Okla. Stat. tit. 6, § 6-207 — OK Code / Title 6 / Section 6-207
Judicial review of orders of the Board or Commissioner
Status: in_force

A. Final orders of the Board or the State Banking Commissioner

may be appealed to the Supreme Court of Oklahoma by any party

directly affected and showing aggrievement by the order. A mere

increase in competition resulting from the order shall not

constitute aggrievement.

B. An appeal shall be commenced by filing with the clerk of the

Supreme Court, within thirty (30) days from the date of the order or

decision, a petition in error with a copy of the order or decision

appealed from. The time limit prescribed herein for filing the

petition in error may not be extended. The manner of perfection of

the record of the proceedings to be reviewed and the time for its

completion shall be in accordance with rules prescribed by the

Supreme Court.

C. 1. A necessary jurisdictional prerequisite to the

acceptance of the appeal by the Supreme Court shall include an

affirmative showing of aggrievement from the record, by reference in

the petition in error, which cannot be a mere increase in

competition.

2. The appeal must be perfected by the posting of a bond by the

appellant in a reasonable amount not to exceed the amount of

reasonably projected gross income for four (4) years in the case of

a branch, relocation, merger or acquisition, or an amount equal to

the capital, surplus and undivided profits required to be paid in

the case of a new charter. When the order being appealed is that of

the Banking Board, the Board, in its sole discretion, shall set the

amount of the bond. When the order being appealed is that of the

Commissioner, the Commissioner, in the sole discretion of the

Commissioner, shall set the amount of the bond. It is the

obligation of the appellant to request that a bond amount be set and

such request shall not postpone or extend the time period in which

an appeal must be filed with the Oklahoma Supreme Court.

3. In the event the appellant is not the prevailing party in

the appeal, the prevailing party may apply for an order assessing

the bond in the amount demonstrated by such party to have been lost

by reason of the delay caused by the appeal. The amount shall be

based on the income projections in the original proceeding found to

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 26

have been reasonable. The prevailing party shall make such

application to the Board if the original order was issued by the

Board or shall make such application to the Commissioner if the

original order was issued by the Commissioner.

D. The Court shall give great weight to findings made and

inferences drawn by the Board or Commissioner on questions of fact.

The Court may affirm the decision or remand the case for further

proceedings. Additionally, the Court may reverse or modify the

decision if substantial rights of the appellant have been prejudiced

because the findings, inferences or conclusions are not supported by

substantial evidence in the record.
Okla. Stat. tit. 6, § 6-501.2 — OK Code / Title 6 / Section 6-501.2
Certificate to establish and operate a branch or relocate
Status: in_force

branches and detached facilities – Temporary branches – Deposit limitations – Construction witha branch – Application – Existing branches and detached facilities –

Temporary branches – Deposit limitations – Construction with Title

6, Sections 421 and 422.

A. No bank shall be permitted to establish and operate a

branch, or relocate a branch, except upon a certificate issued by

the State Banking Commissioner or the Comptroller of the Currency.

B. Upon approval of the Commissioner or Comptroller of the

Currency, any bank is authorized to establish and operate in

Oklahoma, on real property owned or leased by the bank, an unlimited

number of branches by acquisition, de novo, or otherwise, whether

fixed or mobile, at or from which any permissible function,

business, power, or activity of any kind whatsoever of the bank may

be performed or engaged in. Provided, however, no bank, savings

bank, savings association, out-of-state bank, out-of-state savings

bank, out-of-state savings association, industrial loan company or

industrial bank may establish or maintain a branch in this state on

the premises or property of an affiliate if the affiliate engages in

commercial activities. For purposes of this section, “affiliate”

means any company that controls, or is controlled by another

company, and “commercial activities” means activities in which a

bank may not engage under federal law, either directly or indirectly

through an operating subsidiary or financial subsidiary.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 75

C. Except for the procedures relating to establishment of

temporary branches, the procedures, standards and requirements for

making application for permission to establish and operate a branch

shall be set by rule of the Banking Board. However, no emphasis

upon competition or competitive factors shall be imposed, and in no

event shall such rules impose standards, criteria, or requirements

upon state-chartered banks which are more onerous than those

existing for national banks.

D. All existing branches and detached facilities of a bank

shall, upon the expiration of sixty (60) days after the effective

date of this act, by operation of law and without further action by

the bank or Commissioner, or the Comptroller of the Currency, become

and be deemed lawful branches, fully authorized and validly existing

pursuant to this section. Provided, a bank may elect to opt-out of

the effects of this subsection as to one or more of its existing

detached facilities, by providing to its chartering authority, prior

to the expiration of sixty (60) days after the effective date of

this act, a written notice that the bank has opted-out of the

effects of this subsection with the result that one or more of its

detached facilities will continue to be classified as detached

facilities rather than as branches. The written notice must clearly

identify each particular detached facility to which it applies.

“Existing branches and detached facilities”, for purposes of this

subsection, means branches or detached facilities which have been

approved and are open and operating, or are approved but unopened,

or for which application was made prior to the effective date of

this act and for which approval is given after the effective date of

this act.

E. Any bank or savings association with its main office or a

branch office located in a county where an institution of higher

education is located, may open accounts and accept deposits on the

campus of the institution of higher education if notice is provided

to the Department and written permission is granted by the

institution, for no more than seven (7) days per year. The

authorization of this subsection shall be self-executing and no

application to the regulators of the bank or savings association

shall be required by this section for a bank or savings association

to comply with this subsection.

F. A temporary branch may be established and operated upon

approval of the Commissioner or Comptroller of the Currency. As

used in this subsection, “temporary branch” means:

1. A branch that is located at a fixed site that is within one

thousand (1,000) feet of the location of the approved site of the

same bank for a permanent branch, and such temporary branch is

scheduled to, and will, permanently close not later than a certain

date, no longer than one (1) year after the temporary branch is

first opened, as specified in the permanent branch application and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 76

the public notice. No separate fee shall be imposed for a temporary

branch approved under this paragraph if the temporary site is

originally described in an application seeking to establish a

permanent branch;

2. A branch that is approved for a limited period of time,

without requirement of notice or hearing, as a temporary replacement

for a previously existing branch that is inoperable due to an

“emergency” as defined in Section 102 of this title or that is

established because of an emergency in a community that prevents

access to an established branch by customers in a specified

community. Approval of a temporary branch established under this

paragraph shall expire at the time the emergency that caused the

establishment of the temporary branch no longer exists. No separate

fee shall be imposed for a temporary branch approved under this

paragraph; or

3. Branches that are approved for a limited time not to exceed,

in the aggregate, fifteen (15) days per year, per institution, that

will be operated during special events open to the public or to

members of a specific group. The application fee for a temporary

branch under this paragraph shall be the same as that charged for a

loan and deposit production office. Requests to establish a branch

under this paragraph must be made on a form prescribed by the

Commissioner.

G. The Board may, by rule, establish a procedure whereby the

Commissioner may grant approval and issue the certificate to

establish or acquire and operate or relocate a branch or other

banking office permitted by this section without a hearing before

the Board. The procedure shall include criteria set by the Board to

be applied by the Commissioner in the consideration of the

application.

H. Notwithstanding subsection C of this section, an application

fee for branch, branch relocation or other banking office

applications may be assessed in amounts set by rule of the Board.

I. 1. It shall be unlawful for any bank or out-of-state bank

which has direct or indirect control of more than twenty percent

(20%) of the total amount of deposits of insured depository

institutions located in Oklahoma, as determined by the Commissioner

on the basis of the most recent reports of such institutions to

their supervisory authorities, to acquire any other bank or savings

association in this state.

2. The deposit limitation provided for in this subsection shall

not apply to disallow an acquisition of a bank or savings

association if control results only by reason of ownership or

control of shares of a bank or savings association acquired directly

or indirectly:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 77

a. in a good faith fiduciary capacity, except when such

shares are held for the benefit of the acquiring

bank’s shareholders,

b. by a bank in the regular course of securing or

collecting a debt previously contracted in good faith,

or

c. at the request of or in connection with the exercise

of regulatory authority for the purpose of preventing

imminent failure of the bank or savings association or

to protect the depositors thereof as determined by the

principal supervisory agency in its sole discretion.

However, at the end of a period of five (5) years from the date of

acquisition, for the circumstances set forth in subparagraphs b and

c of this paragraph, the deposits of the acquired bank or savings

association shall be included in computing the deposit limitation

and if deposits are in excess, appropriate reductions and

disposition shall be made with six (6) months to meet such

limitations. Further, in the circumstances set forth in

subparagraph c of this paragraph, the Commissioner and Federal

Deposit Insurance Corporation shall give priority in authorizing any

such acquisition to any acquiring bank whose total deposits do not

exceed the deposit limitation.

J. The provisions of this section shall not be construed in

derogation or denial of the rights to operate and maintain

facilities as provided for in Sections 421 and 422 of this title.

K. An operating subsidiary of a bank which engages in the

business of owner-occupied home mortgage lending shall not be

considered a branch under this section in order to conduct such

lending operations at any location.
Okla. Stat. tit. 6, § 6-711.1 — OK Code / Title 6 / Section 6-711.1
Transferred employees - Purchase of former residence by
Status: in_force

bank.

As a legitimate part of a program for the development and

efficient utilization of bank personnel, a state bank may, subject

to board approval, purchase the residence of an employee who has

been transferred or required by his or her employment with the bank

to move to another area. The bank should arrange for early

divestment of title to such property.
Okla. Stat. tit. 6, § 6-2007 — OK Code / Title 6 / Section 6-2007
Membership - Central credit unions
Status: in_force

A. Credit union membership shall consist of the incorporators,

and such other persons and incorporated and unincorporated

organizations and their employees, as may be elected to membership.

Each member shall subscribe to at least one share of the credit

union’s stock and pay the entrance fee. Credit union membership

shall be limited to groups having a common bond of occupation or

association, which shall be limited to one of the following

categories:

1. Groups that have the same common bond of occupation or

association;

2. Persons or organizations within a well-defined community,

neighborhood or rural district; or

3. Groups which have, as to each individual group, a common

bond of occupation or association, but, as to all such groups, need

not have the same common bond of occupation or association as other

groups within the credit union.

B. A central credit union may be organized to which members of

existing credit unions operating in accordance with the law of the

State of Oklahoma, or of the United States, may belong, and to which

credit unions organized and operating under the State of Oklahoma or

of the United States may also belong.
Okla. Stat. tit. 6, § 6-903.1 — OK Code / Title 6 / Section 6-903.1
Deposit accounts for minors
Status: in_force

A. Except as otherwise provided by this section, a bank or

credit union lawfully doing business in this state may enter into a

deposit account with a minor as the sole and absolute owner of the

account and may pay checks and withdrawals and otherwise act with

respect to the account on the order of the minor. A payment or

delivery of rights to a minor who holds a deposit account evidenced

by a receipt or other acquittance signed by the minor discharges the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 109

bank or credit union to the extent of the payment made or rights

delivered.

B. If the minor is the sole and absolute owner of the deposit

account, the disabilities of minority are removed for the limited

purposes of enabling:

1. The minor to enter into a depository contract with a bank or

credit union; and

2. The bank or credit union to enforce the contract against the

minor, including collection of overdrafts and account fees and

submission of account history to account reporting agencies and

credit reporting bureaus.

C. A parent or legal guardian of a minor may deny the minor's

authority to control, transfer, draft on, or make withdrawals from

the minor's deposit account by notifying the bank or credit union in

writing. On receipt of the notice by the bank or credit union, the

minor may not control, transfer, draft on, or make withdrawals from

the account during minority except with the joinder of a parent or

legal guardian of the minor.

D. If a minor with a deposit account dies, the receipt or other

acquittance of the minor's parent or legal guardian discharges the

liability of the bank or credit union to the extent of the receipt

or other acquittance, except that the aggregate discharges under

this subsection may not exceed Three Thousand Dollars ($3,000.00).

E. Subsection A of this section does not authorize a loan to

the minor by the bank or credit union, whether on pledge of the

minor's savings account or otherwise, or bind the minor to repay a

loan made except as provided by subsection B of this section or

other law or unless the depository institution has obtained the

express consent and joinder of a parent or legal guardian of the

minor. This subsection does not apply to an inadvertent extension

of credit because of an overdraft from insufficient funds, returned

checks or deposits, or other shortages in a depository account

resulting from normal banking or credit union operations.
Okla. Stat. tit. 6, § 6-1755 — OK Code / Title 6 / Section 6-1755
Conversion to public trust company
Status: in_force

A. A private trust company may terminate its status as a

private trust company and commence transacting business with the

general public. A private trust company desiring to commence

transacting business with the general public shall file a notice on

a form prescribed by the Commissioner, which shall set forth the

name of the private trust company and an acknowledgement that any

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 236

exemption granted or otherwise applicable to the private trust

company pursuant to Section 36 of this act shall cease to apply on

the effective date of such notice. The private trust company shall

also furnish a copy of the resolution adopted by the board

authorizing the private trust company to commence transacting

business with the general public and pay the filing fee, if any,

prescribed by the Commissioner.

B. The notificant may commence transacting business with the

general public on the thirty-first day after the date the

Commissioner receives the notice, unless the Commissioner specifies

an earlier or later date.

C. The thirty-day period of review may be extended by the

Commissioner on determination that the written notice raises issues

that require additional information or additional time for analysis.

If the period for review is extended, the notificant may commence

transacting business with the public only on prior written approval

by the Commissioner.

D. The Commissioner may deny approval of the notice of the

private trust company to commence transacting business with the

general public if the Commissioner finds that the notificant lacks

sufficient financial resources to undertake the proposed expansion

without adversely affecting its safety or soundness, that the

proposed transacting of business with the general public would be

contrary to the public interest or if the Commissioner determines

that the notificant will not within a reasonable period be in

compliance with any provision of this act from which the notificant

had been previously exempted pursuant to Section 36 of this act.
Okla. Stat. tit. 6, § 6-1511 — OK Code / Title 6 / Section 6-1511
Short title
Status: in_force

Sections 1 through 5 of this act shall be known and may be cited

as the “Oklahoma Financial Transaction Reporting Act”.
Okla. Stat. tit. 6, § 6-2205 — OK Code / Title 6 / Section 6-2205
Disclosures or releases authorized
Status: in_force

A. Nothing in the Financial Privacy Act shall prohibit the

disclosure or release of any financial record or information to any

supervisory agency in the exercise of its supervisory or regulatory

functions with respect to a financial institution.

B. Nothing in the Financial Privacy Act prohibits a financial

institution from disclosing or releasing any financial record or

information to another financial institution for the usual and

regular business purposes of the latter or from providing copies of

any financial record to any court or government authority as an

incident to perfecting a security interest, proving a claim in

bankruptcy or otherwise collecting on a debt either owed the

financial institution itself or owed the financial institution in

its role as a fiduciary.

C. Nothing in the Financial Privacy Act prohibits a financial

institution from notifying a government authority that such

institution or an officer, employee or agent of such institution has

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 284

information that may be relevant to a possible violation of any

statute or regulation.

D. Sections 2201 through 2204 of this title shall not apply to

any court order or subpoena issued in connection with proceedings

before a multicounty grand jury, except that a court shall have

authority to order a financial institution, on which a multicounty

grand jury subpoena for customer records has been served, not to

notify the customer of the existence of the subpoena or information

that has been furnished to the multicounty grand jury. The court

may order that the customer not be notified only if it finds:

1. That the requested records are relevant to an ongoing

criminal investigation being conducted by the multicounty grand

jury; and

2. That disclosure of the existence or issuance of, or

compliance with the subpoena may frustrate or impede the

investigation.
Okla. Stat. tit. 6, § 6-1111 — OK Code / Title 6 / Section 6-1111
Merger with parent bank holding company, nonbank
Status: in_force

subsidiary of parent bank holding company or subsidiary.

A. Upon approval by the Banking Board, and subject to

satisfying each of the criteria contained in subsection B of this

section and complying with the procedures required by subsection C

of this section, a state bank may merge with:

1. Its parent bank holding company;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 157

2. One or more nonbank subsidiaries of its parent bank holding

company; or

3. One or more subsidiaries of the state bank.

B. The form and effect of any merger pursuant to this section

must be consistent with the following criteria:

1. The state bank must be the resulting entity which is the

survivor of the merger;

2. The merger shall not result in any additional branch office

of the state bank, unless such additional branch is approved

pursuant to the bank's de novo branching authority under Section

501.1 of this title;

3. Any activity carried on by any nonbank company which is a

party to the merger shall be terminated at the effective time of the

merger unless that activity is permissible for the resulting state

bank;

4. Any asset or investment which is held by a constituent

nonbank company and which is not permitted to be held by a resulting

state bank shall be divested at or before the effective time of the

merger, unless the state bank obtains prior approval for a longer

divestiture period from the Commissioner in the manner provided in

Section 1108 of this title and from appropriate federal banking

agencies in accordance with any applicable federal banking laws or

regulations;

5. The merger shall not create an unsafe weakening of the

resulting state bank's condition. However, the Board shall have

discretion to approve a merger which will have the effect of

materially strengthening a weakened bank, even if the resulting

state bank's condition or capital will remain less than

satisfactory; and

6. The applicant bank shall present an acceptable plan for

minimizing or eliminating the potential adverse impact of any

significant debt or other direct or contingent liabilities of any

nonbank company that will be merged into the resulting state bank.

C. A merger pursuant to this section shall be governed by all

of the provisions and procedures of Sections 1102 through 1106 of

this title. For this purpose such sections shall be interpreted so

far as reasonably applicable as if any nonbank company which is a

party to the merger were instead a constituent state bank being

merged into the resulting state bank.
Okla. Stat. tit. 6, § 6-205 — OK Code / Title 6 / Section 6-205
Access of Commissioner and Board to records of Department
Status: in_force

The Commissioner, Deputy Commissioner and the Board shall have

access to any record of the Department.
Okla. Stat. tit. 6, § 6-422 — OK Code / Title 6 / Section 6-422
Consumer banking electronic facilities
Status: in_force

A. Any bank, savings and loan association or credit union

located within the State of Oklahoma may install, operate or utilize

consumer banking electronic facilities, provided written notice is

given to the Commissioner prior to the commencement of operations of

each facility. Such notice shall contain any reasonable descriptive

information pertaining to the facility as shall be required by the

rules or regulations of the Board.

B. A consumer banking electronic facility, when located other

than at a bank's principal office or detached facility, may be

operated exclusively by customers or transactions may be performed

through the assistance of any person provided that person is not

employed, either directly or indirectly, by any bank, bank holding

company or subsidiary, savings and loan association or credit union.

