Okla. Stat. tit. 6, § 6-1512 — OK Code / Title 6 / Section 6-1512
Definitions
Status: in_force

As used in this act:

1. "Board" means the Banking Board;

2. "Commissioner" means the State Banking Commissioner;

3. "Currency" or "funds" means the coin and paper money of the

United States or of any other country that is designated as legal

tender and that circulates and is customarily used and accepted as a

medium of exchange in the country of issuance. Currency includes

U.S. silver certificates, U.S. notes, and Federal Reserve notes.

Currency also includes official foreign bank notes that are

customarily used and accepted as a medium of exchange in a foreign

country;

4. "Department" means the Oklahoma State Banking Department;

5. "Licensee" means a person granted a license by the

Commissioner to engage in business as a money transmitter;

6. "Money services business" includes each agent, agency,

branch, or office within the State of Oklahoma of any person doing

business, whether or not on a regular basis or as an organized

business concern, as a money transmitter or in one or more of the

capacities otherwise identified and defined by the Board. The term

"money services business" shall not include a "bank" as that term is

defined in Title 31, Code of Federal Regulations, Chapter X, nor

shall it include a person registered with and regulated or examined

by the Securities and Exchange Commission or the Commodity Futures

Trading Commission;

7. "Money transmitter" means any person who engages in the

business of accepting currency or funds denominated in currency, and

transmits the currency or funds or the value of the currency or

funds, by any means through a financial agency or institution, a

Federal Reserve Bank or other facility of one or more Federal

Reserve Banks, the Board of Governors of the Federal Reserve System

or both, or an electronic funds transfer network;

8. "Money transmitter equipment" means any type of terminal,

machine, computer software, access to any network, or any other type

of tangible or intangible apparatus or system, or any combination

thereof, that may be used by a money transmitter to initiate a

transmittal of currency;

9. "Person" includes an individual, corporation, partnership,

limited partnership, limited liability company, trust or estate,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 191

joint stock company, association, syndicate, joint venture, or other

unincorporated organization or group, Indian tribe, and all entities

cognizable as legal personalities; and

10. "Supplier" means any person that utilizes, designates or

otherwise authorizes another person, whether or not designated as an

agent, to perform services of a money transmitter, or who provides

money transmitter equipment to a person in connection therewith.
Okla. Stat. tit. 6, § 6-303 — OK Code / Title 6 / Section 6-303
Incorporators - Fee
Status: in_force

A. One or more persons eligible by the Oklahoma Banking Code or

by federal law to own and control a bank or trust company shall file

with the State Banking Commissioner, in a method as required by the

Commissioner, an application for authority to organize setting forth

the information required by Section 305 of this title.

B. Each organizer shall subscribe and pay in full in cash for

stock having a total subscription price of not less than one percent

(1%) of the minimum capital required by Section 303.1 of this title.

C. An application fee in an amount prescribed by Board rule

shall accompany the application. The fee is payable from the

organizational expense fund and is nonrefundable.
Okla. Stat. tit. 6, § 6-2042 — OK Code / Title 6 / Section 6-2042
Investments by fiduciaries, political subdivisions,
Status: in_force

corporations, etc. - Investment of public funds.

(a) It shall be lawful for banks, savings banks, trust

companies, life insurance companies, fire insurance companies,

mutual casualty insurance companies, and other insurance companies

and investment companies, building and loan associations, trustees,

guardians, executors, administrators, and other fiduciaries, the

State of Oklahoma and cities, villages, school districts, and other

political subdivisions and all other corporations, associations and

persons, subject to the laws of this state, to invest their funds

and the moneys in their custody or possession, eligible for

investment, in notes or bonds secured by mortgage or trust deed

insured by the Federal Housing Administrator and debentures issued

by the Federal Housing Administrator, and in obligations of national

mortgage associations, and

(b) Wherever, by statute of this state, collateral is required

as security for the deposit of public or other funds; or deposits

are required to be made with any public official or department; or

an investment of capital or surplus, or a reserve or other fund, is

required to be maintained, consisting of designated securities,

notes and bonds insured and debentures issued by the Federal Housing

Administrator and obligations of national mortgage associations,

shall be eligible for such purposes.
Okla. Stat. tit. 6, § 6-712 — OK Code / Title 6 / Section 6-712
Liability of directors, officers, and other persons -
Status: in_force

Overdrafts.

