed to have become such

creditors or shareholders subject in all respects to that provision

and the same shall be absolutely binding upon them.

B. The district court may administer and enforce any compromise

or arrangement made pursuant to the provision provided for in

paragraph 2 of subsection B of Section 1006 of this title and may

restrain, pendente lite, all actions and proceedings against any

corporation with respect to which the district court shall have

begun the administration and enforcement of that provision and may

appoint a temporary receiver for such corporation and may grant the

receiver such powers as it deems proper, and may make and enforce

such rules as it deems necessary for the exercise of such

jurisdiction.

Added by Laws 1986, c. 292, § 117, eff. Nov. 1, 1986. Amended by

Laws 1987, c. 146, § 8, operative Nov. 1, 1987.