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Oklahoma – Legislation Effective November 1

House Bill 2423 (Chapter 45) signed by the governor April 15 and effective November 1 enacts the Benefit Corporation Act and permits state bank or trust companies to be benefit corporations subject to the Banking Code. 

Senate Bill 642 (Chapter 88) signed by the governor April 18 and effective November 1 updates the General Corporation Act (OGCA) to establish governance procedures for nonstock, charitable nonstock and nonprofit nonstock corporations and defines a charitable nonstock corporation as any nonprofit nonstock corporation exempt from taxation under Internal Revenue Code section 501(c)(3), a nonstock corporation as any corporation organized under the OGCA not authorized to issue capital stock, and a nonprofit nonstock corporation as a nonstock corporation that does not have membership interests. 

Senate Bill 204 (Chapter No. 281) signed by the governor May 2 and effective November 1 amends the charitable solicitation registration requirements.