A. Liability for violation of bank and trust laws. Any

director, officer or other person who shall knowingly participate in

any violation of the laws of this state, relative to banks and

banking and trust companies, shall be liable for all damages which

the corporation, its stockholders, depositors, creditors or owners

of trust funds shall sustain in consequence of such violation; and

upon proper showing that any director or directors knowingly

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 93

assented to, participated in, acquiesced in after failure to make

due inquiry, or caused a loan to be made in excess of the amounts

prescribed in Article VIII of this Code such director or directors

shall be individually liable for the amount of such loan and shall

be required to eliminate the same from the assets of the bank upon

the request of the Commissioner.

B. Liability for overdrafts. Any bank officer or employee who

shall knowingly, willfully and fraudulently, for the purpose of

defrauding the bank, pay out of the funds of said bank upon the

check, order or draft of any individual, firm, corporation or

association, which has not on deposit with such bank a sum equal to

such check, order or draft, shall be personally liable to such a

bank for the amount so paid and such liability shall be covered by

his official bond.

C. After August 9, 1989, no claim or action seeking to recover

money damages shall be brought by the Federal Deposit Insurance

Corporation, Resolution Trust Corporation or other federal banking

regulatory agency against any director or officer, including any

former director or officer, of any insured financial depository

institution as defined in the Financial Institutions Reform,

Recovery and Enforcement Act of 1989 unless such claim or action

arises out of the gross negligence, or willful or intentional

misconduct of such officer or director during his term of office

with such insured financial institution.
Okla. Stat. tit. 6, § 6-1609 — OK Code / Title 6 / Section 6-1609
Certification of capital accounts
Status: in_force

Certification of capital accounts.

Before opening an office in this state, and annually thereafter

so long as a bank office is maintained in this state, an

international banking corporation licensed pursuant to the

International Bank Act shall certify to the Board the amount of its

capital accounts, expressed in the currency of the country of its

incorporation. The dollar equivalent of these amounts, as

determined by the Board, shall be deemed to be the amount of its

capital accounts.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 209
Okla. Stat. tit. 6, § 6-1405 — OK Code / Title 6 / Section 6-1405
Unlawful gratuity or compensation - Transactions of
Status: in_force

persons connected with bank.

A. It shall be unlawful and deemed a Class D1 felony offense

for an affiliate of a bank or trust company or for an officer,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 182

director or employee of a bank or trust company or affiliate of a

bank or trust company:

1. To solicit, accept or agree to accept, directly or

indirectly, from any person other than the institution any gratuity,

compensation or other personal benefit for any action taken by the

institution or for endeavoring to procure any such action; or

2. To have any interest, directly or indirectly, in the

proceeds of a loan or of a purchase or sale made by the bank, unless

such loan is otherwise permissible, and the purchase or sale is

expressly authorized by this Code or by rule of the Board and,

unless otherwise directed in writing by the Commissioner, is

specifically approved by vote of a majority of the board of

directors of the bank or trust company. Provided, no interested

director or trustee shall take part in such vote.

B. In this section the term "affiliate" shall include:

1. Any person who holds a majority of the stock of a bank or

has been determined by the Board to hold a controlling interest

therein, any other corporation in which such person owns a majority

of the stock and any partnership in which the person has an

interest;

2. Any corporation in which the institution or an officer,

director or employee thereof holds a majority of the stock and any

partnership in which such person has an interest; or

3. Any corporation of which a majority of the directors are

officers, directors or employees of the institution or of which

officers, directors, trustees or employees constitute a majority of

the directors of the institution.
Okla. Stat. tit. 6, § 6-1412 — OK Code / Title 6 / Section 6-1412
Embezzlement or misapplication of funds
Status: in_force

It shall be unlawful and deemed a Class D1 felony offense for

any officer, director, shareholder or employee of any bank or trust

company to directly or indirectly embezzle, abstract, or misapply,

or cause to be embezzled, abstracted or misapplied, any of the funds

or securities or other property of or under the control of the bank

or trust company with intent to deceive, injure, cheat, wrong, or

defraud any bank, trust company or person.
Okla. Stat. tit. 6, § 6-2206 — OK Code / Title 6 / Section 6-2206
Costs of assembling, reproducing or providing financial
Status: in_force

records.

