SB 594 Summary

• Amends 18 O.S. 2011, Section 1056 to allow shareholders to participate in meetings remotely by means of electronic communication if authorized by the board of directors.

• Requires corporations implementing remote participation to verify shareholder identity, provide reasonable opportunity to participate and vote, and maintain records of votes cast electronically.

• Modifies Section 1058 regarding record dates for shareholder meetings to allow the board of directors to set separate record dates for determining shareholders entitled to notice versus those entitled to vote.

• Permits shareholders to act by written consent to elect directors in lieu of holding an annual meeting under specified conditions regarding directorship vacancies.

• Effective date set for November 1, 2014.