PUBLIC BENEFIT LIMITED LIABILITY COMPANIES. A. Sections 23 through 29 of this act shall be known and may be cited as the “Oklahoma Public Benefit Limited Liability Company Act” and within such sections as this act. B. A “public benefit limited liability company” is a for-profit limited liability company formed under and subject to the requirements of the Oklahoma Limited Liability Company Act including a professional limited liability company, that is intended to produce a public benefit or public benefits and to operate in a responsible and sustainable manner as provided under this act. A public benefit limited liability company is formed by filing articles of organization as required under the Oklahoma Limited Liability Company Act and further by stating in the heading of its articles of organization that it is a public benefit limited liability company and by setting forth one or more public benefits to be promoted by the limited liability company in its articles of organization. The operating agreement of a public benefit limited liability company may not contain any provision inconsistent with this act. C. “Public benefit” means a positive effect, or reduction of negative effects, on one or more categories of persons, entities, communities or interests, other than members in their capacities as members including effects of an artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific or technological nature. “Public benefit provisions” means the provisions of the articles of organization or an operating agreement contemplated by this act.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.