A. A government authority shall pay to the financial

institution assembling, reproducing or providing any financial

record of a customer a reasonable fee for such costs, including

copying costs and labor costs, to be paid prior to the time the

record is released.

B. For purposes of this section, the following fees shall be

deemed reasonable:

1. Search and processing costs. Reimbursement for search and

processing costs shall be the total amount of direct personnel time

incurred in locating and retrieving, reproducing, packaging and

preparing financial records for shipment or delivery. The rate for

search and processing costs shall be no more than Twenty-two Dollars

($22.00) per hour per person for clerical or technical personnel,

computed on the basis of Five Dollars and fifty cents ($5.50) per

quarter hour or fraction thereof, and no more than Thirty Dollars

($30.00) per hour per person for management or supervisory

personnel, computed on the basis of Seven Dollars and fifty cents

($7.50) per quarter hour or fraction thereof, and shall be limited

to the total amount of personnel time spent in locating and

retrieving documents or information or reproducing or packaging and

preparing documents for shipment where required or requested by a

government authority. If itemized separately, search and processing

costs may include the actual cost of extracting information stored

by computer in the format in which it is normally produced, based on

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 285

computer time and necessary supplies. Personnel time for computer

search may be paid for only at the rate specified in this paragraph;

2. Reproduction costs. Reimbursement for reproduction costs

shall be for costs incurred in making copies of documents required

or requested. The rate for reproduction costs for making copies of

required or requested documents shall be twenty-five cents ($0.25)

for each page, including copies produced by reader/printer

reproduction processes. Photographs, films, computer tapes and

other materials shall be reimbursed at actual cost;

3. Transportation costs. Reimbursement for transportation

costs shall be for necessary costs, directly incurred, to transport

personnel to locate and retrieve the information required or

requested, and necessary costs, directly incurred solely by the need

to convey the required or requested material to the place of

examination; and

4. Directly incurred costs. A financial institution also may

receive reimbursement for costs incurred solely and necessarily as a

consequence of searching for, reproducing or transporting books,

papers, records, or other data, in order to comply with legal

process. If a financial institution has records that are stored at

an independent storage facility that charges a fee to search for,

reproduce, or transport particular records requested, these costs

shall be considered to be directly incurred by the financial

institution.
Okla. Stat. tit. 6, § 6-1738 — OK Code / Title 6 / Section 6-1738
Disclosure of conflicts of interest
Status: in_force

A. Any company, proposing to act as a trustee or in any other

fiduciary capacity pursuant to a written agreement to be entered

into with a prospective client after the effective date of this act,

which company has any potential or actual conflict of interest which

may reasonably be expected to have an impact on the independence or

judgment of such trustee or fiduciary, shall deliver a disclosure

statement to the prospective client:

1. Not less than forty-eight (48) hours prior to entering into

any written or oral trust or fiduciary agreement with such client or

prospective client; or

2. At the time of entering into any such agreement if the

client has a right to terminate the agreement without penalty within

three (3) or more business days after entering into the agreement.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 231

B. The disclosure statement shall contain appropriate

information concerning the actual or potential conflict of interest.

If such trustee or other fiduciary proposes to delegate any

fiduciary function to an affiliate, the nature of the affiliation

and whether the trustee or other fiduciary may directly benefit from

the delegation shall be disclosed in the disclosure statement.
Okla. Stat. tit. 6, § 6-1006 — OK Code / Title 6 / Section 6-1006
Separation of books and accounts - Labeling securities -
Status: in_force

Prohibited operations of banks and trust companies having trust

powers.

A. Separation of books and accounts. Every bank having trust

powers and every trust company shall establish and maintain in its

office a trust department, in which shall be kept separate and apart

from its other business separate books and accounts, and shall keep

all moneys, funds, investments and property of the department at all

times segregated from and unmingled with other funds, moneys,

investments and property.

