On Apr. 18, OKL LEG passed bill related to professional entity act.
OKL LEG passed Bill SB 620 to amend provisions under Oklahoma statutesOKL LEG 18 related to the Professional entity act, modifying requirements for professional entities.
Professional Entity Act
Changes requirements for formation or qualification of professional entity to render services, and requires owners/managers of certain entities to have license or permits.
Also clarifies professional corporation authorized to purchase or redeem certain shares.
Modifying requirements for personal liability of certain directors and officers and allows for electronic consent of certain documents, addresses formation and meeting process.
Authorizes corporations to use networks of electronic databases for corporate records.
Addresses claim indemnification, captive insurance procedures, board of director rights, requirements to recover lost share certificates, revival of incorporation records.
Shareholder consent and notices, inspections of shareholder lists, and appraisal rights.
Legislative History
On Feb. 6, 2023, bill introduced in Senate; on Mar. 21, 2023, bill passed in Senate.
On Mar. 22, 2023, bill delivered to House; on Apr. 17, 2024, bill was passed in House.
On Apr. 18, 2024, bill was delivered to governor for review and it pending action.
Effectiveness
Act will become effective Nov. 1, 2024.
Apr. 23, 2024 OK LEG Governor Approval
On Apr. 23, 2024, OKL LEG governor approved bill SB 620, effective on Nov. 1, 2024.
Regulators
OKL LEG
Entity Types
Corp
Reference
Bill, 4/23/2024; Bill SB620, 4/18/2024; Citation: OKL LEG 18;
Functions
Compliance; C-Suite; Legal; Record Retention; Technology
