Oklahoma § 36-2801 - Organization authorized – Purposes – Power to make

§ 36-2801. Organization authorized – Purposes – Power to make

assessments.

Any fifty or more persons of lawful age, who shall be resident,

bona fide farmers, and collectively shall own property of not less

than Twenty-five Thousand Dollars ($25,000.00), which they desire to

have insured, may associate themselves together for the purpose of

insuring any or all property located in this state, as provided in

this article, against loss by fire, lightning, tornado, and theft,

and against property and liability loss and to provide extended

coverage, and they may assess upon and collect from each other such

sums of money as from time to time may be necessary to pay losses,

occurring from fire, lightning, tornado, and theft, property and

liability loss and protection for the events provided by extended

coverage insurance, to insured members of such associations. The

assessment and collection of such sums of money shall be prescribed

and regulated by the bylaws of such association. Such associations

shall comply with all provisions of the Insurance Code not

inconsistent with the provisions of this article.

Added by Laws 1957, p. 352, § 2801, operative July 1, 1957. Amended

by Laws 1963, c. 120, § 1, emerg. eff. June 3, 1963; Laws 1975, c.

241, § 1, emerg. eff. May 30, 1975; Laws 1984, c. 149, § 12, eff.

Nov. 1, 1984; Laws 1986, c. 251, § 38, eff. Nov. 1, 1986; Laws 1995,

c. 6, § 1, emerg. eff. March 27, 1995; Laws 2004, c. 21, § 1, eff.

Nov. 1, 2004; Laws 2006, c. 246, § 1, eff. Nov. 1, 2006.