Panel passes bill to modernize corporation and LLC statutes aimed at attracting business
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Summary
Representative Dole introduced a bill described as a modernization of the Oklahoma General Corporation Act and LLC statutes to make state law more competitive with Delaware and other states; the committee moved and passed the measure after questions about high-level provisions. The sponsor said it is a lengthy (100+ page) cleanup and update.
Representative Dole introduced House Bill 35 34 98 and described it as a modernization of the Oklahoma General Corporation Act and the state's LLC statutes. Dole said the bill updates outdated provisions to reflect how corporations operate today and argued the changes would help invite investment and encourage businesses to remain in Oklahoma rather than incorporating elsewhere.
Members asked for concise examples of the main changes. Dole said the measure addresses clarifying shareholder agreements, making certain shareholder arrangements enforceable, and other corporate governance updates. He acknowledged the bill is lengthy — more than 100 pages — and offered to take detailed questions offline while framing the measure as a competitive update compared with states such as Delaware.
"This is a pro business bill," Dole said in committee. The committee moved for passage; the transcript records a committee vote and the chair declared the bill passed.