Oklahoma § 18-953 - Actions for divestment of interest in land held by

§ 18-953. Actions for divestment of interest in land held by

corporation - Exemptions - Dissolution of corporation.

A. No corporation organized for a purpose other than farming or

ranching shall own, lease or hold, directly or indirectly,

agricultural lands in excess of that amount reasonably necessary to

carry out its business purpose.

B. Any resident of the county in which the land is situated,

who is of legal age, may initiate an action for the divestment of an

interest in land held by a corporation in violation of the

provisions of Sections 951 through 954 of this title, in the county

in which the land is situated. If such action is successful all

costs of the action shall be assessed against the defendant

corporation, and a reasonable attorney's fee shall be allowed the

plaintiff. Should judgment be rendered for the defendant, such

costs and a reasonable attorney's fee for the defendant shall be

paid by the plaintiff.

C. In the event an action for the divestment of an interest in

land held by a corporation in violation of the provisions of

Sections 951 through 954 of this title is successful against said

corporation, said corporation shall be required to dispose of said

land within such reasonable period of time as may be ordered by the

court, subject to the corporation's right of appeal. Except as

otherwise provided by Section 954 of this title, the provisions of

Sections 951 through 954 of this title shall not apply to

corporations engaging in food canning operations, food processing or

frozen food processing insofar as such corporations engage in the

raising of food products for aforesaid purposes.

D. Upon the petition to a court of competent jurisdiction by

shareholders holding twenty-five percent (25%) or more of the shares

in a farming or ranching business corporation the court in its

discretion, for good cause shown, may order the corporation

dissolved and the assets of such corporation divided in kind pro

rata to the shareholders or liquidated and the proceeds of such

liquidation divided pro rata to the shareholders all according to

the procedures specified for the dissolution and liquidation of

business corporations under the Oklahoma General Corporation Act.

Laws 1971, c. 310, § 3, emerg. eff. June 24, 1971; Laws 1978, c.

101, § 1, emerg. eff. March 29, 1978; Laws 1986, c. 292, § 158, eff.

Nov. 1, 1986; Laws 1994, c. 61, § 1, emerg. eff. April 15, 1994.