Such assistance shall not be deemed to be engaging in the business

of banking. Persons assisting bank customers at the site of a

consumer banking electronic facility may be trained by bank

employees and nothing in this section shall be construed to prohibit

periodic servicing of a consumer banking electronic facility by a

bank, savings and loan association or credit union employee. Under

no circumstances may an employee of a bank, bank holding company,

affiliate or subsidiary thereof, savings and loan association or

credit union perform transactions for others at the consumer banking

electronic facility. However, a consumer banking electronic

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 70

facility located on the business premises of a person engaged in the

sale of goods or services may be used to perform internal nonbanking

functions for such persons.

C. Consumer banking electronic facility transactions shall be

considered as the conduct of banking transactions at the

headquarters' location of the bank, savings and loan association or

credit union for which the data is transmitted.

D. A person not holding a certificate of authority to operate

as a bank, credit union, or savings association may install, operate

and utilize consumer banking electronic facilities only after filing

a registration statement with the Banking Department pursuant to the

requirements of Section 104 of this title and any rules promulgated

thereunder by the State Banking Board. Provided however, a person

filing a registration statement solely in connection with bank or

trust-related activities involving consumer banking electronic

facilities shall pay to the Department a fee no greater than Fifty

Dollars ($50.00) per facility, up to a maximum of Five Hundred

Dollars ($500.00), notwithstanding any rule by the Board that may

establish a higher fee.
Okla. Stat. tit. 6, § 6-710 — OK Code / Title 6 / Section 6-710
Stockholders' meetings - Cumulative voting - Proxies -
Status: in_force

Voting trusts - Preemptive rights - Examination of stockbook.

A. Stockholders' meetings.

1. An annual meeting of shareholders shall be held for the

election of directors on a date and at a time designated by or in

the manner provided for in the bylaws. Any other proper business

may be transacted at the annual meeting.

Additional meetings shall be held as may be provided in the

bylaws.

2. Notice shall be mailed at least ten (10) days before a

meeting to every person who was a stockholder of record twenty (20)

days before the date of the meeting or at such longer period as may

be provided in the bylaws. Such notice shall be mailed to the

stockholder's address on the records of the bank. No business shall

be transacted at a special meeting which is not specified in the

notice thereof or necessary or proper in connection with, or

incidental to, the business specified.

3. If any meeting of the shareholders be adjourned to another

time or place, no notice as to such adjourned meeting need be given

other than by announcement at the meeting at which such adjournment

is taken, unless otherwise provided in the bylaws; provided,

however, that in the event such meeting be adjourned for thirty (30)

days or more, notice of the adjourned meeting shall be given as in

the case of an original meeting.

4. Notice of the time, place and purpose of any meeting of

shareholders, whether required by this Code, by the certificate of

incorporation, or by the bylaws, may be waived in writing by any

shareholder or by the attendance of the shareholder at such meeting.

Such waiver may be given before or after the meeting, and shall be

filed with the secretary or entered upon the records of the meeting.

5. The holders of a majority of the outstanding voting shares,

or their authorized representatives, shall constitute a quorum. In

the absence of a quorum, a meeting may be adjourned from time to

time without notice to the stockholders.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 90

B. Voting - Cumulative voting - Bank or trust company may not

vote own shares - Exceptions. Except on the election of directors,

when cumulative voting is provided for in the certificate of

incorporation or as it may be amended, each share of common stock

shall have one vote which may be cast by the owner of record on the

record date, or the proxy of the owner, whether or not the owner of

record has the beneficial interest therein. The bank or trust

company may not vote shares which it holds in any capacity other

than as fiduciary.

C. Proxies. Each shareholder entitled to vote at a meeting of

shareholders or to express consent or dissent to corporation action

in writing without a meeting may authorize another person or persons

to act for the shareholder by written proxy, but no such proxy shall

be voted or acted upon after three (3) years from its date, unless

the proxy provides for a longer period.

D. Voting trust - Board approval required. No shares deposited

under a voting trust agreement shall be voted by the trustee unless

the agreement has been approved by the Board. Approval shall be

withheld, or, if previously granted, revoked whenever it appears

that the existence of the trust would tend to reduce competition

among lending institutions or to affect adversely the character or

competence of the management or the bank's policies or operating

procedures. In the absence of such approval, the record owner may

vote the owner's share. No shares held by a licensed securities

broker, or by any person, firm or corporation acting for such broker

or who is an owner, employee, associate shareholder or partner of a

licensed securities broker, shall be directly or indirectly voted

unless the bank's bylaws expressly authorized the voting of such

broker held shares.

E. Preemptive rights of shareholders. All voting shares of

capital stock of any bank or trust company shall vest preemptive

rights to subscribe for any additional shares or any obligations

convertible into shares to be allotted or used by such bank or trust

company unless specifically negated by the original certificate of

incorporation or unless the rights have been specifically waived at

the time of authorization of new offering. Any amendment to the

certificate of incorporation to remove preemptive rights must be

made pursuant to unanimous approval by the shareholders of the bank.

The preemptive rights of shareholders shall not extend to fractional

shares.

F. Examination of stockbook. The stockbook and the minutes of

stockholders' meeting shall be available for examination by a

stockholder of the corporation at the principal place of business

during business hours.
Okla. Stat. tit. 6, § 6-1015 — OK Code / Title 6 / Section 6-1015
Banks authorized to engage in trust business - Powers -
Status: in_force

Restrictions.

Any bank now or hereafter authorized to engage in the trust

business and exercise trust powers shall have and enjoy all the

powers granted in this article, save those granted in paragraph (20)

of subsection A of Section 1001, and they, their directors, officers

and employees shall be subject to all the terms and provisions of

this article.
Okla. Stat. tit. 6, § 6-2110 — OK Code / Title 6 / Section 6-2110
Minimum net worth
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 276

Each licensee under the Sale of Checks Act shall at all times

maintain a minimum net worth of at least Two Hundred Seventy-five

Thousand Dollars ($275,000.00) in order to issue or sell checks at

one (1) to three hundred (300) locations, Five Hundred Thousand

Dollars ($500,000.00) in order to issue or sell checks at three

hundred one (301) to five hundred (500) locations, One Million Five

Hundred Thousand Dollars ($1,500,000.00) in order to issue or sell

checks at five hundred one (501) to eight hundred (800) locations,

or Three Million Dollars ($3,000,000.00) in order to issue or sell

checks at over eight hundred (800) locations. Net worth must be

demonstrated annually by filing with the Commissioner, at the time

of application for a license and at each time of license renewal,

the most current annual audited financial statement of the licensee

certified by a licensed public accountant holding a permit to

practice in this state or by a certified public accountant. For

purposes of this section, a financial statement shall be deemed to

be current if it is no more than twelve (12) months old. Financial

statements may be submitted to the Commissioner at any time in order

to maintain a current status. The Commissioner may require, upon

request, a more current statement than the last statement submitted

by the licensee.
Okla. Stat. tit. 6, § 6-1307 — OK Code / Title 6 / Section 6-1307
Assumed names
Status: in_force

No person, firm or corporation shall rent a safe deposit box

under an assumed name, except under a trade name regularly used by

the lessee in the conduct of a valid business and such fact is

disclosed to the lessor. If any person, firm or corporation

violates the provisions of this section, such lessee shall have no

claim against the lessor for any loss or damage that he may sustain

unless he or it shall allege and prove willful misconduct on the

part of the lessor.
Okla. Stat. tit. 6, § 6-1612 — OK Code / Title 6 / Section 6-1612
Conversion from a federal agency to a state chartered
Status: in_force

agency and the reverse.

Conversion from a federal agency to a state chartered agency and

the reverse.

A. An international banking corporation desiring to convert its

existing federal agency or representative office into a state

chartered agency or representative office shall submit to the Board

an application, on a form the Board shall provide, accompanied by

nonrefundable application fees as may be set by the Board. An

examination and investigation may be conducted to the extent

determined necessary by the Board. The cost of any such examination

shall be paid by the applicant.

B. Nothing in the laws of this state shall restrict the right

of a state chartered agency or representative office which has paid

its fee to convert to a federal agency or representative office upon

compliance with the laws of the United States. Upon completion of

any such conversion, the state charter shall automatically terminate

and shall be surrendered to the Board.

C. An international banking corporation desiring to convert its

existing state chartered representative office to a state chartered

agency or its existing state chartered agency to a state chartered

representative office shall submit to the Board an application on a

form the Board shall provide. An application to convert to an

agency shall be accompanied by all of the information and documents

that the state requires applicants for an agency to submit and by a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 211

nonrefundable application fee in an amount to be set by rule of the

Board. A nonrefundable application fee in an amount to be set by

rule of the Board shall accompany an application to convert to a

representative office.

D. An international banking corporation desiring to convert

from a federal agency or representative office into a state

chartered agency or representative office, or from its existing

state chartered representative office to an agency, shall be

required to meet the minimum criteria of the particular type of

state chartered institution into which it is converting as well as

any other criteria or conditions required by rule or order of the

Board.
Okla. Stat. tit. 6, § 6-2001.2 — OK Code / Title 6 / Section 6-2001.2
Powers of Board - Administrator - Powers and duties -
Status: in_force

Failure to comply with Commissioner's orders or requirements.

A. In addition to any other powers conferred by law, the State

Credit Union Board shall have the power to:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 238

1. Regulate its own procedures and practice, except as may be

hereafter provided by law;

2. Define any term not defined in Oklahoma Laws relating to

credit unions;

3. Adopt and promulgate reasonable and uniform rules and

regulations to:

a. govern the conduct, operation and management of credit

unions,

b. govern the examination, evaluation of assets and the

statements and reports of credit unions, and the form

on which credit unions shall report their assets,

liabilities and reserves, charge off their bad debts

and otherwise keep their records and accounts, and

c. govern the administration of the laws of this state

relating to credit unions.

Such rules or regulations shall serve to foster and maintain an

effective level of credit union services and the security of member

accounts. The provisions of the Administrative Procedures Act of

this state, as now or hereafter amended, are hereby expressly

adopted and incorporated herein as though a part of this provision,

and shall apply to all rules or regulations, procedures and orders

of the Board. Final orders of the Board may be appealed to the

Supreme Court of Oklahoma by any party directly affected and showing

aggrievement by the order;

4. Restrict the withdrawal of share or deposit accounts or both

from any credit union after having determined that circumstances

make such restriction necessary for the proper protection of

shareholders or depositors;

5. Issue cease and desist orders after having determined from

competent and substantial evidence that a credit union is engaged or

has engaged, or when the Board has reasonable cause to believe the

credit union is about to engage, in an unsafe or unsound practice,

or is violating or has violated or the Board has reasonable cause to

believe is about to violate, a material provision of any law, rule,

regulation or any condition imposed in writing by the Board or any

written agreement made with the Board;

6. Suspend from office and prohibit from further participation

in any manner in the conduct of the affairs of a credit union any

director, officer or committee member who has committed any

violation of a law, rule or regulation or of a cease and desist

order or who has engaged or participated in any unsafe or unsound

practice in connection with the credit union or who has committed or

engaged in any act, omission or practice which constitutes a breach

of that person's fiduciary duty as such director, officer or

committee member, when the Board has determined that such action or

actions have resulted or will result in substantial financial loss

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 239

or other damage that seriously prejudices the interests of the

members;

7. Affirm, modify, reverse, and stay the enforcement of any

order or ruling of the State Banking Commissioner or Administrator

appointed pursuant to the provisions of subsection B of this section

relating to credit unions, their directors, officers, committee

members or employees;

8. Subpoena witnesses, compel their attendance, require the

production of evidence, administer oaths and examine any person

under oath in connection with any subject relating to a duty imposed

upon or a power vested in the Board;

9. Charge application fees for processing submissions by a

credit union to the Board, Commissioner or Administrator. The Board

may charge a fee for the items enumerated herein; provided, the

Board’s fee schedule shall not be limited solely to the following

submissions:

a. an application for a merger or acquisition,

b. an application to amend a credit union’s bylaws,

c. an application to be heard by the Board to add a

special employee group, or

d. an application to add a special employee group by

using any simplified expansion process.

The Board may adopt and promulgate, from time to time, a fee

schedule for the processing of submissions by credit unions. Any

payments received pursuant to the provisions of this paragraph shall

be deposited to the revolving fund for the State Banking Department

created in Section 211.1 of this title;

10. Charge and collect assessments from each credit union under

its supervision on each One Thousand Dollars ($1,000.00) of assets,

or major fraction thereof, at rates established by the Board. The

assessments shall be paid annually to the State Banking Department

no later than the fifth day of February in each year. All

assessments and all fees shall be deposited in the revolving fund

for the State Banking Department pursuant to the provisions of

Section 211.1 of this title. Effective January 1, 2007, and each

year thereafter, ten percent (10%) of all assessments collected

pursuant to this paragraph shall be deposited to the General Revenue

Fund of the State Treasury. The State Credit Union Board may charge

and collect assessments on an annual basis and may, in addition to

any annual assessment, charge and collect a special assessment from

each credit union, at rates established by the Board; and

11. Charge and collect from each credit union under its

supervision an annual fee of One Thousand Dollars ($1,000.00) which

shall be deposited in the Oklahoma State Banking Department

revolving fund created pursuant to Section 211.1 of this title.

B. The Commissioner may appoint an Administrator who, in

addition to such duties and authority as are conferred by Section

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 240

2001 et seq. of this title, shall have such duties and authority as

the Commissioner may assign the Administrator. The bond of the

Administrator shall be the same as that set for the State Deputy

Banking Commissioner. In addition to other powers conferred by

Section 2001 et seq. of this title, the Commissioner shall have the

power to:

1. Delegate the duties of the Office of the State Banking

Commissioner under Section 2001 et seq. of this title to the

Administrator;

2. Exercise general supervision of credit unions organized

under the laws of this state;

3. Require credit unions to cease and desist from engaging in

any act or transaction, or doing any act in furtherance thereof,

which would constitute a violation of the provisions of Section 2001

et seq. of this title, or a lawful regulation issued thereunder, or

to cease and desist in engaging in any unsafe or unsound credit

union practice;

4. Suspend any officer, director or employee or committee

member who is found, after hearing, to be dishonest, reckless, unfit

to participate in the conduct of the affairs of the credit union, or

to have engaged or participated in any unsafe or unsound practice in

connection with the credit union, or to be practicing a continuing

disregard or violation of laws, rules, regulations or orders which

are likely to cause substantial loss to the credit union or likely

to seriously weaken the condition of the credit union. However, any

individual so suspended may within ten (10) days file a notice of

protest for the suspension with the Administrator and as soon as

possible thereafter, but in no event more than thirty (30) days, the

Board will review the order of the Commissioner and make such

findings as it deems proper, and pending that, the officer,

employee, director or committee member shall not perform any of the

duties of such office; and

5. Charge a fee not to exceed Fifty Dollars ($50.00) per hour

and actual expenses for each examiner for actual time consumed by

the State Banking Department in making special examinations of a

credit union. A “special examination” shall be any examination

conducted in connection with a charter conversion, or a limited

scope examination conducted at a frequency more often than once each

eighteen (18) months, when deemed necessary by the Administrator and

the Commissioner. Payments received pursuant to this paragraph

shall be deposited in the revolving fund for the State Banking

Department pursuant to Section 211.1 of this title.

C. Upon failure of a credit union to comply with the

Commissioner's order or requirements, the Commissioner shall report

such failure to the Board for action with respect to suspension of

such credit union's certificate of authority to transact business.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 241
Okla. Stat. tit. 6, § 6-405.2 — OK Code / Title 6 / Section 6-405.2
Employee stock option and stock purchase plans
Status: in_force

A. Scope and application. Any bank or trust company may grant

options to purchase, sell or enter into agreements to sell shares of

its capital stock to its employees, for a consideration of not less

than one hundred percent (100%) of the fair market value of the

shares on the date the option is granted, or, if pursuant to a stock

purchase plan, one hundred percent (100%) of the fair market value

on the date the purchase price is fixed, pursuant to the terms of an

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 57

employee stock option plan or employee stock purchase plan which has

been adopted by the board of directors of the bank and approved by

the holders of at least a majority of the outstanding shares of the

bank entitled to vote and by the Commissioner. Stock options issued

hereunder shall not extend beyond a period of ten (10) years from

date of issuance and shall otherwise qualify as stock options under

the provisions of the Internal Revenue Code of 1954, as it may be

amended from time to time.

B. Source of shares. Shares issued to employees pursuant to

this section may be authorized but unissued stock which has been

authorized by stockholders in accordance with the procedures

outlined in Section 39 of this act.
Okla. Stat. tit. 6, § 6-208 — OK Code / Title 6 / Section 6-208
Records of Department - Public inspection – Confidentiality
Status: in_force

– Electronic storage.

A. The following records in the Oklahoma State Banking

Department are designated as public records:

1. All applications for state bank charters and supporting

information with the exception of personal financial records of

individual applicants;

2. All records introduced at public hearings on bank charter

applications;

3. Information disclosing the failure of a state bank, an out-

of-state bank and branches of out-of-state banks located in this

state and the reasons therefor;

4. Reports of completed investigations which uncover a shortage

of funds in a bank, an out-of-state bank and branches of out-of-

state banks located in this state, after the reporting of the

shortage to proper authorities by the State Banking Commissioner.

However, nothing in this paragraph shall be construed to mean that

reports prepared by the Department in connection with routine,

special, or conversion examinations of banks, trust companies, or

other entities subject to examination by the Department are public

record;

5. Names of all stockholders and officers of banks, out-of-

state banks, out-of-state bank holding companies, and branches of

out-of-state banks located in this state filed in the office of the

Secretary of State; and

6. Regular financial call reports issued at the time of the

state bank calls.

B. All other records in the Department shall be confidential

and not subject to public inspection. However, the Banking Board,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 27

Commissioner, or Deputy Commissioner may divulge such confidential

information with the written approval of the Commissioner after

receipt of a written request which shall:

1. Specify the record or records to which access is requested;

and

2. Give the reasons for the request. Such records may also be

produced pursuant to a valid judicial subpoena or other legal

process requiring production, if the Commissioner determines that

the records are relevant to the hearing or proceeding and that

production is in the best interests of justice. The records may be

disclosed only after a determination by the Commissioner that good

cause exists for the disclosure. Either prior to or at the time of

any disclosure, the Commissioner shall impose such terms and

conditions as the Commissioner deems necessary to protect the

confidential nature of the record, the financial integrity of any

institution to which the record relates, and the legitimate privacy

interests of any individual named in such records. If any request

is made for a copy of an examination report relating to a state

bank, trust company, savings association, or credit union, the

request must be accompanied by documentation which indicates no

objection by the primary federal regulator having jurisdiction over

the bank, trust company, savings association, or credit union to

which the examination report relates.

