Oklahoma § 74-861 - Governing board - Officers - Quorum - Powers

§ 74-861. Governing board - Officers - Quorum - Powers

A. The powers of the Oklahoma Industrial Finance Authority

shall be exercised by a governing body consisting of the members of

the Authority acting as a Board. Within thirty (30) days after this

act shall become effective the Board shall meet and organize,

electing a chairman, vice-chairman, secretary and treasurer. Bonds

running to the State of Oklahoma shall be required of the chairman,

treasurer and any other officer or employee having funds of the

Authority in his control or possession in an amount to be determined

by the Board.

Oklahoma Statutes - Title 74. State Government

B. A majority of the members shall constitute a quorum of the

Board for the purpose of organizing the Authority and conducting the

business thereof and, except in the instance of passing upon loan

applications, all action may be taken by a vote of a majority of the

members present, unless in any case the bylaws shall require a

larger number. Approval or rejection of loan applications shall be

by a majority vote of the full membership of the Board, the vote of

each member being duly recorded thereon.

C. The Board shall have full authority to manage the properties

and business of the Authority and to renegotiate loans and approve

leases with new tenants when, in the sound business judgment of the

Board, the remedy of foreclosure is not in the best interest of the

State of Oklahoma; to be represented by the Office of Attorney

General in all legal matters other than with respect to issuance of

state industrial finance bonds; and to prescribe, amend, and repeal

bylaws, rules and regulations governing the manner in which the

business of the Authority shall be conducted. Out of any court

awarded attorney fees in foreclosure actions successfully prosecuted

by the Attorney General on behalf of the Authority, a sum equal to

actual expenses incurred by that office shall be withheld and placed

in the Attorney General's evidence fund; and a sum up to the full

amount of attorney fees awarded by the court shall be placed in said

evidence fund to the extent that proceeds of sale of the property

being foreclosed upon shall exceed the unpaid balance on the

Authority's loan, including delinquent interest thereon.

Laws 1959, p. 506, § 11; Laws 1974, c. 138, § 1, emerg. eff. May 3,

1974; Laws 1991, c. 130, § 3, emerg. eff. April 29, 1991.