Oklahoma § 36-2601 - Corporations authorized - Powers

§ 36-2601. Corporations authorized - Powers

A. Corporations may be organized not for profits under the laws

of the State of Oklahoma, for the purpose of establishing,

maintaining and operating a not-for-profit hospital service or

indemnity plan, and/or a not-for-profit medical or indemnity plan,

for the purpose of making contracts of insurance or indemnity, or

for the purpose of making indemnity plan contracts, or for all such

purposes, by complying with the provisions of this article and shall

be exempt from all other provisions of the insurance laws and the

general corporation laws of this state, unless otherwise

specifically provided herein.

B. Every corporation organized under the provisions of this

article may, in the corporate name:

1. Sue and be sued;

2. Enter into contracts;

3. Prescribe qualifications and the manner and form of

admission or withdrawal of members;

4. Have and use a common seal which may be changed or altered

at pleasure;

Oklahoma Statutes - Title 36. Insurance

5. Take, purchase, lease, hold or dispose of real or personal

property in the corporate name, or in the name of trustees chosen by

the board of directors;

6. Invest, loan, borrow money and incur debt, and engage in all

forms of business transactions which are not inconsistent with the

articles of incorporation or bylaws of the corporation, or with law;

7. Make all necessary rules and regulations concerning risks or

hazards incurred, the premium rates to be used, and adjustment and

payment of losses;

8. Insure, indemnify, and fix the compensation of directors and

officers of the corporation and require bond for the faithful

performance of duties by such directors and officers;

9. Exercise all such other powers as may be necessary to carry

into effect the purpose or object of such corporation subject to the

restrictions provided in this section;

10. Make or amend bylaws not inconsistent with law or

provisions of the articles of incorporation, provided such bylaws

shall fix the date and place of the annual meeting of members, shall

designate the number of directors which shall not be less than five

(5), and shall define the duties of the officers and fix the term of

office of the directors and officers of such corporation; and

11. Make all further necessary provisions concerning the

conduct of the business affairs of the corporation.

Amended by Laws 1988, c. 227, § 2, emerg. eff. June 20, 1988.