C. All documents which the Department is required, by any

provision of the Oklahoma Banking Code or by any other statute or

regulation of this state, to retain or preserve in its possession

may be retained and preserved, in lieu of retention of the original

records or copies, in an electronic format and stored by electronic

imaging or otherwise so that the documents may be later reproduced

as necessary. Any such electronically stored or imaged document or

reproduction shall have the same force and effect as the original

thereof and be admitted in evidence equally with the original.

D. With respect to records of the Department which are

considered public records, and which are subject to the Oklahoma

Open Records Act, the Department may charge a document copying fee

of twenty-five cents ($0.25) per page. With respect to records of

the Department which are not considered public records, the

Department may charge a document copying fee of One Dollar ($1.00)

per page, and when the Commissioner, pursuant to the provisions of

paragraph 2 of subsection B of this section, permits the inspection

or copying of an examination report prepared by the Department, a

minimum fee of One Hundred Dollars ($100.00) shall be charged.
Okla. Stat. tit. 6, § 6-1202 — OK Code / Title 6 / Section 6-1202
Involuntary liquidation by Commissioner - Reorganization
Status: in_force

A. Possession of Commissioner - Hearing. Except as otherwise

provided in this Code, only the State Banking Commissioner may take

possession of a bank, if, after a hearing before the Banking Board,

the Board shall find:

1. That it is insolvent;

2. The bank's capital is impaired, and has not been corrected

as provided in Section 220 of this title, or is otherwise in an

unsound condition;

3. The bank's business is being conducted in an unlawful or

unsound manner;

4. The bank is unable to continue normal operations; or

5. That examination of the bank has been obstructed or impeded.

B. Notice of possession - Powers and duties of Commissioner -

Tolling of limitations.

1. The Commissioner shall take possession by posting upon the

premises a notice reciting that the Commissioner is assuming

possession pursuant to this Code and the time, not earlier than the

posting of the notice, when the Commissioner's possession shall be

deemed to commence. A copy of the notice shall be filed in the

district court in the county in which the institution is located.

Provided, if the Federal Deposit Insurance Corporation is appointed

as liquidator pursuant to the provisions of Section 1205 of this

title, such notice shall not be filed. When notice of possession is

not required to be filed in the district court, references in

Article XII of this title to additional filings, notices, orders, or

approvals, except approvals by the Board of the Commissioner’s

actions, shall not apply to the Commissioner’s possession or to the

liquidation by the Federal Deposit Insurance Corporation. The

Commissioner shall notify the Federal Reserve Bank of the district

of taking possession of any state bank which is a member of the

Federal Reserve System, and shall notify the Federal Deposit

Insurance Corporation of taking possession of any state bank which

is a member of the Federal Deposit Insurance Corporation.

2. When the Commissioner has taken possession of a state bank,

the Commissioner shall be vested with the full and exclusive power

of management and control, including the power to continue or to

discontinue the business, to stop or to limit the payment of its

obligations, to employ any necessary assistants, including legal

counsel, to execute any instrument in the name of the bank as

Commissioner of Banking in charge of liquidation, to commence,

defend and conduct in its name any action or proceeding to which it

may be a party, to enforce the liabilities of the stockholders,

officers and directors, to terminate the Commissioner's possession

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 161

by restoring the assets of the bank to its board of directors and to

reorganize or liquidate the bank in accordance with the Code. As

soon as practicable after taking possession the Commissioner shall

make an inventory of the assets and file a copy thereof with the

court in which the notice of possession was filed.

3. When the Commissioner is in possession and while the

Commissioner's possession continues there shall be a postponement

until six (6) months after such taking, of the date upon which any

period of limitation fixed by statute or agreement would otherwise

expire on a claim or right of action of the bank, or upon which a

review must be taken or a pleading or other document must be filed

by the bank in any pending action or proceeding.

4. The Commissioner shall, within two (2) days after taking

possession, call and give five (5) days' notice by mail to

stockholders of the bank at their last-known address of a special

meeting for the purpose of allowing the stockholders to designate

the board of directors as the representative of the stockholders or

to allow the election of a new board of directors if the

stockholders should so determine. Such board of directors are

authorized to represent the stockholders in the liquidation

procedures herein, to observe, assist and protect the interest of

the stockholders.

a. The board of directors of the bank are authorized to

bring all necessary legal actions for and on behalf of

the stockholders and to pay attorney's fee in a

reasonable amount, if such action benefits the

liquidating account of the insolvent bank.

b. The board of directors, as authorized by the

stockholders, shall represent the stockholders in the

district court in which the notice of possession has

been filed by the Commissioner, as to all matters

affecting the bank.

5. The corporate entity of the bank shall continue to exist and

may function for all purposes, except as to the assets of and

activities as a banking institution under a charter, and may

function to assist the Commissioner or to protect the stockholders'

interest in the assets of the liquidating account.

C. Omission of hearing - Application to vacate possession -

Liquidation - Notice thereof - Objection - Bond of Commissioner -

Reorganization - Immediate liquidation of state banks.

1. If in the opinion of the Commissioner an emergency exists

which may result in serious losses to the depositors, the

Commissioner may take possession of a state bank without a prior

hearing. Unless liquidation of the bank has been tendered to the

Federal Deposit Insurance Corporation, within ten (10) days after

the Commissioner has taken possession any interested person may file

an application with the Board for an order vacating such possession.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 162

The Board shall grant the application if it finds that the action of

the Commissioner was unwarranted or without sufficient cause.

2. If the Commissioner shall determine to liquidate the bank,

the Commissioner shall give such notice of the Commissioner's

determination to the directors, stockholders, depositors and

creditors as the Board may prescribe. Such notice shall be by

restricted delivery to the directors and stockholders at their last-

known address as shown on the records of the bank and notice to the

depositors and creditors shall be published in a legal newspaper

published in the city or town where such bank is located, or if

there be no legal newspaper published in such city or town then in a

legal newspaper having the greatest paid circulation within such

city or town. Any objection to such determination by a person

directly affected shall be filed with the Board within ten (10) days

after such notice is mailed or published. Unless within ten (10)

days thereafter the Board issues an order staying the liquidation or

unless the Board directs the Commissioner to tender to the Federal

Deposit Insurance Corporation the appointment as liquidator under

this section, the Commissioner shall proceed to liquidate the

institution, upon first providing a bond executed by some surety

company authorized to do business in this state, running to the

people of the State of Oklahoma, which meets with the approval of

the Board, for the faithful discharge of the duties of the

Commissioner, in connection with such liquidation and the accounting

for all monies coming into the hands of the Commissioner. The cost

of such bond shall be paid from the assets of the bank. Suit may be

maintained on such bond by any person injured by a breach of

conditions thereof.

3. After the Commissioner shall have taken possession of any

bank which is subject to the provisions of this act, the

stockholders thereof may repair its credit, restore or substitute

its reserves, and otherwise place it in condition so that it is

qualified to do a general banking business as before it was taken

possession of by the Commissioner; but such bank shall not be

permitted to reopen its business until the Commissioner, after a

careful investigation of its affairs, is of the opinion that its

stockholders have complied with the laws, that the bank's credit and

funds are in all respects repaired, and its reserve restored or

sufficiently substituted, and that it should be permitted again to

reopen for business; whereupon the Commissioner is authorized to

issue written permission for reopening of the bank in the same

manner as permission to do business is granted after the

incorporation thereof, and thereupon the bank may be reopened to do

a general banking business.

4. If the Commissioner determines to reorganize the bank or if

the Board, after staying its liquidation, orders such

reorganization, the Commissioner, after according a hearing to all

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 163

interested persons, shall enter an order proposing a reorganization

plan. A copy of the plan shall be sent to each depositor and

creditor who will not receive payment of the claim of the depositor

or creditor in full under the plan, together with notice that,

unless within fifteen (15) days the plan is disapproved in writing

by persons holding one-third (1/3) or more of the aggregate amount

of such claims, the Commissioner will proceed to effect the

reorganization. A department, agency, or political subdivision of

this state holding a claim which will not be paid in full is

authorized to participate as any other creditor.

5. Notwithstanding any other provision of this chapter, the

Commissioner, upon taking possession of a state bank, may

immediately proceed to liquidate the bank, without giving prior

notice to the directors, stockholders, depositors and creditors, if

it is determined by order of the court in which notice of possession

has been filed that:

a. the actions of the Commissioner have the approval of

the Board, and

b. the immediate liquidation of the bank is necessary to

protect the interests of its depositors and is

otherwise in the public interest.

In the proceeding with the immediate liquidation of the bank as

aforesaid, the Commissioner, in order to facilitate the assumption

of the deposit liabilities of the closed bank by another bank, may

borrow moneys from the Federal Deposit Insurance Corporation and

pledge some or all of the assets of the closed bank as security for

such borrowing or the Commissioner may sell some or all of the

assets of the closed bank to the Federal Deposit Insurance

Corporation. When notice of possession has not been filed in the

district court, the provisions of this paragraph are satisfied by an

order of the Board approving the actions of the Commissioner and an

order of the Board directing the appointment of the Federal Deposit

Insurance Corporation as liquidator.

6. When the Commissioner has taken possession of a state bank

for the purpose of liquidation, neither the ten-day periods provided

by paragraphs 1 and 2 of this subsection nor the pendency of any

proceeding for review of the Commissioner's action shall operate to

defer, delay, impede or prevent the payment by the Federal Deposit

Insurance Corporation of the insured deposits in the bank.

The Commissioner shall make available to the Federal Deposit

Insurance Corporation such facilities in or of the bank and such

books, records and other relevant data of the bank as may be

necessary or appropriate to enable the Federal Deposit Insurance

Corporation to pay the insured deposits as aforesaid, and the

Federal Deposit Insurance Corporation, its directors, officers,

agents and employees, and the Commissioner, the agents and employees

of the Commissioner, shall be free from any liability to the bank,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 164

its directors, stockholders and creditors, for any action taken in

connection herewith.

D. Execution upon bank assets prohibited - Vacation of liens

and transfer of assets.

1. No judgment, lien or attachment shall be executed upon any

asset of the bank while it is in the possession of the Commissioner.

Upon the election of the Commissioner in connection with a

liquidation or reorganization:

a. any lien or attachment, other than an attorney's or

mechanic's lien, obtained upon any asset of the bank

during the Commissioner's possession or within four

(4) months prior to commencement thereof shall be

vacated and voided except liens created by the

Commissioner while in possession, and

b. any transfer of an asset of the bank made after or in

contemplation of its insolvency with intent to effect

a preference shall be voided.

2. The provisions of this subsection shall not be construed to

authorize the Commissioner to vacate or void any lien or attachment

obtained by a Federal Reserve Bank upon any asset of the bank or to

void any transfer of an asset of the bank to such Federal Reserve

Bank.

E. Power to borrow money and pledge bank's assets. With the

approval of the Board, the Commissioner may borrow money in the name

of the bank and may pledge its assets as security for the loan.

F. Commissioner's expenses - Payable out of bank's assets. All

necessary and reasonable expenses of the Commissioner's possession

of a bank and of its reorganization or liquidation shall be defrayed

from the assets thereof, including but not limited to any necessary

fees or other expenses incurred through the office of the county

clerk. Compensation to liquidating agents and employees must not be

in excess of amounts which such individuals would be entitled to in

their regular employment or for like services rendered within the

area of the insolvent bank, and in no event shall a liquidating

agent be paid a monthly salary or wage from the assets of the bank

in excess of the amount of the monthly salary of the highest-paid

official of the insolvent bank. The attorney's fee allowed to an

attorney representing the liquidating agent shall not exceed the

amount for like services in regular employment of an attorney in the

area of the bank.
Okla. Stat. tit. 6, § 6-208.1 — OK Code / Title 6 / Section 6-208.1
Availability of personnel data – Confidentiality -
Status: in_force

Definitions.

A. A supervisory agency shall make available to a requesting

agency any data obtained or generated by, and in the possession of,

the supervisory agency and that the requesting agency deems

necessary for review in connection with the supervision of any

person over which the requesting agency has direct supervisory

authority. However, the requested data must relate to the person,

or an affiliate of the person, over which the requesting agency has

direct supervisory authority. An agency has direct supervisory

authority over a person if such authority is specifically provided

by statute, or the agency granted the charter, license, or

registration of the person, or otherwise granted permission for the

person to conduct its business in this state.

B. When a requesting agency and a federal regulatory agency or

self-regulatory association have concurrent jurisdiction over a

person, a requesting agency may share with such agency or

association data received from a supervisory agency. However, the

federal regulatory agency or self-regulatory association shall

return such shared data to the requesting agency unless the federal

regulatory agency or self-regulatory association has obtained

approval from the supervisory agency to retain the data. The term

“federal regulatory agency” shall not include law enforcement

agencies.

C. 1. Notwithstanding any other statute, rule, or policy

governing or relating to records of the requesting agency, all data

received by a requesting agency from a supervisory agency shall be

and remain confidential and not open to public inspection, subpoena,

or any other form of disclosure while in the possession of the

requesting agency. Any request for inspection, subpoena, or other

form of disclosure shall be directed at the supervisory agency from

which the data originated and disclosure thereof shall be subject to

the laws, rules, and policies governing or relating to records of

the supervisory agency.

2. The provision of data by a supervisory agency to a

requesting agency under this section shall not constitute a waiver

of, or otherwise affect, any privilege or claim of confidentiality

that a supervisory agency may claim with respect to such data under

any federal laws or laws of this state.

D. A supervisory agency shall not be required to share original

documents with a requesting agency. A requesting agency shall

reimburse the supervisory agency for costs associated with providing

copies of data to the requesting agency.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 29

E. Nothing in the Oklahoma Financial Privacy Act, Sections 2201

through 2206 of Title 6 of the Oklahoma Statutes, shall prohibit the

sharing of data as described in this section. Additionally, neither

a supervisory agency nor requesting agency shall be required to

follow any procedure described in the Oklahoma Financial Privacy Act

when sharing data as described in this section.

F. As used in this section:

1. “Affiliate” means any person that controls, is controlled

by, or is under common control with another person. A person shall

be deemed to have “control” over any person if the person:

a. directly or indirectly or acting through one or more

other persons owns, controls, or has power to vote ten

percent (10%) or more of any class of voting

securities of the other person, or

b. the person controls in any manner the election,

appointment, or designation of a majority of the

directors, trustees, or other managing officers of the

person;

2. “Data” means copies of any documents, reports, examination

reports, letters, correspondence, orders, stipulations, memorandums

of understanding, agreements, or any other records not open for

public inspection generated by a supervisory agency or obtained by a

supervisory agency from the person it supervises, whether in paper

or electronic format. However, “data” shall not include records

that a requesting agency receives from a supervisory agency pursuant

to this section;

3. “Requesting agency” means, as applicable, the Oklahoma State

Banking Department, the Oklahoma Insurance Department, or the

Oklahoma Department of Securities, that requests from a supervisory

agency data relating to a person over which the requesting agency

does not have direct supervisory authority;

4. “Supervision” means any examination, assessment, order,

stipulation, agreement, report, memorandum of understanding, or

other regulatory matter or process that a requesting agency is

authorized to perform in relation to a person; and

5. “Supervisory agency” means, as applicable, the Oklahoma

State Banking Department, the Oklahoma Insurance Department, or the

Oklahoma Department of Securities, that maintains data relating to a

person over which the agency has direct supervisory authority.
Okla. Stat. tit. 6, § 6-2018.2 — OK Code / Title 6 / Section 6-2018.2
Appointment of conservator and agents - Judicial relief
Status: in_force

- Term of conservatorship - Expenses - Commissioner's authority.

(A) The Bank Commissioner may, with the approval of the State

Credit Union Board and without advance notice, self-appoint or

appoint an insuring organization or any other person as conservator

to immediately take possession and control of the business and

assets of any credit union organized under the laws of this state in

any case in which the Bank Commissioner determines that such action

is necessary to conserve the assets of the credit union or to

protect the interests of the members of such credit union. Any

credit union may, by a resolution of its board of directors, consent

to such an action by the Bank Commissioner.

(B) Not later than fifteen (15) days after the date on which

the Bank Commissioner or a designee takes possession and control of

the business and assets of a credit union pursuant to subsection (A)

of this section, such credit union may apply to the appropriate

court for the judicial district in which the principal office of the

credit union is located for an order requiring the Bank Commissioner

to show cause why the Bank Commissioner or the designee should not

be enjoined from continuing such possession and control.

(C) Except as provided in subsection (B) of this section, the

Bank Commissioner or a designee may maintain possession and control

of the business and assets of such credit union and may operate such

credit union until such time:

(1) As the Bank Commissioner shall permit such credit union to

continue business subject to such terms and conditions as the Bank

Commissioner imposes; or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 262

(2) As such credit union is liquidated in accordance with

Section 13 of this act.

(D) The Bank Commissioner may appoint such agents as considered

necessary in order to assist in carrying out the duties of the

conservator under this section.

(E) All expenses incurred by the Bank Commissioner in

exercising the authority of that office under this section with

respect to any credit union shall be paid out of the assets of such

credit union, except that the Bank Commissioner may waive the

charging of all or a part of such expenses.

(F) The authority granted by this section is in addition to all

other authority granted to the Bank Commissioner under the laws of

this state.
Okla. Stat. tit. 6, § 6-1717 — OK Code / Title 6 / Section 6-1717
Acquisition of trust offices by out-of-state trust
Status: in_force

institutions permitted.

An out-of-state trust institution which does not operate a trust

office in this state and which meets the requirements of Sections 15

through 20 of this act may acquire and maintain a trust office in

this state.
Okla. Stat. tit. 6, § 6-905 — OK Code / Title 6 / Section 6-905
Adverse claims to deposits - Restraining order or
Status: in_force

injunction - Indemnity bond.

