Bill > SB1534

This bill modifies existing Oklahoma laws concerning charitable organizations and the solicitation of charitable contributions, as well as general corporation requirements. Key provisions include updating the definition of a "charitable organization" to encompass a broader range of purposes and clarifying what constitutes a "charitable purpose." It also introduces new definitions for "Form 990" (a federal tax return for exempt organizations) and "professional fundraising counsel," while refining the definitions of "professional fundraiser" and "professional solicitor." The bill mandates that charitable organizations provide their federal tax identification number to the Secretary of State and clarifies exceptions to registration requirements for certain religious and educational institutions. It also specifies that the district court has jurisdiction to enforce compliance with demands or subpoenas related to charitable solicitations and outlines conditions under which information obtained during investigations can be disclosed. Furthermore, the bill establishes new duties for directors and officers of charitable nonprofit corporations, requiring them to act in good faith and in the best interest of the corporation, and prohibits charitable nonprofit corporations from lending money to or guaranteeing obligations of their directors or certain related individuals, holding directors who approve such loans jointly and severally liable for repayment. The bill also adjusts the minimum number of directors for charitable, nonstock corporations to three and makes other technical amendments to existing statutes.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1534&Session=2600