Oklahoma § 71-460 - Violations - Penalty - Evidence

§ 71-460. Violations - Penalty - Evidence

A. Any person who violates, and a controlling person of an

offeror or target company who knowingly violates, any provision of

this act or any rule thereunder, or any order of the Administrator

of which this person has notice, shall be guilty of a Class D1

felony offense and may be fined not more than Twenty-five Thousand

Dollars ($25,000.00), or imprisoned as provided for in subsections B

through F of Section 20N of Title 21 of the Oklahoma Statutes, or

both. Each of the acts specified shall constitute a separate

offense and a prosecution or conviction for any one of such offenses

shall not bar prosecution or conviction for any other offense. No

indictment or information may be returned under this act more than

two (2) years after the alleged violation.

B. The Administrator may refer such evidence as is available

concerning violations of this act or of any rule or order hereunder

to the Attorney General or the district attorney for the appropriate

county who may, with or without any reference, institute the

appropriate criminal proceedings under this act. If referred to a

district attorney, he shall, within ninety (90) days, file with the

Administrator a statement concerning any action taken or, if no

action is taken, the reasons therefor.

C. Nothing in this act limits the power of the state to punish

any person for any conduct which constitutes a crime under any other

statute.

D. All shares acquired from an Oklahoma resident in violation

of any provision of this act or any rule thereunder, or any order of

the Administrator of which the person has notice, shall be denied

voting rights for one (1) year after acquisition, the shares shall

be nontransferable on the books of the target company for one (1)

year after acquisition and the target company shall, during this

one-year period, have the option to call the shares for redemption

either at the price at which the shares were acquired or at book

value per share as of the last day of the fiscal quarter ended prior

to the date of the call for redemption. Such a redemption shall

Oklahoma Statutes - Title 71. Securities

occur on the date set in the call notice, but not later than sixty

(60) days after the call notice is given.

Added by Laws 1985, c. 285, § 10, emerg. eff. July 22, 1985.

Amended by Laws 1997, c. 133, § 580, eff. July 1, 1999; Laws 1999,

1st Ex.Sess., c. 5, § 420, eff. July 1, 1999; Laws 2025, c. 486, §

579, eff. Jan. 1, 2026.

NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective

date of Laws 1997, c. 133, § 580 from July 1, 1998, to July 1, 1999.