Notice to any bank or trust company doing business in this state

of an adverse claim to a deposit standing on its books to the credit

of any person shall not be effectual to cause said bank or trust

company to recognize said adverse claimant unless said adverse

claimant shall also either procure a restraining order, injunction

or other appropriate process against said bank or trust company from

a court of competent jurisdiction in a cause therein instituted by

him wherein the person to whose credit the deposit stands is made a

party and served with summons or shall execute to said bank or trust

company, in form and with sureties acceptable to it, a bond,

indemnifying said bank or trust company from any and all liability,

loss, damage, costs and expenses, for and on account of the payment

of such adverse claim or the dishonor of the check or other order of

the person to whose credit the deposit stands on the books of said

bank or trust company; provided, that this law shall not apply in

any instance where the person to whose credit the deposit stands is

a fiduciary for such adverse claimant, and the facts constituting

such relationship are made to appear by the affidavit of such

claimant.
Okla. Stat. tit. 6, § 6-2025 — OK Code / Title 6 / Section 6-2025
Share or deposit account payable on death – Application
Status: in_force

A. Share and deposit account proceeds that are payable to a

beneficiary upon the death of the account owner shall be offered

pursuant to the following provisions:

1. When shares are owned or a deposit has been made or shall

hereafter be made in any credit union using the terms "Payable on

Death" or "P.O.D.", such deposits shall be payable on the death of

the account owner to one or more designated P.O.D. beneficiaries, or

to an individual or individuals named beneficiary if living and if

not living, to the estate of the deceased account holder,

notwithstanding any provision to the contrary contained in Sections

41 through 57 of Title 84 of the Oklahoma Statutes. Each designated

P.O.D. beneficiary shall be a trust, an individual, or a nonprofit

organization exempt from taxation pursuant to the provisions of the

Internal Revenue Code, 26 U.S.C., Section 501(c)(3);

2. A share or deposit account with a P.O.D. designation shall

constitute a contract between the account owner, (or owners, if more

than one) and the credit union that upon the death of the last

surviving owner of the account, and after payment of account

proceeds to any secured party with a valid security interest in the

account, the credit union will hold the funds for or pay them to the

named primary beneficiary or beneficiaries, if living. If a primary

beneficiary predeceases the account owner, the share of that primary

beneficiary shall be distributed pursuant to either paragraph 4, 5,

or 8 of this subsection, whichever is applicable;

3. Each P.O.D. beneficiary designated on a share or deposit

account shall be a primary beneficiary unless specifically

designated as a contingent beneficiary;

4. If there is only one primary P.O.D. beneficiary on a share

or deposit account and that beneficiary is an individual, the

account owner may designate one or more contingent beneficiaries for

whom the funds shall be held or to whom the funds shall be paid if

the primary beneficiary is not living when the last surviving owner

of the account dies. If there is more than one primary P.O.D.

beneficiary on a share or deposit account, contingent beneficiaries

shall not be allowed on that account;

5. If the sole primary P.O.D. beneficiary is not living and one

or more contingent beneficiaries have been designated as allowed by

paragraph 4 of this subsection, the funds shall be held for or paid

to the contingent beneficiaries who are alive at the time of the

account owner's death in equal shares, and shall not belong to the

estate of the deceased primary beneficiary or the estate of the

deceased account holder. If neither the primary beneficiary nor any

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 266

contingent beneficiary is living at the time of the account owner's

death, the funds shall be paid to the account owner's estate;

6. In order to designate multiple primary P.O.D. beneficiaries

for a share or deposit account, the account should be styled as

follows: "(Name of Account Owner), payable on death (or P.O.D.) to

(Name of Beneficiary), (Name of Beneficiary), and (Name of

Beneficiary, in equal shares).";

7. If only one primary P.O.D. beneficiary has been designated

on a share or deposit account, the account owner may add the

following, or words of similar meaning, in the style of the account

or in the account agreement: "If the designated P.O.D. beneficiary

is deceased, then payable on the death of the account owner to (Name

of Beneficiary), (Name of Beneficiary), and (Name of Beneficiary),

as contingent beneficiaries, in equal shares.";

8. Adjustments may be made in the styling, depending upon the

number of owners of the account, to allow for survivorship rights,

and the number of beneficiaries. It is to be understood that each

beneficiary is entitled to a proportionate share of the account

proceeds only after the death of the last surviving account owner,

and after payment of account proceeds to any secured party with a

valid security interest in the account. All designated primary

P.O.D. beneficiaries shall have equal shares. All designated

contingent P.O.D. beneficiaries shall have equal shares as if the

sole primary beneficiary is deceased. In the event of the death of

a beneficiary prior to the death of the account owner, the share of

that beneficiary shall be divided among any surviving beneficiaries

or distributed to contingent beneficiaries pursuant to paragraphs 4

and 5 of this subsection, if applicable. If no beneficiaries are

alive at the time of the account owner's death, the funds shall be

held for, or paid to, the estate of the deceased account owner;

9. A credit union may require the owner of an account to

provide an address for any primary or contingent P.O.D. beneficiary.

If the P.O.D. account is an interest-bearing account and the funds

are not claimed by the P.O.D. beneficiary or beneficiaries within

sixty (60) days after the death of the last surviving account

holder, or after the credit union has notice of the death of the

last surviving account holder, whichever is later, the credit union

has the right to convert the account to a non-interest-bearing

account;

10. No change in the designation of a named beneficiary shall

be valid unless executed by the owner of the fund and in the form

and manner prescribed by the credit union; however, this section

shall be subject to the provisions of Section 178 of Title 15 of the

Oklahoma Statutes. Until the death of the member or owner, the

member or owner shall possess and may exercise all rights,

respecting the shares or deposits, including the power to vote,

pledge, withdraw, in whole or in part, make additions to, and to in

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 267

any way deal with the shares or deposit. The receipt or acquittance

of the member or owner shall be a valid and sufficient release and

discharge of the credit union as to any payment to the member or

owner; and

11. The receipt or acquittance of the named beneficiary so

paid, or of the legal representative of the account owner's estate,

in the event the beneficiary predeceased the account owner, shall be

valid and sufficient release and discharge to the credit union for

any payment so made;

Subsequent to the effective date of this act, a credit union

shall provide a member creating a P.O.D. account with a written

notice that the distribution of the proceeds in the P.O.D. account

shall be consistent with the provisions of this section.

B. The provisions of this section shall apply to all forms of

deposit accounts including, but not limited to, share accounts,

transaction accounts, savings accounts, certificates of deposits,

negotiable order of withdrawal (N.O.W.) accounts, and M.M.D.A.

accounts.
Okla. Stat. tit. 6, § 6-1615 — OK Code / Title 6 / Section 6-1615
Rules - Exemption from economic impact statement
Status: in_force

requirements.

Rules; exemption from economic impact statement requirements.

In addition to any other rulemaking authority it has under the

Oklahoma Banking Code, the Board is authorized to promulgate

reasonable rules which it deems advisable for the administration of

international banking corporations under the International Bank Act

in the interest of protecting depositors, creditors, borrowers, or

the public interest and in the interest of maintaining a sound

banking system in this state. Because of the difficulty in

obtaining economic data with regard to such banks, no economic

impact statement shall be required in connection with said rules.
Okla. Stat. tit. 6, § 6-1304 — OK Code / Title 6 / Section 6-1304
Effect of lessee's death or incompetence
Status: in_force

Where a lessor, without knowledge of the death or of an

adjudication of legal incompetence of the lessee, deals with his

agent pursuant to a written power of attorney signed by such lessee,

the transaction binds the lessee's estate and the lessee.
Okla. Stat. tit. 6, § 6-1600 — OK Code / Title 6 / Section 6-1600
International Bank Act - Short title
Status: in_force

Sections 10 through 26 of this act shall be known and may be

cited as the "International Bank Act".
Okla. Stat. tit. 6, § 6-2103 — OK Code / Title 6 / Section 6-2103
Licenses - Requirement - Exceptions - Penalty
Status: in_force

(a) No person shall engage in the business of selling or issuing

checks as a service or for a fee or other consideration without

first securing a license to do so from the Commissioner, except that

no license under this act shall be required of any agent, subagent

or representative of a licensee, or employee of such agent, subagent

or representative who acts on behalf of such licensee in the sale or

exchange of which the licensee is the issuer.

(b) Any person who violates this section shall be fined not less

than Five Hundred Dollars ($500.00) or imprisoned in county jail for

not more than one (1) year, or both. Each day such violation

continues shall constitute a separate offense.
Okla. Stat. tit. 6, § 6-301 — OK Code / Title 6 / Section 6-301
Certificate of authority
Status: in_force

From and after the passage of the Oklahoma Banking Code no

certificate of authority to engage in the banking or trust company

business in this state shall be issued, and no bank or trust company

or person shall be permitted to engage in such business within

Oklahoma except on certificate issued by the Commissioner upon

approval of the Board of an application for authority to organize a

state bank or trust company. The issuance of such certificate shall

be within the sole discretion of the Board.
Okla. Stat. tit. 6, § 6-202 — OK Code / Title 6 / Section 6-202
Board membership and meetings
Status: in_force

A. The Board shall consist of seven (7) members. The

Commissioner shall be Chairman and vote only in case of a tie on any

question requiring action by the Board.

B. Board - Qualifications. Other than the Commissioner, five

members of the Board shall be active officers of state banks or

trust companies. One member of the Board shall be a citizen of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 19

Oklahoma, thirty-five (35) years old or older, who shall not have

been in the past or become during the member's service on the Board

an officer or stockholder in any state-chartered banking

institution, nor shall such person be related in the first degree to

any other person who is or becomes during the term of such member an

officer or stockholder in any state-chartered banking institution

under the jurisdiction of the Department.

C. Board - Appointment - Qualifications - Successor - Removal.

Members of the Board, including the Commissioner, shall be appointed

by the Governor with the advice and consent of the Senate; provided,

appointments to the Board, and not including the Commissioner nor

the member not affiliated in the past or during the member's term

with any banking institution, shall only be made of individuals

whose names shall be included in a list of twelve names submitted to

the Governor by the Executive Committee of the Oklahoma Association

of State Banks, a division of the Oklahoma Bankers Association. If

a Board member resigns for any reason before his or her term expires

under the provisions of this section, the resigning Board member

shall notify the Governor in writing and shall submit a copy of his

or her letter of resignation to the Commissioner and the Executive

Committee of the Oklahoma Association of State Banks. If the

Oklahoma Association of State Banks shall not submit such list

within thirty (30) days after a vacancy shall occur, then the

Governor may appoint, with the advice and consent of the Senate,

such person as the Governor may select who shall meet the

qualifications set forth in subsection B of this section.

The term of office of each Board member other than the

Commissioner shall be six (6) years. The Governor may, after

notice, hearing and proceeding in accordance with the Administrative

Procedures Act, remove a member for cause.

D. Travel Expense. Each member shall be entitled to be

reimbursed for necessary travel expenses pursuant to the State

Travel Reimbursement Act.

E. Board Meetings - Quorum - Disqualification. The Board shall

meet at least semiannually. The Commissioner may call additional

meetings of the Board upon at least twenty-four (24) hours' notice

and in any event shall call a meeting upon the written request of

two members. Four members of the Board shall constitute a quorum,

and action taken by a majority of those voting at any meeting at

which a quorum is present shall be the action of the Board. No

member shall participate in a proceeding before the Board to which

any corporation or partnership of which the member is or was at any

time in the preceding twelve (12) months a director, officer,

partner, employee, member or stockholder is a party. A member may

be disqualified upon the member's own motion from participating in a

proceeding for any other cause deemed by the member to be

sufficient.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 20

F. Lack of Quorum - Appointment of Acting Members. At any

meeting at which a quorum is not present, whether by reason of the

inability of a member to participate or the voluntary

disqualification of the member, or otherwise, the Governor may

designate the Deputy Commissioner, the Attorney General, or the head

of any other department of the state government, in that order, as

acting members of the Board for the purpose of constituting a

quorum, but the Governor shall not designate more acting members

than shall be necessary to constitute a quorum.

G. Clerical, Technical and Legal Assistance. Such clerical,

technical and legal assistance as the Board may require shall be

provided by the Department.
Okla. Stat. tit. 6, § 6-1733 — OK Code / Title 6 / Section 6-1733
Written agreements or instruments - Designation of law
Status: in_force

governing.

Any trust institution that maintains a trust office or

representative trust office in this state and its affected clients

may designate this state, a state where affected clients reside, or

the state where such trust institution has its principal office, as

the state whose laws shall govern any written agreement between such

trust institution and its client or any instrument under which the

trust institution acts for a client.
Okla. Stat. tit. 6, § 6-910.11 — OK Code / Title 6 / Section 6-910.11
Duties of bank
Status: in_force

A. A bank does not have a fiduciary duty to any person with

respect to a special deposit.

B. When the bank holding a special deposit becomes obligated to

pay a beneficiary, a debtor-creditor relationship arises between the

bank and beneficiary.

C. The bank holding a special deposit has a duty to a

beneficiary to comply with the account agreement and this act.

D. If the bank holding a special deposit does not comply with

the account agreement or this act, the bank is liable to a depositor

or beneficiary only for damages proximately caused by the

noncompliance. Except as provided by other law of this state, the

bank is not liable for consequential, special, or punitive damages.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 120

E. The bank holding a special deposit may rely on records

presented in compliance with the account agreement to determine

whether the bank is obligated to pay a beneficiary.

F. If the account agreement requires payment on presentation of

a record, the bank shall determine within a reasonable amount of

time whether the record is sufficient to require payment. If the

agreement requires action by the bank on presentation of a record,

the bank is not liable for relying in good faith on the genuineness

of the record if the record appears on its face to be genuine.

G. Unless the account agreement provides otherwise, the bank is

not required to determine whether a permissible purpose stated in

the agreement continues to exist.
Okla. Stat. tit. 6, § 6-1001.1 — OK Code / Title 6 / Section 6-1001.1
Temporary borrowing powers of trust companies
Status: in_force

Any trust company may rediscount or sell any of its assets for

temporary purposes, with or without guaranty or endorsement.
Okla. Stat. tit. 6, § 6-1614 — OK Code / Title 6 / Section 6-1614
Representative offices - Limitations - Licenses - Fees
Status: in_force

Representative offices; limitations; licenses; fees.

No representative office shall conduct any banking business in

this state. Each representative office shall be licensed by the

Board, shall provide the Board with such information as the Board,

by rule, deems necessary, and shall pay an initial nonrefundable

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 212

application fee and an annual renewal fee, both of which shall be

set by the Board.
Okla. Stat. tit. 6, § 6-1606 — OK Code / Title 6 / Section 6-1606
Licenses - Permissible activities
Status: in_force

Licenses; permissible activities.

A. An international banking corporation licensed to operate an

international bank agency, representative office, or administrative

office may engage in the business authorized by the International

Bank Act at the office specified in such license for such period as

is provided in subsection B or subsection C of this section. No

international bank agency, representative office, or administrative

office may have more than one place of doing business; provided,

nothing in this section or elsewhere in the Oklahoma Statutes shall

be construed to prevent an international banking corporation from

operating more than one international bank agency or representative

office, each at a different place of business, provided each such

agency or representative office is separately licensed. No license

to operate an international bank agency, representative office, or

administrative office is transferable or assignable. Every such

license shall be, at all times, conspicuously displayed in the place

of business specified therein.

B. Except as provided in subsection C of this section, a

license to operate an international bank agency, representative

office, or administrative office shall be valid for a period of one

(1) year, unless such license is suspended or revoked. Such license

may be renewed annually upon application to the Board, upon forms

available for that purpose, within thirty (30) days prior to the

expiration of the license. Such license may be renewed by the

Board, in its discretion, upon its determination, with or without

examination, that the international banking corporation is in a safe

and sound condition and has complied with all requirements of law

with respect to the international bank agency, representative

office, or administrative office; that such renewal of the license

will not be detrimental to the public interest; and that the renewal

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 204

has been duly authorized by proper corporate action. Each

application for renewal of an international bank agency license

shall be accompanied by an annual renewal fee in an amount set by

rule of the Board.

C. Notwithstanding the provisions of subsection B of this

section, the Board may, in its discretion, issue a license for an

indefinite period if it finds that the international banking

corporation has satisfied the requirements for renewal of its

license and has held a license for the previous three (3) years. A

license issued for an indefinite period shall be valid without

renewal unless suspended or revoked. An international banking

corporation that is granted a license for an indefinite period shall

file with the Board such annual financial statements as the Board

may require and shall pay an annual fee equal in an amount to be set

by rule of the Board. Such annual fee shall be paid in January of

each year.

D. An international banking corporation which proposes to

terminate the operations of its international bank agency,

representative office, or administrative office shall comply with

such procedures as the Board may prescribe by rule to ensure an

orderly cessation of business in a manner which is not harmful to

the public interest and shall surrender its license to the Board.

E. An international banking agency, representative office, or

administrative office license may be suspended or revoked by the

Board, with or without examination, upon a determination that the

international banking corporation does not meet all requirements for

original licensing or any of the criteria established by subsection

B of this section for renewal of a license.

F. In the event any such license shall be suspended or revoked

by the Board, or the renewal thereof shall be refused by the Board,

all rights and privileges of the international banking corporation

to transact the business thus licensed shall forthwith cease, and

such license shall be surrendered to the Board within twenty-four

(24) hours after the Board has mailed or personally delivered

written notice of such decision. The notice may be personally

delivered to any officer, director, employee, or agent of the

corporation who is physically present in this state.

G. An international banking corporation licensed under the

terms of the International Bank Act is authorized to transact only

such limited business in this state as is clearly related to, and is

usual in, international or foreign business and financing

international commerce. No such international banking corporation

may exercise fiduciary powers. An international banking corporation

may furnish such investment advisory services as it may be

authorized to render under rules adopted by the Board with respect

to nonresident entities or persons whose principal places of

business or domicile are outside the United States. No such

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 205

international banking corporation may receive deposits in this state

except:

1. Deposits from nonresident entities or persons whose

principal places of business or domicile are outside the United

States;

2. Interbank deposits, interbank borrowing, or similar

obligations; and

3. International banking facility deposits as defined by rule

of the Board.

An international banking corporation may maintain in this state, for

the account of others, credit balances necessarily incidental to, or

arising out of, the exercise of its lawful powers. Such credit

balances may be disbursed by check or other draft; however, the

Board shall by rule provide appropriate limitations upon such

disbursement to ensure that credit balances are not functionally

equivalent to demand deposits.

H. Notwithstanding any provision of the International Bank Act

or the Oklahoma Banking Code to the contrary, an international

banking corporation licensed under the International Bank Act as an

international bank agency may, if authorized by rules of the Board,

make any loan or investment or exercise any power which it could

make or exercise if it were operating in this state as a federal

agency under the federal International Banking Act of 1978. The

Board shall, when promulgating such rules, consider the public

interest and convenience and the need to maintain a sound and

competitive state banking system. Unless otherwise provided by

statute, an international bank agency may not exercise any powers

that a federal agency is not authorized to exercise.

I. Notwithstanding the provisions of subsections G and H of

this section, any banking corporation organized and existing under

the laws of any other state and licensed pursuant to the provisions

of this chapter shall engage only in those activities permissible

for an Edge Act corporation organized under Section 25(a) of the

Federal Reserve Act, as amended, 12 U.S.C., Sections 611 through

632.

J. It is the intent of the International Bank Act that an

international bank agency may not be a "state branch" or a "federal

branch", as those terms are defined in the federal International

Banking Act of 1978, and neither a foreign bank as defined in such

federal act nor an international banking corporation may establish

or operate any such branch in this state.
Okla. Stat. tit. 6, § 6-501.1 — OK Code / Title 6 / Section 6-501.1
Interstate mergers and acquisitions – De novo branches –
Status: in_force

Interstate reciprocity – Establishment and acquisition of branch

banks.

