Oklahoma § 18-550 - Power to borrow money and incur indebtedness - Mortgage or

§ 18-550. Power to borrow money and incur indebtedness - Mortgage or

pledge of property - Liability of property to taxation.

Any such charitable or educational corporation may borrow money

and incur debts either for its principal purposes, or for the

furtherance of any or all its business enterprises or both. In case

money is borrowed to aid any corporation, a majority of whose stock

is lawfully owned by such charitable or educational corporation, it

may loan or advance the same to such controlled corporation on such

terms as may seem advisable to its trustees. Any such charitable or

educational corporation so borrowing money to aid any other

corporation as aforesaid, may evidence its indebtedness by notes or

bonds and secure their payment by mortgaging and pledging all or any

part of its property, real, personal and mixed, except the real

estate, buildings and personal property consisting of household

goods, farm implements and domestic animals used for the ordinary

conduct and operation of the institution of such corporations, which

last-named property shall never be liable, or in any manner taken

for indebtedness, charge or lien of any nature whatsoever contracted

by such corporation, to aid another corporation as aforesaid,

provided that if any charitable or educational corporation shall

maintain or carry on any auxiliary business under the terms of

Section 549 of this title, either directly or through any other

corporation or corporations, such fact shall be held to be an

agreement on its part and on the part of such other corporation or

corporations that all property owned by, devoted to, or used in such

auxiliary business hereunder, shall be subject to taxation for all

purposes in the same manner as taxable property generally and that

such property shall not be exempt from taxation by reason of the

fact that the revenues or profits or a portion thereof, are used or

intended to be used as additional funds for carrying out the

charitable or educational purposes of such corporation or for

reinvestment by or in behalf of such charitable or educational

corporation; and it is hereby declared that no such property shall

be exempt from taxation; and provided, further, that the real

estate, buildings, and personal property consisting of household

goods, farming implements and domestic animals necessary for the

ordinary conduct and operation of such charitable or educational

corporations, shall be exempt from taxation.

Oklahoma Statutes - Title 18. Corporations

Amended by Laws 1983, c. 100, § 9, emerg. eff. May 9, 1983.