Oklahoma § 36-2502 - Designation as corporators; articles of agreement;

§ 36-2502. Designation as corporators; articles of agreement;

contents; approval by insurance commissioner; filing and recording.

Oklahoma Statutes - Title 36. Insurance

The persons mentioned in Section 2501 shall be designated as

corporators, and such persons shall associate themselves by articles

of agreement in writing, duly signed and acknowledged, setting

forth:

First: The corporate name of the proposed corporation, which

shall not be the name of any corporation heretofore incorporated or

doing business in this state for similar purposes, or any such

imitation of such name calculated to mislead the public.

Second: The name of the city, town or county in which the

principal office is located.

Third: The amount of the capital stock of the corporation,

which shall not be less than Fifty Thousand Dollars ($50,000.00),

the number of shares into which it is divided, and the par value

thereof, that the same has been bona fide subscribed, and actually

paid up in lawful money of the United States, and is in the custody

of persons named as the first board of directors, the name and place

of the several shareholders and the number of shares subscribed by

each.

Fourth: The number of the board of directors or managers, which

shall be not less than five, their powers and duties, and the names

agreed upon for the first year.

Fifth: The number of years the corporation is to continue.

Sixth: A statement that the company is formed for the purpose

of carrying on the business of insurance under the provisions of

this article. Said articles of agreement shall be submitted to the

Insurance Commissioner, and if they are found to comply with the

provisions of this article, he shall approve the same. When

approved they shall be filed and recorded in the office of the

Secretary of State, who shall issue a certificate of incorporation,

upon the receipt of which such persons shall be a body corporate and

politic, under the laws of this state.

Laws 1957, p. 324, § 2502.