A. Upon application to and approval granted by the State

Banking Commissioner or Comptroller of the Currency, an out-of-state

bank which engages or has engaged in an interstate merger

transaction with a bank or savings association that, prior to the

merger, had its main office located in this state shall be permitted

to establish de novo branches in this state. An out-of-state bank

which is not engaging, and has not previously engaged, in an

interstate merger transaction with a bank or savings association

that, prior to the merger, had its main office located in this

state, shall not be permitted to establish a de novo branch in this

state, nor to acquire a branch bank or savings association branch in

this state, unless, on a reciprocal basis, the state where the main

office of the out-of-state bank is located would permit a bank with

a main office located in this state to establish a de novo branch in

that other state without having engaged in an interstate merger

transaction with a bank having its main office in that other state.

B. Subject to the limitations set forth in subsection A of this

section, a bank, branch bank, savings association, or savings

association branch may be acquired by and engage in an interstate

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 73

merger transaction or interstate branch acquisition transaction with

any out-of-state bank in accordance with applicable laws and rules

of the Oklahoma State Banking Department and the state in which the

main office of the out-of-state bank is located. If the out-of-

state bank does not have a branch bank or savings association branch

in this state at the time the interstate merger or interstate branch

acquisition transaction application is filed with the appropriate

regulatory authority, and if the law of the state where the main

office of the out-of-state bank is located does not permit

reciprocal interstate de novo branching by a bank with a main office

located in this state as more particularly provided for in

subsection A of this section, then the out-of-state bank must

acquire the bank or the savings association, and may not acquire

just a branch or branches thereof. An interstate merger or

interstate branch acquisition transaction will not be permitted if

it will result in a violation of the twenty percent (20%) deposit

limitation contained in subsection I of Section 19 of this act. If

the result of an interstate merger transaction is that the bank or

savings association which is acquired is converted to one or more

branch banks of an out-of-state bank, the resulting branch bank

shall have all the powers and be subject to the same limitations as

any other branch bank located in this state. All in-state branch

banks of an out-of-state bank shall be regulated by the State

Banking Commissioner as if the branch banks comprised an Oklahoma

bank and the branch banks shall comply with applicable Oklahoma laws

and rules in the conduct of their business in this state to the

maximum extent authorized under federal law. No in-state branch

bank of an out-of-state bank shall be permitted to engage in any

activity not permissible for a bank in this state.

C. Beginning May 31, 1997, a bank may establish a branch bank

in any other state, or may acquire branch banks of an out-of-state

bank which are located in any other state in accordance with the

laws of the other state. The bank shall be required to follow all

procedures and to obtain all approvals necessary to establish or

acquire a branch bank under applicable Oklahoma law and any

applicable rules as may be established by the Banking Board. The

bank shall file with the Department a copy of each application or

notice filed with federal or other state regulatory authorities

relating to the transaction at the same time the application or

notice is filed with the federal or other state regulatory

authorities. Upon consummation of the transaction, the bank shall

have all of the powers under the applicable laws and regulations of

the state in which each branch bank is located, subject to the

duties and restrictions thereof. In addition to any regulation by

bank and regulatory authorities in the state where a branch bank is

located, each branch bank located outside of this state shall be

subject to regulation by the Department as if the branch bank were

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 74

located in this state and shall comply with the law of this state in

the conduct of its banking business in such other state.

D. The provisions of this section shall not be construed as

permitting branches established pursuant to this section through an

interstate merger transaction to be taxed at a rate which is

different from or discriminates in any way against a bank, savings

association, or branch of either, which is chartered in this state.

The Oklahoma Tax Commission is hereby authorized to adopt policies

and procedures consistent with the provisions of this subsection.

E. An operating subsidiary of a bank which engages in the

business of owner-occupied home mortgage lending shall not be

considered a branch under this section in order to conduct such

lending operation at any location.
Okla. Stat. tit. 6, § 6-1709 — OK Code / Title 6 / Section 6-1709
Registration of name
Status: in_force

A state trust company or out-of-state trust institution may

register any name with the Commissioner in connection with

establishing a principal office, trust office or representative

trust office in this state pursuant to this act. However, the

Commissioner may determine that a name proposed to be registered is

potentially misleading to the public and require the registrant to

select a name which is not potentially misleading.
Okla. Stat. tit. 6, § 6-102 — OK Code / Title 6 / Section 6-102
Definitions
Status: in_force

As used in the Banking Code unless the context otherwise

requires:

1. "Acquisition" or "acquire" means any act or action with

respect to the ownership or control of a bank or the purchase of its

assets and the assumption of its liabilities which would require the

approval of the Federal Deposit Insurance Corporation, the Office of

the Comptroller of the Currency, the Board of Governors of the

Federal Reserve System or other supervisory authority having

jurisdiction and approval authority over the bank;

2. "Action" in the sense of a judicial proceeding includes

recoupment, counterclaim, third-party claims, cross claims, setoff,

suit in equity, arbitration and any other proceedings in which

rights are determined;

3. "Bank" means any bank authorized and chartered by the laws

of this state to engage in the banking business, or any bank

chartered by the office of the Comptroller of the Currency with its

main office in this state;

4. "Banking company" means any bank;

5. "Bank holding company" means any Oklahoma corporation which

directly or indirectly owns or controls at least one bank or out-of-

state bank as defined in this section;

6. "Board" when used with an initial capital letter means the

Banking Board of this state;

7. "Branch bank" means any place of business separated from the

main office of a bank at which deposits are received, or checks paid

or money lent;

8. "Capital" shall include the paid-in common capital stock

account, preferred stock account, surplus account, undivided profits

account, capital reserves (other than contingency reserves),

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 9

allowance for possible loan losses and mandatory convertible

instruments that are convertible into common stock. "Capital" shall

also include all other approved subordinated notes and debentures,

having an original weighted average maturity of at least seven (7)

years, to the extent their maturity date exceeds five (5) years. As

such notes and debentures approach maturity of less than five (5)

years, they shall be considered "capital" in proportion to their

years to maturity as it bears to five (5) years;

9. "Commissioner" means the State Banking Commissioner

appointed and serving pursuant to this act, who shall be the

Commissioner of Banking and who shall administer and enforce the

applicable provisions of this act;

10. "Community" means a city, town or incorporated village of

this state, or a trade area in this state in unincorporated

territory;

11. "Company" means any corporation, association, partnership,

business trust or similar organization, but shall not include any

corporation, the majority of the shares of which are owned by the

United States or by any state;

12. "Compliance review committee" means:

a. an audit, loan review or compliance committee

appointed by the Board of Directors of an insured

depository institution, or

b. any other person to the extent the person acts in an

investigatory capacity at the direction of a

compliance review committee;

13. "Compliance review documents" means documents prepared for

or created by a compliance review committee;

14. "Confusingly similar name" means:

a. as applied to the name of any bank, a name which is

identical to that of any other bank located within

this state, or a name which:

(1) contains one or more of the following words with

or without the words "State," "National," or

"Trust": American, Central, Citizens, City,

Commerce, Commercial, Community, Exchange,

Farmers & Merchants, First, Guaranty, Oklahoma,

Peoples, Security or United,

(2) does not contain a geographical name (other than

"Oklahoma") descriptive of the immediate location

of the bank (street, town, city, county or other

local geographical name),

(3) does not contain other unique or clearly

distinguished words or marks, and

(4) is not a federally registered trade name,

trademark or service mark owned by or licensed to

the particular bank,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 10

b. as applied to the name of any person not a bank, a

name which is confusingly similar in spelling or

wording or sound to the name of any bank located

anywhere within this state, if such name would tend to

suggest falsely to the public that the person is a

bank or is affiliated with the bank, directly or

indirectly. However, nothing contained in this

subsection shall prohibit the use of a similar name by

a corporation which is in a relationship to the bank

of parent, subsidiary, brother-sister corporation or

other commonly controlled company, or

c. notwithstanding anything to the contrary in

subparagraph a or b of this paragraph, the name or

shortened name of a bank shall not be considered

confusingly similar when used in conjunction with a

federally registered trademark or service mark owned

by or licensed to the particular bank. Proof of

ownership or license of a federally registered mark

must be provided to the Banking Department.

The Board shall promulgate rules which govern the use of

"confusingly similar names" as defined in this paragraph;

15. "Consumer banking electronic facility" means any electronic

device owned, operated, leased by or on the behalf of a bank,

savings association, or credit union other than a telephone or modem

operated by a customer of a depository institution, to which a

person may initiate an electronic fund transfer. The term includes

without limitations, a point-of-sale terminal, automatic teller

machines, automated loan machines, video banking centers, or any

other similar electronic devices;

16. "Continuing bank" means a merging bank the charter of which

becomes the charter of the resulting bank;

17. "Control" means control as such term is defined under the

Federal Bank Holding Company Act of 1956, as amended, 12 U.S.C.,

Section 1841;

18. "Converting bank" means a bank converting from a state to a

national bank, or the reverse;

19. "Court" means a court of competent jurisdiction;

20. "Department" means the Oklahoma State Banking Department

created by this Code;

21. "Deposits" means all demand, time and savings deposits of

individuals, partnerships, corporations, the United States and

states and political subdivisions of the United States, deposits of

banks, foreign governments, institutions, deposits held by foreign

banking offices or corporations organized pursuant to 12 U.S.C.,

Sections 601 through 604a, or Sections 611 through 631, as amended.

Determinations of deposits shall be made by the Commissioner by

reference to regulatory reports of condition or similar reports

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 11

filed by banks or savings associations with state or federal

regulatory agencies;

22. "Emergency" means any condition or occurrence which may

interfere physically with the conduct of normal business operations

at one or more or all of the offices of a bank or an out-of-state

bank, or which poses an imminent or existing threat to the safety or

security of persons or property, or both. Without limiting the

generality of the foregoing, an emergency may arise as a result of

any one or more of the following: fires; floods; earthquakes;

hurricanes; wind, rain or snow storms; labor disputes and strikes;

power failures; transportation failures; interruptions of

communication facilities; shortages of fuel, housing, food,

transportation or labor; robberies or attempted robberies; actual or

threatened enemy attack; epidemics or other catastrophes; riots,

civil commotions and other acts of lawlessness or violence, actual

or threatened;

23. "Executive officer", when referring to a bank, out-of-state

bank, or trust company, means any person designated as such in the

bylaws and includes, whether or not so designated, the chairman of

the board of directors, chairman of the executive committee, the

president, any vice-president, the trust officer, the treasurer, the

cashier, the comptroller and the secretary, or any person who

performs the duties appropriate to those offices;

24. "Federal Reserve Act" means the Act of Congress approved

December 23, 1913, (38 Stat. 251), as amended;

25. "Federal Reserve Bank" means the Federal Reserve Banks

created and organized under authority of the Federal Reserve Act;

26. "Federal Reserve Board" means the Board of Governors of the

Federal Reserve System created and described in the Federal Reserve

Act, as amended;

27. "Fiduciary" means original or successor trustee of an

expressed or implied trust, including, but not limited to, a

resulting or constructive trust, special administrator, executor,

administrator, administrator common trust agreement, guardian,

guardian-trustee or conservator for a minor or other incompetent

person, receiver, trustee in bankruptcy, assignee for creditors or

any holder of a similar position of trust acting alone or with

others;

28. "General obligation" means obligations of the State of

Oklahoma or a political subdivision of this state and of any other

state or political subdivision thereof supported by the full faith

and credit of the obligor. It includes all obligations payable from

a special fund when the full faith and credit of a state or any

political subdivision of a state is obligated for payment into the

fund of amounts which will be sufficient to provide for all required

payments in connection with the obligation. It implies an obligor

possessing resources sufficient to justify faith and credit;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 12

29. "Good faith" means honesty in fact in the transaction and

some reasonable ground for belief that the transaction is rightful

or authorized;

30. "Insolvent" means that the actual cash market value of a

bank's assets is insufficient to pay its liabilities other than its

capital stock, surplus and undivided profits, or that the bank is

unable to meet the demands of its creditors in the usual course of

business;

31. "Insured depository institution" means any bank or savings

association the deposits of which are insured by the Federal Deposit

Insurance Corporation;

32. "Interstate merger transaction" means a merger between two

banks, two savings associations or a bank and a savings association,

one of which is chartered by or has its main office located in this

state, and the other of which is an out-of-state bank as defined in

this section;

33. "Investment securities" means marketable obligations in the

form of bonds, notes or debentures which are commonly regarded as

investment securities. It does not include investments which are

predominantly speculative in nature;

34. "Item" means any instrument for the payment of money even

though not negotiable, but does not include money;

35. "Legal newspaper" means a newspaper qualified to publish

legal notices under the provisions of Section 106 of Title 25 of the

Oklahoma Statutes;

36. "Loan review committee" means a person or group of persons

who, on behalf of an insured depository institution, reviews loans

held by such institution for the purpose of assessing the credit

quality of the loans, compliance with the loan policies of such

institution, and compliance with the applicable state and federal

laws, regulations and rules;

37. "Local media" means:

a. any newspaper, radio station or television station

with its main office located in the same city or town

in which a particular main office of a bank is

located, and

b. other means or media of advertising, including without

limitation any outdoor signage on the premises of the

bank, billboards, bulk mailings and other

solicitations to persons who are not customers of the

bank, but only to the extent that any such advertising

is strictly limited in geographical location or

distribution to the same city or town, including the

immediate surrounding unincorporated rural area, where

the particular main office of the bank is located;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 13

38. "Main bank" means the office location which has been

designated by the State Banking Commissioner or Comptroller of the

Currency as the main office of a bank;

39. "Main office" means either the main bank or the main office

location of a savings association;

40. "Managing officer" means the chief executive officer of the

bank;

41. "Member bank" means any national bank, state bank or

banking and trust company which becomes a member of the Federal

Reserve System;

42. "Merger" includes consolidation;

43. "Military banking facility" means a facility maintained by

a bank upon a military installation, provided the facility must be

within the confines of a military reservation and located upon

property owned or leased by the United States government;

44. "Mobile" means the ability to be moved, picked up, rolled,

pulled or driven;

45. "Multibank holding company" means an Oklahoma corporation

which directly or indirectly owns or controls two or more banks, two

or more bank holding companies, or one or more of each as defined in

this section;

46. "National Bank Examiner" or "Federal Bank Examiner" means

any person employed as a bank examiner by the Comptroller of the

Currency, the Federal Deposit Insurance Corporation and the Federal

Reserve Board or Bank;

47. "Office" means any place at which a bank or an out-of-state

bank transacts its business or conducts operations related to its

business;

48. "Officer", when referring to a bank, out-of-state bank or

trust company, means any person designated as such in the bylaws and

includes, whether or not so designated, any executive officer, the

chairman of the board of directors, the chairman of the executive

committee, and any trust officer, assistant trust officer, assistant

vice-president, assistant treasurer, assistant cashier, assistant

comptroller, assistant secretary, auditor or any person who performs

the duties appropriate to those offices;

49. "Order" means all, or any part, of the final disposition,

whether affirmative, negative, injunctive or declaratory in form, by

the Commissioner or the Banking Board, of any matter other than the

making of regulations of general application;

50. "Out-of-state bank" means a national bank or a state or

federal savings association which has its main office located in a

state other than Oklahoma, or a bank chartered by a state other than

Oklahoma;

51. "Out-of-state bank holding company" means a bank holding

company which is not incorporated in this state and which directly

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 14

or indirectly owns or controls one or more banks or out-of-state

banks as defined in this section;

52. "Person" means an individual, group of individuals, board,

committee, partnership, firm, association, corporation or other

entity;

53. "Political subdivision" includes a county, city, town or

other municipal corporation, a public authority, and generally any

publicly owned entity which is an instrumentality of the state or a

municipal corporation;

54. "Principal place of business of a bank or a bank holding

company" means the state in which the total deposits of the bank or

the bank subsidiaries of the bank holding company are the largest;

55. "Reason to know" means that upon the information available

a person of ordinary intelligence in the particular business, or of

the superior intelligence or experience which the person in question

may have, would infer that the fact in question exists or that there

is such a substantial chance of its existence that, if exercising

reasonable care with reference to the matter in question, conduct

would be predicated upon the assumption of its possible existence;

56. "Resulting bank" means the combined banks and trust

companies carrying on business upon completion of a merger;

57. "Retailer" means a person, corporation or partnership,

primarily engaged in the sale of goods at retail to the general

public;

58. "Savings association" means any savings and loan

association or savings bank chartered under the laws of this state

or the laws of the United States authorized to engage in the savings

and loan business with its main office located in this state;

59. "Savings association branch" means any place of business

separated from the main office of a savings association at which

deposits are received, checks paid or money lent;

60. "Subsidiary" with respect to a specified bank holding

company or multibank holding company means a subsidiary as the term

is defined in the Federal Reserve Bank Holding Company Act of 1956,

as amended, 12 U.S.C., Section 1841; and

61. "Trust company" means:

a. any person doing a trust company business as set forth

in this Code except an incorporated or unincorporated

organization which is organized under Section

501(c)(3) of the Internal Revenue Code as being

organized and operated exclusively for educational,

religious, charitable, or other eleemosynary purposes

when exercising powers pursuant to the Oklahoma

Charitable Fiduciary Act and the Oklahoma General

Corporation Act, and

b. the trust departments of banks authorized to engage in

the trust company business.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 15
Okla. Stat. tit. 6, § 6-216 — OK Code / Title 6 / Section 6-216
Standards in regulations, orders and rules
Status: in_force

The Board and the Commissioner, in the exercise of the power to

make orders and rules and to issue regulations pursuant to this

Code, shall act in the interests of promoting and maintaining a

sound banking system and sound trust companies, the security of

deposits and depositors and other customers, the preservation of the

liquid position of banks and in the interest of preventing injurious

credit expansions and contractions.
Okla. Stat. tit. 6, § 6-2004.1 — OK Code / Title 6 / Section 6-2004.1
Out-of-state credit union - Requirements to conduct
Status: in_force

business in state - Revocation of approval - Cancellation of

certificate.

(A) A credit union not organized under the laws of this state

or of the United States may conduct business as a credit union in

this state only with the approval of the State Credit Union Board

and upon receiving a certificate from the Secretary of State in

compliance with Section 1130 of Title 18 of the Oklahoma Statutes,

provided credit unions incorporated under the laws of this state are

allowed to conduct business in another state under conditions

similar to these provisions. Before granting the approval, the

State Credit Union Board must find that the out-of-state credit

union:

(1) Is a credit union organized under laws similar to the laws

of this state;

(2) Is financially solvent;

(3) Has share and deposit account insurance with the National

Credit Union Administration to the extent provided by federal law;

(4) Is examined and supervised by a regulatory agency of the

state in which it is organized;

(5) Needs to conduct business in this state to adequately serve

its members in this state; and

(6) Does not have a field of membership that will materially

and substantially overlap the field of membership of a credit union

organized under the laws of this state or permitted to conduct

business in this state.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 244

(B) No credit union organized under the laws of a state other

than this state may conduct business in this state unless:

(1) Such credit union charges interest in compliance with the

laws of this state when making loans in this state;

(2) Such credit union complies with the consumer protection

statutes and rules applicable to credit unions incorporated or

organized under the laws of this state; and

(3) Such credit union's most recent report of examination by

its regulatory agency is furnished to the Administrator or such

credit union agrees to submit to an examination by the Bank

Commissioner or Administrator.

