Oklahoma Business Development Corporation Act

The act provides for the chartering of a business development corporation — a specially authorized corporate body formed to extend credit and financing to business enterprises within the state — and sets out how such a corporation is incorporated, what powers it holds, how its articles are framed and amended, and how long it may exist. Its distinctive mechanism is a membership structure under which financial institutions and other lenders join the corporation and become obligated to advance funds when called upon, each member's share fixed by a statutory loan-limit formula, with governance divided between members, stockholders, and a board of directors. The act also subjects the corporation to state supervision and approval, constrains its financial operations through surplus requirements and limits on taking deposits, disclaims any pledge of state credit behind its obligations, and addresses its tax treatment along with the charges, interest, and attorneys' fees recoverable when a loan it has made falls into default.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.