Oklahoma § 18-429 - Directors - Selection and term - Quorum
Full text of Oklahoma Oklahoma Statutes § 18-429 — Directors - Selection and term - Quorum, with citation guidance and answers to common questions.
§ 18-429. Directors - Selection and term - Quorum
The stock, property and affairs, of such corporation shall be
managed by the board of directors, which shall consist of five (5)
members, all of whom must be stockholders, and who shall be elected
at the annual meeting of the stockholders. At the first meeting of
the stockholders, there shall be elected five directors, one of whom
shall serve one (1) year, two of whom shall serve two (2) years, and
the remaining two of whom shall serve three (3) years. As the term
of office of each of these directors expires a successor shall be
elected, who shall serve for three (3) years, unless sooner removed,
or until his successor is elected and qualified.
Notice of the time and place of holding such election shall be
published not less than two (2) weeks previous thereto in the
newspaper printed nearest to the place where the principal office or
place of business of the corporation is located. A quorum shall
consist of at least ten percent (10%) in number of all the
stockholders or subscribers for stock who are entitled to vote.
Laws 1919, c. 147, p. 213, § 9; Laws 1923, c. 167, p. 270, § 3; Laws
1941, p. 58, § 1.
Oklahoma Statutes - Title 18. Corporations
Frequently Asked Questions About Oklahoma § 18-429
What does Oklahoma Statutes § 18-429 cover?
Section 18-429 ("Directors - Selection and term - Quorum") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 18-429?
A common citation format is "Oklahoma Statutes § 18-429" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 18-429 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.