(C) The State Credit Union Board may revoke the approval of a

credit union to conduct business in this state if it finds that:

(1) The credit union no longer meets the requirements of

subsection (A) of this section;

(2) The credit union has violated the laws of this state or

lawful rules or orders issued by the State Credit Union Board or the

Bank Commissioner;

(3) The credit union has engaged in a pattern of unsafe or

unsound credit union practices; or

(4) Continued operation by the credit union is likely to have a

substantially adverse impact on the financial, economic or other

interests of residents of this state.

(D) In the event of revocation as provided in subsection (C) of

this section, the Secretary of State shall cancel the certificate of

domestication of the credit union.
Okla. Stat. tit. 6, § 6-1710 — OK Code / Title 6 / Section 6-1710
Authority to operate trust business
Status: in_force

A state trust company or a state bank may:

1. Perform any act as a fiduciary;

2. Engage in any trust business; and

3. Exercise any incidental power that is necessary to enable it

to fully exercise, according to commonly accepted fiduciary customs

and usages, a power conferred in this act.
Okla. Stat. tit. 6, § 6-219 — OK Code / Title 6 / Section 6-219
Changes in chief executive officer and directors
Status: in_force

Every bank and trust company shall report promptly to the

Commissioner any change for whatever reason in the chief executive

officer and directors, including in its report a statement of the

past and current business and professional affiliations of the new

chief executive officer and directors.
Okla. Stat. tit. 6, § 6-1702 — OK Code / Title 6 / Section 6-1702
Definitions
Status: in_force

As used in this act:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 213

1. "Account" means the client relationship established with a

trust company involving the transfer of funds or property to the

trust company, including a relationship in which the trust company

acts as trustee, executor, administrator, guardian, custodian,

conservator, bailee, receiver, registrar, or agent, but excluding a

relationship in which the trust company acts solely in an advisory

capacity;

2. "Act as a fiduciary" or "acting as a fiduciary" means to:

a. accept or execute trusts, including to:

(1) act as trustee under a written agreement,

(2) receive money or other property in its capacity

as trustee for investment in real or personal

property,

(3) act as trustee and perform the fiduciary duties

committed or transferred to it by order of a

court of competent jurisdiction,

(4) act as trustee of the estate of a deceased

person, or

(5) act as trustee for a minor or incapacitated

person,

b. administer in any other fiduciary capacity real or

tangible personal property, or

c. act pursuant to order of a court of competent

jurisdiction as executor or administrator of the

estate of a deceased person or as a guardian or

conservator for a minor or incapacitated person;

3. "Administer" with respect to real or tangible personal

property means, as an agent or in another representative capacity,

to possess, purchase, sell, lease or insure, safekeep or otherwise

manage the property;

4. "Affiliate" means a company that directly or indirectly

controls, is controlled by, or is under common control with a trust

institution or other company;

5. "Bank" has the meaning set forth in 12 U.S.C., Section

1813(h). "Bank" shall not include any "foreign bank" as defined in

12 U.S.C., Section 3101(7), except for any such foreign bank

organized under the laws of a territory of the United States, Puerto

Rico, Guam, American Samoa or the Virgin Islands, the deposits of

which are insured by the Federal Deposit Insurance Corporation;

6. "Bank supervisory agency" means:

a. any agency of another state with primary

responsibility for chartering and supervising a trust

institution, and

b. the Office of the Comptroller of the Currency, the

Federal Deposit Insurance Corporation, the Board of

Governors of the Federal Reserve System, the office of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 214

Thrift Supervision and any successor to these

agencies;

7. "Branch" with respect to a depository institution has the

meaning set forth in paragraph 7 of Section 102 of Title 6 of the

Oklahoma Statutes;

8. "Charter" means a charter, license or other authority issued

by the Commissioner or a bank supervisory agency authorizing a trust

institution to act as a fiduciary in its home state;

9. "Client" means a person to whom a trust institution owes a

duty or obligation under a trust or other account administered by

the trust institution or as an advisor or agent, regardless of

whether the trust institution owes a fiduciary duty to the person.

The term includes the noncontingent beneficiaries of an account;

10. "Commissioner" means the State Banking Commissioner;

11. "Company" includes a bank, trust company, corporation,

limited liability company, partnership, association, business trust,

or another trust;

12. "Department" means the Oklahoma Department of Banking;

13. "Depository institution" means any company chartered to act

as a fiduciary and included for any purpose within any of the

definitions of "insured depository institution" as set forth in 12

U.S.C., Sections 1813(c)(2) and (3);

14. "Fiduciary record" means a matter written, transcribed,

recorded, received or otherwise in the possession or control of a

trust company, whether in physical or electromagnetic form, that is

necessary to preserve information concerning an act or event

relevant to an account or a client of a trust company;

15. "Foreign bank" means a foreign bank, as defined in Section

1(b)(7) of the International Banking Act of 1978, chartered to act

as a fiduciary in a state other than this state;

16. "Home state" means:

a. with respect to a federally chartered trust

institution and a foreign bank, the state in which

such institution maintains its principal office, and

b. with respect to any other trust institution, the state

which chartered such institution;

17. "Home state regulator" means the bank supervisory agency

with primary responsibility for chartering and supervising an out-

of-state trust institution;

18. "Host state" means a state other than the home state of a

trust institution, or a foreign country in which the trust

institution maintains or seeks to acquire or establish an office;

19. "License" means the authority granted by the Commissioner

pursuant to this act to establish, acquire or maintain a trust

office;

20. "New trust office" means a trust office located in a host

state which:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 215

a. is originally established by the trust institution as

a trust office, and

b. does not become a trust office of the trust

institution as a result of:

(1) the acquisition of another trust institution or

trust office of another trust institution, or

(2) a merger, consolidation, or conversion involving

any such trust institution or trust office;

21. "Office", with respect to a trust institution, means the

principal office, a trust office or a representative trust office,

but not a branch;

22. "Out-of-state bank" means a bank chartered to act as a

fiduciary in any state or states other than this state;

23. "Out-of-state trust company" means either a trust company

that is not a state trust company or a savings association whose

principal office is not located in this state;

24. "Out-of-state trust institution" means a trust institution

that is not a state trust institution;

25. "Person" means an individual, a company or any other legal

entity;

26. "Principal office", with respect to:

a. a state trust company, means a location registered

with the Commissioner as the state trust company's

home office at which:

(1) the state trust company does business,

(2) the state trust company keeps its corporate books

and a set of its material records, including

material fiduciary records, and

(3) at least one executive officer of the state trust

company maintains an office, or

b. a trust institution other than a state trust company,

means its principal place of business in the United

States;

27. "Registration" means the process by which a trust

institution has been authorized by the Commissioner to acquire,

establish or maintain a representative trust office in this state;

28. "Representative trust office" means an office at which a

trust institution has been authorized by the Commissioner to engage

in a trust business other than acting as a fiduciary;

29. "Savings association" means a depository institution that

is neither a bank nor a foreign bank;

30. "State" means any state of the United States, the District

of Columbia, any territory of the United States, Puerto Rico, Guam,

American Samoa, the Trust Territory of the Pacific Islands, the

Virgin Islands, and the Northern Mariana Islands;

31. "State bank" means:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 216

a. a bank chartered to act as a fiduciary by this state,

or

b. a foreign bank, as defined in Section 1(b)(7) of the

International Banking Act of 1978, chartered to act as

a fiduciary in this state;

32. "State trust company" means a corporation or a limited

liability trust company organized or reorganized under this act,

including a trust company organized under the laws of this state

before the effective date of this act;

33. "State trust institution" means a trust institution having

its principal office in this state;

34. "Trust business" means the holding out by a person to the

public by advertising, solicitation or other means that the person

is available to perform any service of a fiduciary in this or

another state, including but not limited to:

a. acting as a fiduciary, or

b. to the extent not acting as a fiduciary, any of the

following:

(1) receiving for safekeeping personal property of

every description,

(2) acting as assignee, bailee, conservator,

custodian, escrow agent, registrar, receiver or

transfer agent, or

(3) acting as financial advisor, investment advisor

or manager, agent or attorney-in-fact in any

agreed upon capacity;

35. "Trust company" means a state trust company or any other

company chartered to act as a fiduciary that is neither a depository

institution nor a foreign bank;

36. "Trust institution" means a depository institution, foreign

bank, state bank or trust company;

37. "Trust office" means an office, other than the principal

office, at which a trust institution is licensed by the Commissioner

to act as a fiduciary; and

38. "Unauthorized trust activity" means:

a. a company, other than one identified in subsection A

of Section 5 of this act, acting as a fiduciary within

this state,

b. a company engaging in a trust business in this state

at any office of such company that is not its

principal office, if it is a state trust institution,

or that is not a trust office or a representative

trust office of such company, or

c. an out-of-state trust institution engaging in a trust

business in this state at any time an order issued by

the Commissioner pursuant to paragraph 2 of Section 24

of this act is in effect.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 217

These definitions shall be liberally construed to accomplish the

purposes of the Multistate Trust Institutions Act. The Department

by rule may adopt other definitions to accomplish the purposes of

this act.
Okla. Stat. tit. 6, § 6-412 — OK Code / Title 6 / Section 6-412
Signature guaranty
Status: in_force

(1) A bank may become guarantor of the genuineness of a

signature.

(2) A bank guaranteeing the signature of a person on any

document warrants to any person relying on such guaranty only that:

(a) the signature is that of the person signing; and

(b) the signer is the holder, or the signer has purported

authority to sign in the name of the holder; provided that if the

holder purports to act as a fiduciary either as "fiduciary" as

defined in this Code or his name is signed by a person purporting to

act on the holder's behalf as a fiduciary, the bank warrants that

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 63

such holder or such person so signing as such fiduciary is in fact

the fiduciary he purports to be and warrants that the bank has no

actual knowledge that such fiduciary is committing a breach of his

obligation as such fiduciary in signing such document and that it

has no knowledge of such facts that its action in guaranteeing the

signature amounts to bad faith; and

(c) the signer has legal capacity to sign.

(3) A bank may disclaim in its guaranty all or any part of the

obligations set forth in subsection (2)(b) of this section.
Okla. Stat. tit. 6, § 6-1513 — OK Code / Title 6 / Section 6-1513
Registration application - License - List of persons given
Status: in_force

money transmitter equipment - Fees - Violation and punishment

A. No person shall engage in the money services business in

this state without first securing a license to do so from the

Commissioner. Any person acting as agent or authorized delegate for

any licensee under the Oklahoma Financial Transaction Reporting Act

shall prominently display a copy of the principal's license

certificate at each place of business of the agent or authorized

delegate where money transmitter services are offered. It shall be

the responsibility of the licensee to provide a copy of the license

certificate to each agent or authorized delegate for display and to

obtain the return of such copy if an agent or authorized delegate is

no longer authorized to conduct business on behalf of a licensee.

B. Upon the effective date of this act, a supplier shall

provide to the Commissioner, on a form prescribed by the

Commissioner, a list of each person to whom money transmitter

equipment has been provided. A licensee shall provide the

Commissioner a list of each person acting in Oklahoma as agent or

authorized delegate on behalf of the licensee. The list shall be

updated each calendar quarter and shall be provided to the

Commissioner within thirty (30) days after the close of the calendar

quarter. The updated list shall reflect any additional persons to

whom money transmitter equipment has been provided since the last

reporting period. The list need only identify those persons for

whom the supplier has an address in this state or who the supplier

reasonably believes to be operating in this state.

C. Each application filed for issuance or renewal of a money

transmitter license must be accompanied by a fee in an amount

prescribed by the board. Notwithstanding any other deadlines or

terms prescribed by the board, a money transmitter license

certificate may be issued without a termination date; provided,

however, the license certificate must be renewed no later than

December 31 each calendar year.

D. Any person who violates the provisions of this section

shall, upon conviction, be guilty of a misdemeanor punishable by a

fine of not less than One Thousand Dollars ($1,000.00), or by

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 192

imprisonment in the county jail for not more than one (1) year, or

by both such fine and imprisonment. Each day that any violation of

this section occurs or continues shall constitute a separate offense

and shall be punishable as a separate violation.

E. Any licensee providing money transmission services to

Oklahoma residents primarily through electronic means must maintain

security in the amount prescribed by rule of the board but not less

than Two Hundred Thousand Dollars ($200,000.00).

F. All fees collected under this section shall be deposited in

the Department revolving fund pursuant to Section 211.1 of this

title.
Okla. Stat. tit. 6, § 6-907 — OK Code / Title 6 / Section 6-907
Husband and wife deposit for business purpose - Sole
Status: in_force

proprietorship account.

A deposit made in any bank or credit union by a husband and wife

which is primarily for a business purpose may be treated, at the

option of the depositors, as a sole proprietorship account, rather

than a partnership account unless a formal partnership has been

formed.
Okla. Stat. tit. 6, § 6-1708 — OK Code / Title 6 / Section 6-1708
Out-of-state trust institutions - Business locations
Status: in_force

An out-of-state trust institution which establishes or maintains

one or more offices in this state under this act may conduct any

activity at each such office which would be authorized under the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 220

laws of this state for a state trust institution to conduct at such

an office.
Okla. Stat. tit. 6, § 6-807 — OK Code / Title 6 / Section 6-807
Sale and purchase of loans
Status: in_force

Subject to its legal loan limits, a bank may sell or purchase

obligations which satisfy the Banking Code for loans and may sell

and acquire such loans in full or in part.
Okla. Stat. tit. 6, § 6-503 — OK Code / Title 6 / Section 6-503
Trust companies - Branch offices
Status: in_force

Nothing contained in this Code shall authorize trust companies,

covered by or eligible for insurance coverage by the Federal Deposit

Insurance Corporation, to establish branch offices within this

state. As used in this section, "branch office" includes, but is

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 81

not limited to, any additional agency, office or other facility

located within this state at which business is conducted. Provided,

however, this section shall not be effective as to any such "branch

office" in existence at the time and date of the enactment hereof,

nor shall it be so construed as to prohibit the establishment of

agents or agencies for the sole purpose of conducting the business

of title insurance or abstracting.
Okla. Stat. tit. 6, § 6-427 — OK Code / Title 6 / Section 6-427
Bank or trust institution serving as trustee of certain
Status: in_force

bond issues - Representative trust office.

Any bank or trust institution serving as a trustee of a bond

issue of a public body in Oklahoma shall have and maintain a

representative trust office within this state and shall have a trust

officer in such office.
Okla. Stat. tit. 6, § 6-1418 — OK Code / Title 6 / Section 6-1418
Use of lender’s name, trade name or trademark – Use of
Status: in_force

loan number, loan amount or other information – Reference to lender

– Injunction – Exemptions.

A. As used in this section, “lender” means a bank, savings and

loan association, savings bank, credit union, finance company,

mortgage bank, mortgage broker and any affiliate.

B. No person shall include the name, trade name or trademark of

a lender or a name, trade name or trademark similar to that of a

lender in a solicitation for products or services without the

consent of the lender unless the solicitation clearly and

conspicuously states in bold-faced type on the front page of the

correspondence that the person is not sponsored by or affiliated

with a lender and that the solicitation is not authorized by the

lender, which shall be identified by name. The statement shall

include the name, address and telephone number of the person making

the solicitation and that any loan information referenced was not

provided by the lender.

C. No person may include a loan number, loan amount or other

specific loan information that is not publicly available in a

solicitation for the purchase of products and services.

D. No person may include a loan number, loan amount or other

specific loan information that is publicly available in a

solicitation for the purchase of products and services if use of

such information is prohibited by this title.

E. No person may include a loan number, loan amount or other

specific loan information that is publicly available in a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 189

solicitation for the purchase of products and services and allowed

by this title, unless the solicitation clearly and conspicuously

states in bold-faced type on the front page of the correspondence

that the person is not sponsored by or affiliated with the lender

and that the solicitation is not authorized by the lender, which

shall be identified by name. The statement shall include the name,

address and telephone number of the person making the solicitation

and that any loan information referenced was not provided by the

lender.

F. No person shall make reference to an existing lender without

the written consent of the lender or make reference to a loan

number, loan amount or other specific loan information on the

outside of an envelope, visible through the envelope window, or on a

postcard in connection with any written communication that includes

or contains a solicitation for products or services offered by the

other lender.

G. A lender or owner of a name, trade name or trademark may

seek an injunction against a person who violates this section to

stop the unlawful use of the name, trade name, trademark or loan

information. The person seeking the injunction shall not have to

prove actual damages as a result of the violation. Irreparable harm

and interim harm to the lender or owner shall be presumed. The

lender or owner seeking the injunction may seek to recover actual

damages and any profits the defendant has accrued as a result of the

violation. The prevailing party in any action brought pursuant to

this section is entitled to recover costs associated with the action

and reasonable attorney fees from the other party.

H. The following are exempt from the provisions of this

section:

1. Any communications by a lender or its affiliates with a

current customer of the lender or with a person who was a customer

of the lender during the immediately preceding eighteen (18) months;

and

2. Any advertisement or solicitation by a lender for products

or services that compares the products or services offered by

another lender provided that the person making the comparison

clearly and conspicuously identifies itself in the advertisement or

solicitation.
Okla. Stat. tit. 6, § 6-1024 — OK Code / Title 6 / Section 6-1024
Acquisition of control of trust company - Notice -
Status: in_force

Approval - Review - Penalties.

A. For purposes of this section:

1. "Control" means the power, directly or indirectly, to direct

the management or policies of a trust company or to vote twenty-five

percent (25%) or more of any class of voting securities of a trust

company;

2. "Person" means an individual, corporation, partnership,

limited liability company, trust, association, joint venture, pool,

syndicate, sole proprietorship, unincorporated association, and any

other legal entity; and

3. "Trust company" shall not include any trust department of

banks authorized to engage in the trust company business.

B. No person, acting directly or indirectly or through or in

concert with one or more other persons, shall acquire control of any

trust company through a purchase, assignment, transfer, pledge, or

other disposition of voting stock of a trust company unless the

Commissioner has been given sixty (60) days' prior written notice of

the proposed acquisition and, within that time period, the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 144

Commissioner has not issued a notice disapproving the proposed

acquisition or extending for up to another thirty (30) days the

period during which the disapproval may be issued. The period for

disapproval may be further extended if the Commissioner determines

that any acquiring party has not furnished all the information

required under subsection F of this section or that in the judgment

of the Commissioner any material information submitted is

substantially inaccurate. An acquisition may be made prior to

expiration of the disapproval period if the Commissioner issues

written notice of the intent of the Commissioner not to disapprove

the action.

C. Upon receiving any notice under this section, the

Commissioner shall forward a copy thereof to interested persons

unless the Commissioner determines that the Commissioner must act

immediately upon the notice in order to prevent the probable failure

of the trust company involved in the proposed acquisition.

D. Within ten (10) days after the decision of the Commissioner

to disapprove any proposed acquisition, the Commissioner shall

notify the acquiring party in writing of the disapproval.

E. Within ten (10) days of receipt of a notice of disapproval,

the acquiring party may request a hearing before the Board on the

proposed acquisition. At the conclusion thereof, the Board shall by

order approve or disapprove the proposed acquisition on the basis of

the record made at the hearing.

F. Any person whose proposed acquisition is disapproved after

agency hearings under this section may obtain review by the Supreme

Court by filing a petition in error with the clerk of the court

within thirty (30) days from the date the order is filed, and

simultaneously sending a copy of the petition by registered or

certified mail to the Board. The form for the petition in error,

and all other procedures governing the appeal, including the time

and manner for designation and completion of the record of the

proceedings to be reviewed, shall be in accordance with the rules of

the Supreme Court. The findings of the Board shall be set aside if

found to be arbitrary or capricious.

G. Except as otherwise provided by regulation of the Board, a

notice filed pursuant to this section shall contain the following

information:

1. The name, address, personal history, business background,

and experience of each person by whom or on whose behalf the

acquisition is to be made, including the material business

activities and affiliations of each person during the past five (5)

years, and a description of any material pending legal or

administrative proceedings in which each person is a party and any

criminal indictment or conviction of each person by a state or

federal court;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 145

2. A statement of the assets and liabilities of each person by

whom or on whose behalf the acquisition is to be made, as of the end

of the fiscal year for each of the five (5) fiscal years immediately

preceding the date of the notice, together with related statements

of income and source and application of funds for each of the fiscal

years then concluded, all prepared in accordance with generally

accepted accounting principles consistently applied, and an interim

statement of the assets and liabilities for each person, together

with related statements of income and source and application of

funds, as of a date not more than ninety (90) days prior to the date

of the filing of the notice;

3. The terms and conditions of the proposed acquisition and the

manner in which the acquisition is to be made;

4. The identity, source and amount of the funds or other

consideration used or to be used in making the acquisition, and if

any part of these funds or other consideration has been or is to be

borrowed or otherwise obtained for the purpose of making the

acquisition, a description of the transaction, the names of the

parties, and any arrangements, agreements, or understandings with

each person;

5. Any plans or proposals which any acquiring party making the

acquisition may have to liquidate the trust company, to sell its

assets or merge it with any company or to make any other major

change in its business, corporate structure, or management;

6. The identification of any person employed, retained, or to

be compensated by the acquiring party, or by any person on behalf of

the person, to make solicitations or recommendations to stockholders

for the purpose of assisting in the acquisition, and a brief

description of the terms of employment, retainer, or arrangement for

compensation;

7. Copies of all invitations or tenders or advertisements

making a tender offer to stockholders for purchase of their stock to

be used in connection with the proposed acquisition; and

8. Any additional relevant information in such form as the

Board may require by regulation or by specific request in connection

with any particular notice.

H. The Commissioner may disapprove any proposed acquisition

upon finding that:

1. The proposed acquisition of control would result in a

monopoly or would be in furtherance of any combination or conspiracy

to monopolize or to attempt to monopolize in any part of the United

States;

2. The effect of the proposed acquisition of control in any

section of the country may be substantially to lessen competition or

to tend to create a monopoly or the proposed acquisition of control

would in any other manner be in restraint of trade, and the

anticompetitive effects of the proposed acquisition of control are

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 146

not clearly outweighed in the public interest by the probable effect

of the transaction in meeting the convenience and needs of the

community to be served;

3. The financial condition of any acquiring person might

jeopardize the financial stability of the trust company or prejudice

the interests of any depositors of the trust company;

4. The competence, experience, or integrity of any acquiring

person or of any of the proposed management personnel indicates that

it would not be in the interest of the depositors of the trust

company, or in the interest of the public, to permit such person to

control the trust company; or

5. Any acquiring person neglects, fails, or refuses to furnish

to the Commissioner all the information required by the

Commissioner.

I. Any person who willfully violates any provision of this

section, or any regulation or order of the Commissioner or Board

pursuant thereto, shall forfeit and pay a civil penalty of not more

than Ten Thousand Dollars ($10,000.00) per day for each day during

which a violation continues. The Board shall have authority to

assess a civil penalty, after giving notice and an opportunity to

the person to submit data, views, and arguments, and after giving

due consideration to the appropriateness of the penalty with respect

to the size of financial resources and good faith of the person

charged, the gravity of the violation, and any data, views, and

arguments submitted. The Commissioner may collect a civil penalty

by agreement with the person or by bringing an action in the

appropriate district court, except that in a civil action, the

person against whom the penalty has been assessed shall have a right

to trial de novo.
Okla. Stat. tit. 6, § 6-1018 — OK Code / Title 6 / Section 6-1018
Voluntary or involuntary liquidation or receivership
Status: in_force

A. Successor trustee upon liquidation or receivership;

appointment and qualification; petition by Commissioner. Whenever

any bank or national banking association doing a trust business or

trust company goes into voluntary or involuntary liquidation or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 135

receivership, successor trustee or trustees shall be appointed and

shall qualify in the following manner:

(1) After the Commissioner has taken possession of any such

bank or trust company, he shall file in the liquidation proceedings

of the bank or trust company a petition setting forth in general

terms that the bank or trust company is trustee under certain trusts

and that it is desirable and necessary that a successor trustee or

trustees be appointed under such trusts. It is not necessary for

such petition to designate the parties to any such trust or the

nature, purpose or extent of the trusts or the trust properties.

(2) Upon the filing of the petition, the court shall make and

enter an order requiring all persons interested in any and all such

trusts either to designate and provide and take all necessary steps

to appoint successor trustee or trustees within a time to be fixed

in the order, or to show cause why a successor trustee or trustees

should not be appointed by the court. Such order may be general in

its terms and need not designate the trusts involved or the nature,

purpose or extent thereof, or give the name of any of the

beneficiaries or others interested therein.

(3) In all trusts where all persons interested, or the court

having jurisdiction of court trusts, take the steps to provide for

the appointment and qualification of a successor trustee or trustees

within the time limited in such order, or such further time as the

court may allow, the successor trustee or trustees shall, with

relation to such trusts, succeed to all the rights, powers,

privileges, and obligations of the bank or trust company in

liquidation, except claims or liabilities arising out of the

management of the trust prior to the date of transfer.

(4) In any trust where those interested therein fail to cause a

successor trustee or trustees to be appointed prior to the time

fixed in such order, the court shall, by order and decree, appoint a

successor trustee or trustees, and such successor trustee or

trustees shall, with relation to such trusts, succeed to all the

rights, powers, privileges and obligations of the bank or trust

company in liquidation, except claims or liabilities arising out of

the management of the trust prior to the date of transfer.

(5) A copy of the order provided for in paragraph (2) of this

subsection shall be published once a week for four (4) successive

weeks in a newspaper of general circulation to be designated by the

court and published in the county in which the liquidation

proceedings of the bank or trust company are carried on. If there

is no newspaper published in such county, publication shall be made

in a newspaper of general circulation in the State of Oklahoma

designated by the court. Proof of publication shall be made in the

same manner as proof of publication of summons is made.

(6) The filing of such petition and the making and entering of

such order and the giving of notice of such order as required by

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 136

this subsection gives the court full jurisdiction of the trusts and

all parties interested therein. The court having jurisdiction in

such matter shall require the Commissioner to mail, by registered

mail postage prepaid, a copy of such order to each living trustor of

all private trusts in which such bank or trust company is trustee or

to the then directly participating beneficiaries of all private

trusts in which there is no living trustor. Such notice shall be

mailed to the last-known address of each such trustor or

participating beneficiary as shown by or as may be ascertained by

reasonably diligent efforts from the records of the bank or trust

company. Proof of mailing shall be in such form as the court shall

require.

B. Successor trustee; petition by liquidating agent or

receiver; National banking associations. Whenever a national

banking association doing a trust business goes into voluntary or

involuntary liquidation, the liquidating agent or the receiver

thereof may file a petition in the district court of the county in

which the national banking association has or had its principal

office and place of business, setting forth the same matters as are

required to be set forth in the petition filed by the Commissioner

under subsection A of this section. Thereafter, successor trustee

or trustees for the trusts of such national banking association

shall be appointed in the same manner and the same procedure

followed and the same jurisdiction acquired as set forth in

subsection A of this section.

C. Successor trustee; petition by bank or trust company. When

any bank or trust company doing a trust business going into

voluntary liquidation, such bank or trust company may file a

petition in the district court of the county in which it has its

principal office or place of business, setting forth the same

matters as are required to be set forth in the petition filed by the

Commissioner under subsection A of this section. Thereafter

successor trustee or trustees for the trusts of such bank or trust

company shall be appointed in the same manner and the same procedure

followed and the same jurisdiction obtained as set forth in said

subsection A of this section. Provided, however, with respect to

those trust accounts for which those interested therein fail to

cause a successor trustee or trustees to be appointed, the

liquidating bank or trust company shall be responsible for mailing,

by registered mail postage prepaid, a copy of the court’s order to

each living trustor of all private trusts in which such bank or

trust company is trustee or to the then directly participating

beneficiaries of all private trusts in which there is no living

trustor. Such notice shall be mailed to the last-known address of

each such trustor or participating beneficiary as shown by or as may

be ascertained by reasonably diligent efforts from the records of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 137

the bank or trust company. Proof of mailing shall be in such form

as the court shall require.

D. Transfer of trust property to successor trustee. Upon the

appointment of any successor trustee or trustees, in the manner

provided in this section, the Commissioner, the liquidating agent,

the receiver or the bank or trust company in voluntary liquidation,

as the case may be, may execute such deeds, conveyances, transfers

and assignments as are necessary to transfer to and vest in the

successor trustee or trustees all right, title, interest, power and

authority in, over and to the trust property theretofore vested in

the bank or trust company or national banking association so in

liquidation.

E. Discontinuance of trust business; determination of claims

against deposit of securities. (1) Whenever a bank, trust company

or national banking association doing a trust business discontinues

such trust business, all claims of whatsoever kind and nature

against the pledged or purchased security of such trust company,

bank or national banking association required by law to be made with

the Commissioner shall be determined, established and adjudicated in

the manner provided in this section. If not so determined,

established and adjudicated, such claims shall forever be barred and

foreclosed.

(2) The method of determining, establishing and adjudicating

such claims shall be as follows: The Commissioner shall file in the

district court for the county in which is located the principal

office and the place of business in the State of Oklahoma of such

trust company, bank or national banking association a verified

petition setting forth:

(a) that such trust company, bank or national banking

association desires to retire from the trust

business, dissolve or transfer its trust

business, or that it is in process of voluntary

or involuntary liquidation;

(b) that it is necessary that claims, if any, against

the pledged or purchased security made by such

trust company, bank or national banking

association with the Commissioner be determined.

F. Order to bring suit; publication of order; jurisdiction over

securities; notice to trustor; appearance of minors and incompetents

unnecessary. (1) Upon the filing of the petition mentioned in

subsection E of this section, the court shall make an order

requiring all persons, partnerships, associations or corporations

having claims against the pledged or purchased security to commence

action or suit thereon in such district court within six (6) months

from the date of the order, or forever be barred and foreclosed of

any claim on such security. It is not necessary that either the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 138

petition or the order give the names of any beneficiary or the

nature of the trusts protected by the security.

(2) A copy of the order shall be published in a newspaper

designated by the court, having a general circulation in the county

of the principal office and place of business in the State of

Oklahoma of such trust company, bank or national banking

association, at least once a week for as many consecutive weeks as

the court shall determine, not less than four (4) weeks nor more

than twelve (12) weeks. If no newspaper is published in such

county, the copy of the order shall be published in such newspaper

in this state as the court designates. Upon completion of

publication, proof thereof shall be made in the same manner as proof

of publication of summons is made and such proof shall be filed with

the clerk of such court.

(3) The filing of the petition, the making and entering of the

order, and the giving of notice of such petition as required by this

subsection, gives the court full jurisdiction of the security

pledged or purchased under Section 1004 of this title and of all

parties having an interest in or claim upon such security. The

court so having jurisdiction in such matter shall require the

Commissioner to mail, by registered mail postage prepaid, a copy of

such order to each living trustor of all private trusts in which the

bank or trust company is trustee and which have not been closed or

to the then directly participating beneficiaries of all such private

trusts in which there is no living trustor. Such notice shall be

mailed to the last-known address of each such trustor or

participating beneficiary as shown by or as may be ascertained by

reasonably diligent efforts from the records of the bank or trust

company. Proof of mailing shall be in such form as the court

requires.

G. Termination of right to do trust business. The filing by

the Commissioner of the proceedings provided for in subsection E of

this section shall operate to terminate the right of the bank or

trust company or national bank affected thereby to do a trust

business, except such business as may be necessary to wind up then

existing trusts.

H. Actions or suits on claims; limitation of actions; service

of summons; preference on calendars. (1) All persons,

partnerships, associations or corporations, including minors,

incompetents and all others under any legal disability, having any

claim against the pledged or purchased security mentioned in

subsection E of this section, shall file action or suit within six

(6) months from the date of the court order, and in default thereof

shall be forever barred and foreclosed of any and all claim and

interest in, to or against the security.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 139

(2) The district court making the order shall have exclusive

jurisdiction of all actions or suits brought to determine claims to

the pledged or purchased security.

(3) In all actions or suits filed pursuant to this action, the

Commissioner shall be a necessary party defendant.

(4) No action or suit shall be deemed to have been commenced

within the time required by the order unless, in the case of

defendants within the state, summons is actually served within sixty

(60) days from the time limited in the order.

(5) Actions or suits filed pursuant to this section shall have

preference upon the calendar of both the trial court and the Supreme

Court, and shall be tried by such courts without unnecessary delay.

I. Release or payment of security pending suit; distribution of

security upon determination of suit. (1) If any actions or suits

on claims against the pledged or purchased security mentioned in

subsection E of this section are commenced within the time limited

by the court order, the Commissioner shall not release or cancel the

security, or any part thereof, nor shall the court order the release

or cancellation thereof nor the payment of any part thereof until

such time as all such actions or suits are determined by final

judgment or decree.

(2) When such actions or suits are finally determined, so much

of the security as is necessary shall be paid over to such of the

claimants as have established their rights thereto in the sums

allowed by the court, or if not sufficient the security shall be

distributed pro rata among such claimants as have established, by

final judgment or decree, their claims thereto.

(3) The court, in the proceeding to be commenced by the

Commissioner, shall decree that the balance, if any, or the entire

security, in case no claims are established in the manner provided,

be cancelled or paid over and delivered to the trust company, bank

or national banking association pledging the security or its

successors or assigns, except that, in the case of any such trust

company, bank or national banking association which is in process of

voluntary or involuntary liquidation, the security or balance

thereof, if any, shall be paid over to the official lawfully in

charge of the liquidation.

J. Commissioner's charges and assessments as a prior lien on

security. All unpaid charges and assessments owing to the

Commissioner for expenses and services rendered in connection with

the pledged or purchased security mentioned in subsection E of this

section, and all expenditures incurred or made by the Commissioner,

including services rendered by the Commissioner, attorney fees and

necessary court expenses in connection with the determination of

claims against the security, shall be a first and prior lien on the

security, and be first paid before the security, or any part

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 140

thereof, is released or paid over to any claimant or trust company,

bank or national banking association.

K. Sale and disposition of security to pay expenses, costs,

attorney fees and claims. The court having jurisdiction of the

proceedings instituted by the Commissioner may, upon such terms as

the court shall fix, authorize and order the Commissioner to sell,

dispose of and reduce to cash such portion of the security pledged

or purchased by such bank or trust company or national banking

association as may be necessary to pay for the services rendered and

expenses incurred by the Commissioner in connection with such

security and the proceedings contemplated by subsections E to L,

inclusive, of this section, including attorney fees and court costs,

and to pay claims established against such security.

L. Application of subsections E to K, inclusive, of this

section. Subsections E to K, inclusive, of this section apply to

pledges of security by banks, trust companies and national banking

associations which retire from the trust business, transfer such

business or go into voluntary or involuntary liquidation or

receivership, or other method of liquidation. Provided, however,

the provisions of subsections E through K of this section shall not

apply to any bank or trust company desiring to relinquish its trust

powers and receive a return or cancellation of its pledged security

and which has not maintained any active trust accounts or acted in a

fiduciary capacity within the most recent six (6) months prior to

its filing with the Commissioner pursuant to Section 1017 of this

title a certified copy of a resolution of its board of directors

signifying such desire to relinquish its trust powers and evidence

of its release and discharge from all obligations and trusts

provided for in this article.
Okla. Stat. tit. 6, § 6-709 — OK Code / Title 6 / Section 6-709
Rights of preferred shareholders - Dividends - Voting and
Status: in_force

conversion rights.

A. Dividends. Notwithstanding any other provision of law,

whether related to restrictions upon payment of dividends upon

capital stock or otherwise, the holders of preferred stock shall be

entitled to receive cumulative dividends only if provided for in the

bank or trust company’s certificate of incorporation or amendment

thereto.

B. Dividends on common stock may not be paid until dividends on

preferred stock have been paid - Retirement. No dividends shall be

declared or paid on common stock until the cumulative dividends on

the preferred stock shall have been paid in full. If the bank or

trust company is placed in voluntary or involuntary liquidation, no

dividends shall be paid to the holders of common stock until the

holders of preferred stock shall have been paid in full the par

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 89

value or the retirement price (whichever is greater) of such stock

plus any authorized accumulated dividends.

C. Voting rights - Conversion - Retirement. Preferred stock

shall have such voting and conversion rights and such control of

management, and shall be subject to retirement at such price and in

such manner and upon such conditions, as may be provided in the

certificate of incorporation or any amendment thereto, with the

approval of the Board.
Okla. Stat. tit. 6, § 6-1003 — OK Code / Title 6 / Section 6-1003
Advertising performance of legal services prohibited
Status: in_force

A. No trust company shall advertise to furnish to the public

legal services pertaining to the execution of trusts set forth in

Section 1001 of this Code, or to the issuance of securities. No

trust company shall advertise to furnish or furnish to the public

legal advice or practice or hold itself out as practicing law.

B. Any trust company whose officers or agents solicit legal

business shall be subject to a fine not to exceed One Thousand

Dollars ($1,000.00).
Okla. Stat. tit. 6, § 6-3010 — OK Code / Title 6 / Section 6-3010
Definition - Form - Fees - Rules
Status: in_force

A. As used in this section, "statutory support trust" means a

model trust to be used by a bank or trust company for the purpose of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 288

receiving money donated by any person as a public service to assist

the beneficiary of the trust or account in the payment of medical,

financial, educational, humanitarian or other similar needs.

B. A statutory support trust may be substantially in the

following form:

DECLARATION OF TRUST

CREATING THE

(NAME OF BENEFICIARY) SUPPORT TRUST

Whereas, (name of beneficiary) of ___________________, Oklahoma,

hereinafter referred to as "Primary Beneficiary", is in need of

financial assistance, as a result of the following circumstances,

to-wit: ________

hereinafter referred to as the "Condition of Need"; and

Whereas, (name of Grantor), of _________, Oklahoma, hereinafter

referred to as "Grantor", is desirous of providing assistance to

Primary Beneficiary, primarily to help with expenses incurred in

connection with the Condition of Need, but also to provide generally

for the welfare and security of Primary Beneficiary; and

Whereas, Grantor is the owner of certain property which Grantor

desires at this time to set apart for the use and benefit of Primary

Beneficiary and for the future use and benefit of the other

beneficiaries provided for herein;

Now, therefore, Grantor does irrevocably convey, assign,

transfer and deliver to the Trustee hereinafter named the property

described in Schedule A attached hereto to have and to hold such

property and any other property which the Trustee may hereafter at

any time hold or acquire hereunder (all of which property is

hereinafter referred to collectively as the "Trust estate") in trust

nevertheless, for the following uses and purposes and subject to the

terms and conditions hereinafter set forth.

SECTION I

Appointment of Trustee

1. Grantor hereby appoints (name of trustee), of ____________,

Oklahoma, as Trustee of this Trust.

2. The Trustee may, by written instrument, signed and

acknowledged, resign from office without leave of court at any time

and for any reason, and appoint a successor Trustee to act in the

place and stead of the Trustee. Should the Trustee fail to appoint

a successor Trustee, Grantor may, by appropriate instrument in

writing, appoint a successor Trustee. In no event may Grantor be

appointed to act as Trustee.

3. Any successor Trustee shall, upon the acceptance of the

office by written instrument signed and acknowledged by the Trustee,

have the same powers, rights and duties, and the same title to the

Trust estate as did the Trustee's predecessor as Trustee.

4. No Trustee shall be required to furnish any bond or surety.

No Trustee shall be responsible or liable for the acts or omissions

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 289

of any predecessor Trustee or of a custodian, agent, depositary or

counsel selected with reasonable care.

5. As used herein, the term "Trustee" shall include not only

the original Trustee but also any successor Trustee.

6. In the case of any Trustee which is a bank, trust company or

association authorized to exercise general trust powers, references

to such entity shall include its successor or successors or any

bank, trust company or association with which it or its successors

may become merged or consolidated.

7. The Trustee shall have the power and authority with respect

to the Trust estate, shall be charged with the duties and

obligations, and shall be subject to the limitations and

restrictions hereinafter set forth.

SECTION II

General Provisions Relating to Trust

1. With respect to the management of the Trust, the character

of and the manner of making investments and reinvestments of Trust

funds, the sale, conveyance or transfer of Trust property and the

powers and duties of the Trustee, the provisions of the Oklahoma

Trust Act now in force and the provisions of investments by

Trustees, Sections 161 through 163 of Title 60 of the Oklahoma

Statutes, shall govern except as they may be modified or limited by

the provisions of this Trust. Repeal or amendment of the statutes

shall not change the powers and duties of the Trustee hereunder, but

the provisions of such statutes existing on the date this Trust is

executed, except as herein modified or limited, shall continue in

effect with respect to all property which may come into the hands of

the Trustee, whether such property has a situs within or without the

State of Oklahoma.

2. Except as provided in paragraph 2 of Section IV hereof, each

beneficiary is hereby prohibited from anticipating, encumbering,

assigning or in any other manner disposing of the interest of the

beneficiary in either principal or income and is without power so to

do; nor shall such interest be subject to the liabilities or

obligations of the beneficiary, nor to attachment, execution or

other legal process, bankruptcy proceedings or claims of creditors

or others.

3. The Trustee shall keep books of account showing all

transactions relating to the Trust estate, and shall also in each

year furnish to each beneficiary currently receiving distributions

therefrom, or to any attorney-in-fact acting on the behalf of the

beneficiary, or to the guardian of the beneficiary if a guardian has

been appointed, a statement showing how the Trust estate is invested

and all transactions relating thereto subsequent to the last

preceding account rendered.

4. Whenever distribution of income or principal is to be made

under the terms of this Trust to a minor or other person under a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 290

legal disability of any nature, the Trustee, in the Trustee's sole

discretion, may make such distributions to others for the benefit of

such minor or such legally disabled person without the intervention

of a guardian.

5. The powers, duties and responsibilities herein set out shall

not be deemed to exclude other implied powers, duties or

responsibilities not inconsistent therewith.

6. The compensation of the Trustee for services rendered to the

Trust shall be reasonable and commensurate with the compensation for

like services ordinarily and customarily paid in the community where

the service is rendered.

7. The Trustee shall have all of the foregoing powers and

duties during the term of this Trust and thereafter until final

distribution of the Trust.

SECTION III

Additions to Trust Estate

Grantor or other persons from time to time by inter vivos or

testamentary transfers may add property to the Trust estate. The

receipt of the Trustee for such property shall constitute acceptance

thereof by the Trustee.

SECTION IV

Provisions Relating to

Distributions of Income and Principal

1. During the term of this Trust the Trustee shall pay to or

for the benefit of Primary Beneficiary so much or all of the income

and principal of the Trust as the Trustee determines, in the

Trustee's sole discretion, to be necessary or advisable for the

health, maintenance, support, education and welfare of Primary

Beneficiary, after giving primary consideration to Primary

Beneficiary's Condition of Need and after consulting with Primary

Beneficiary and any one or more of the following members of Primary

Beneficiary's family or community, to-wit:

___________________; ______________________; and

______________________. The Trustee shall have no liability or

responsibility, either to Grantor or any other donor to this Trust,

or to Primary Beneficiary, for relying on information provided by

Primary Beneficiary or any such consultants, nor shall the Trustee

be under any duty to see to the proper application of any funds

distributed to, or pursuant to any instructions of, Primary

Beneficiary or any of such consultants.

2. Upon the death of Primary Beneficiary, or the determination

by the Trustee in the Trustee's sole discretion that Primary

Beneficiary's Condition of Need no longer exists, whichever first

occurs, this Trust shall terminate and all remaining assets of the

Trust shall be distributed as follows:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 291

[ ] To Primary Beneficiary or, if the Primary

Beneficiary is then deceased, to the estate of the Primary

Beneficiary;

[or]

[ ] To such charitable organization or organizations,

in such amounts and for such charitable purposes, as shall

be selected and determined by Primary Beneficiary by

appropriate instrument in writing, or in the absence of

such selection and determination, by the Trustee;

3. Whenever any distribution under subsection 2 of this Section

IV is required to be made to a beneficiary under the age of twenty-

one years, the interest so required to be distributed shall be

indefeasibly vested in the beneficiary, but the Trustee may, in the

Trustee's sole discretion, retain the assets so distributable until

the beneficiary attains age twenty-one or dies, whichever first

occurs, and the Trustee may pay the income and principal to the

beneficiary in such amounts and from time to time as the Trustee may

determine. Upon the beneficiary's attaining the age of twenty-one,

the Trustee shall deliver the then remaining principal and

undistributed income to the beneficiary. If the beneficiary dies

prior to attaining such age, then, on the date of the death of the

beneficiary, the Trustee shall deliver the then remaining principal

and undistributed income to the estate of the beneficiary. In the

alternative, the Trustee may, in the Trustee's sole discretion,

transfer such assets to a Custodian for the beneficiary under the

Oklahoma Uniform Transfers to Minors Act and specify that the

Custodian shall transfer the property to the beneficiary when the

beneficiary reaches the age of twenty-one years.

4. As used herein the term "charitable purposes" shall be

limited to and shall include religious, charitable, scientific,

literary, educational or exclusively public purposes within the

meaning of those terms as used in Section 501(c)(3) and Section

170(c)(1) of the Internal Revenue Code, but only such purposes as

also constitute public charitable purposes under the law of the

State of Oklahoma.

SECTION V

Miscellaneous Provisions

1. Grantor declares that Grantor has been fully advised as to

the legal effects of the execution of this instrument and informed

as to the character and amount of the property hereby conveyed and

further that Grantor has given consideration to the question of

whether the Trust herein created shall be revocable or irrevocable,

and Grantor now declares that it shall be wholly and completely

irrevocable and that Grantor shall not have any right, capacity or

power at any time to revoke, terminate, alter or amend any of the

provisions hereof.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 292

2. This Declaration of Trust and all of its provisions shall be

construed and administered in accordance with the laws of the State

of Oklahoma.

3. This Declaration of Trust shall be binding upon the

executors, administrators and assigns of Grantor, and the

beneficiaries named herein and upon the successors to the Trustee.

4. This Declaration of Trust shall be known as the "[name of

beneficiary] SUPPORT TRUST."

IN WITNESS WHEREOF, Grantor has hereunto subscribed Grantor's

name this ____ day of _____, 199_.

_______________________________________

"Grantor"

STATE OF OKLAHOMA )

) SS.

COUNTY OF ________ )

BEFORE ME, the undersigned, a Notary Public in and for said

County and State, on this ____ day of ________, 199_, personally

appeared [name of Grantor], to me known to be the identical person

who executed the within and foregoing instrument, and acknowledged

to me that he or she executed the same as his or her free and

voluntary act and deed for the uses and purposes therein set forth.

WITNESS my hand and official seal the day and year last above

written.

__________________________________________

Notary Public

My commission expires:

______________________

[SEAL]

ACCEPTANCE OF TRUSTEE

[name of trustee], the Trustee named in the above and foregoing

Declaration of Trust, hereby accepts the same, acknowledges receipt

of the property described in Schedule A to said Declaration of

Trust, and agrees to act under the terms and provisions thereof.

DATED this ____ day of ________, 199_.

__________________________________________

SCHEDULE A

TO

DECLARATION OF TRUST

CREATING THE [NAME OF BENEFICIARY] SUPPORT TRUST

$_______Cash

C. A bank or trust company may charge a reasonable and

customary fee for establishing and managing a statutory support

trust and this fee shall be disclosed in writing prior to the trust

or account being established.

D. The State Banking Department shall promulgate any necessary

rules to implement the provisions of this section.
Okla. Stat. tit. 6, § 6-2017 — OK Code / Title 6 / Section 6-2017
Fiscal agency for state
Status: in_force

Each credit union organized under this act when requested by the

Treasurer of the State of Oklahoma, shall act as fiscal agent of the

State of Oklahoma, and shall perform such services as the Treasurer

may require in connection with the collection of taxes and other

obligations of the State of Oklahoma and the lending, borrowing, and

repayment of money by the State of Oklahoma.
Okla. Stat. tit. 6, § 6-214 — OK Code / Title 6 / Section 6-214
Bank and trust company records - Preservation -
Status: repealed

Reproduction.

A. Preservation of records. Every bank and trust company shall

retain its business records for such periods as are or may be

prescribed by or in accordance with the terms of this section.

B. Permanent records. Each bank and trust company shall retain

permanently the minute books of meetings of its stockholders and

directors, its capital stock ledger and capital stock certificate

ledger or stubs, its general ledger (or the record kept by the bank

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 36

in lieu thereof), its daily statements of condition, and all records

which the Board shall, in accordance with the terms of this section,

require to be retained permanently.

C. Disposal of other records. All other bank and trust company

records shall be retained for such periods as the Board shall, in

accordance with the terms of this section, prescribe.

D. Records - Regulations of Board. The Board shall from time

to time issue regulations classifying all records kept by banks and

trust companies and prescribing the period for which records of each

class shall be retained. Such periods may be permanent or for a

term of years. Such regulations may be amended or repealed. Prior

to issuing any such regulation the Board shall consider:

1. Actions and administrative proceedings in which the

production of bank or trust company records might be necessary or

desirable;

2. State and federal statutes of limitation applicable to such

actions or proceedings;

3. The availability of information contained in bank and trust

company records from other sources; and

4. Such other matters as the Board shall deem pertinent in

order that its regulations will require banks and trust companies to

retain their records for such periods as are commensurate with the

interests of their customers and shareholders and of the people of

this state in having such records available.

E. Disposal - No duty to thereafter produce. Any bank or trust

company may dispose of any record which has been retained for the

period prescribed, in accordance with the terms of this section for

retention of records of its class, and shall, after it has disposed

of a record, thereafter be under no duty to produce such record in

any action or proceeding.

F. Permission to reproduce records - Admissibility. In lieu of

retention of the original records, any bank or trust company may

cause any, or all, of its records, and records at any time in its

custody, including those held by it as a fiduciary, to be

photographed, stored by electronic imaging or otherwise reproduced

in permanent form. Any such photograph, imaged document or

reproduction shall have the same force and effect as the original

thereof and be admitted in evidence equally with the original.

G. Section applicable to all banks and trust companies. To the

extent that they are not in contravention of any statute of the

United States or regulations promulgated thereunder, the provisions

of this section shall apply to all banks and trust companies doing

business in this state.
Okla. Stat. tit. 6, § 6-806 — OK Code / Title 6 / Section 6-806
Investments - Underwriting - Limitations
Status: in_force

A. A bank may purchase and sell equity and investment

securities without recourse, solely on the order and for the account

of a customer, and may not underwrite an issue of securities except

as otherwise provided by the Banking Code or rules adopted

thereunder.

B. Except as otherwise provided by the Banking Code or rules

adopted thereunder, a bank may not invest its funds in equity

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 101

securities except as necessary to avoid or minimize a loss on a loan

or investment previously made in good faith.

C. A bank may purchase investment securities for its own

account under limitations and restrictions prescribed by rules

adopted under the Banking Code. Except as otherwise provided by

this section, the total amount of the investment securities of any

one obligor or maker, held by the bank for its own account, may not

exceed an amount equal to thirty percent (30%) of the bank's capital

using data from the most recent quarterly report of condition of the

bank or trust company.

D. With the approval of the Commissioner, a bank may establish

and capitalize one or more operating subsidiaries and financial

subsidiaries, subject to rules promulgated by the Board.

E. Notwithstanding subsection A, B or C of this section, a bank

may, with prudent banking judgment, deal in, underwrite, or purchase

for its own account, without limitation as to amount unless

otherwise indicated in this subsection:

1. Bonds and other legally created general obligations of a

state, an agency or political subdivision of a state, the United

States, or an agency or instrumentality of the United States;

2. An investment security that this state, an agency or

political subdivision of this state, the United States, or an agency

or instrumentality of the United States has unconditionally agreed

to purchase, insure, or guarantee;

3. Investment securities (including limited obligation bonds,

revenue bonds, and obligations that satisfy the requirements of

Section 142(b)(1) of the Unites States Internal Revenue Code) issued

by or on behalf of any state or political subdivision of a state,

including any municipal corporate instrumentality of one or more

states, or any public agency or authority of any state or political

subdivision of a state, if the bank is well capitalized (as defined

in 12 U.S.C., Section 1831o);

4. Investment securities issued under the authority of the

Federal Farm Loan Act;

5. Investment securities insured by the Secretary of Housing

and Urban Development under Title IX of the National Housing Act or

investment securities insured by the Secretary of Housing and Urban

Development pursuant to Section 207 of the National Housing Act, if

the investment securities to be issued in payment of the insured

obligations are guaranteed as to principal and interest by the

United States;

6. Securities that are offered and sold under 15 U.S.C.,

Section 77d(5);

7. Mortgage-related securities, as defined by 15 U.S.C.,

Section 78c(a), except that notwithstanding Section 347 of the

Riegle Community Development and Regulatory Improvement Act of 1994,

a note or obligation that is secured by a first lien on one or more

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 102

parcels of real estate on which is located one or more commercial

structures shall be subject to the limitations of subsection C of

this section;

8. Investment securities issued or guaranteed by the Federal

Home Loan Banks, Federal Home Loan Mortgage Corporation, the Federal

National Mortgage Association, the Government National Mortgage

Association, the Federal Agriculture Mortgage Association, or the

Federal Farm Credit Banks Funding Corporation;

9. Purchase and hold for its own account shares of stock of

small business investment companies in an aggregate amount not

exceeding five percent (5%) of the capital stock and surplus of the

bank, and receive and retain the benefits of the stock ownership,

including stock dividends;

10. Purchase and hold for its own account shares of stock of a

banker's bank set forth in Section 402.1 of this title, but in no

event shall the total amount of the stock held by the bank exceed

ten percent (10%) of the capital of the bank and in no event shall

the purchase of the stock result in the bank acquiring more than

five percent (5%) of any class of voting securities of the banker’s

bank; and

11. Stock of a Federal Home Loan Bank.

F. Mutual Funds.

1. A bank may invest for its own account in equity securities

of an investment company registered under the Investment Company Act

of 1940 and the Securities Act of 1933 if the portfolio of the

investment company consists wholly of investments in which the bank

could invest directly for its own account.

2. If the portfolio of an investment company described by

paragraph 1 of this subsection consists wholly of investments in

which the bank could invest directly without limitation under

subsection E of this section, the bank may invest in the investment

company without limitation.

3. If the portfolio of an investment company described by

subsection C of this section contains an investment or obligation

that is subject to the limits of Section 802 of this title, the bank

may invest in the investment company not more than an amount equal

to thirty percent (30%) of the bank's capital.

4. A bank that invests in an investment company as provided by

this section shall periodically determine that its pro rata share of

any security in the portfolio of the investment company is not in

excess of applicable investment and lending limits by reason of

being combined with the bank's pro rata share of that security held

by all other investment companies in which the bank has invested and

with the bank's own direct investment and loan holdings.

G. Other Limitations. A bank may not purchase for its own

account, in any amount, paving, sewer or other special improvement

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 103

obligations that are payable from the proceeds of special

assessments.

H. Assets shall not be carried above cost. With the exception

of securities held by the bank for sale, no bank or trust company

shall, except with the previous written consent of the Commissioner,

enter or at any time carry on its books any of its assets at a

valuation exceeding the actual cost to the bank or trust company.
Okla. Stat. tit. 6, § 6-2121 — OK Code / Title 6 / Section 6-2121
Penalties
Status: in_force

Any person who violates any provision of this act or any

provision of the rules and regulations of the Commissioner is guilty

of a misdemeanor, and upon conviction shall be punished by a fine of

not less than the sum of One Hundred Dollars ($100.00) for each day

of violation.