B. Labeling of securities. All bonds, warrants, notes,

mortgages, deeds and other securities of every nature shall be so

marked, stamped, labeled or otherwise identified and segregated as

to indicate the department of which such securities are a part.

C. Prohibited operations of banks and trust companies having

trust powers. No bank shall receive in its trust department and no

trust company shall receive deposits of current funds subject to

check or the deposit of checks, drafts, bills of exchange or other

items for collection or exchange purposes. Funds deposited or held

in trust by the bank or trust company awaiting investment shall be

carried in a separate account and shall not be used by the bank or

trust company in the conduct of its business unless it shall first

set aside in the trust department United States bonds or other

securities approved by the Commissioner. Funds awaiting investment

may only be so deposited for a short time, not to exceed one (1)

year.
Okla. Stat. tit. 6, § 6-2201 — OK Code / Title 6 / Section 6-2201
Short title
Status: in_force

Sections 2201 through 2206 of this title and Sections 5 and 6 of

this act shall be known and may be cited as the "Financial Privacy

Act". Its purpose is to maintain the privacy and confidentiality of

the records of customers of financial institutions.
Okla. Stat. tit. 6, § 6-1306 — OK Code / Title 6 / Section 6-1306
Lease to corporation, general or limited partnership, or
Status: in_force

limited liability company.

A. If the lessee is a corporation and the president, treasurer

or secretary certifies that certain designated persons are

authorized to enter the box, the lessor may permit such designated

persons to enter without liability therefor.

B. If the lessee is a general partnership or a limited

partnership and a general partner confirms in writing that certain

designated persons are authorized to enter the box, the lessor may

permit such designated persons to enter without liability therefor.

C. 1. If the lessee is a limited liability company and is

managed by its members, and if a majority of the members confirms in

writing that certain designated persons are authorized to enter the

box, the lessor may permit such designated persons to enter without

liability therefor.

2. If the lessee is a limited liability company and is managed

by a manager, and if the manager confirms in writing that certain

designated persons are authorized to enter the box, the lessor may

permit such designated persons to enter without liability therefor.
Okla. Stat. tit. 6, § 6-2001.3 — OK Code / Title 6 / Section 6-2001.3
Meetings of Board - Quorum
Status: in_force

The State Credit Union Board may meet as often as necessary to

carry out its duties, but it shall not fail to meet at least once in

any calendar year. The Bank Commissioner may call additional

meetings of the State Credit Union Board upon at least twenty-four

(24) hours' notice and shall do so upon request of two members. A

majority of the State Credit Union Board shall constitute a quorum

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

which a quorum is present shall be the action of the State Credit

Union Board.
Okla. Stat. tit. 6, § 6-708 — OK Code / Title 6 / Section 6-708
Common stock dividend on retirement of preferred stock
Status: in_force

The certificate of incorporation, or as the same may be amended,

of any such bank or trust company may provide that upon retirement

of any preferred stock of such bank or trust company issued pursuant

to the provisions of this Code, the board of directors may, without

further action of its stockholders, and without further action of

the Commissioner, declare and pay a common stock dividend by the

issuance of shares or fractional shares of common stock equal in

aggregate par value to the aggregate par value of the preferred

stock so retired.
Okla. Stat. tit. 6, § 6-1607 — OK Code / Title 6 / Section 6-1607
International administrative offices
Status: in_force

International administrative offices.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 206

A. Any international banking corporation having capital

accounts in excess of Twenty-five Million Dollars ($25,000,000.00)

may establish one office in this state for the purposes of:

1. Administering its personnel and operations outside the

United States;

2. Engaging in data processing and recordkeeping with respect

to its international transactions; and

3. Negotiating, approving, or servicing international loans or

extensions of credit.

B. An office established pursuant to the provisions of this

section may not engage in any activity except those activities set

forth in subsection A of this section.

C. An office established in accordance with the provisions of

this section does not require a certificate of authority to do

business pursuant to Sections 301 through 313 of Title 6 of the

Oklahoma Statutes, nor shall it be deemed a branch pursuant to

Section 501.1 of Title 6 of the Oklahoma Statutes.

D. An international banking corporation establishing an office

in accordance with the provisions of this section is subject to the

provisions of subsection A of Section 14 of this act and subsections

A through D of Section 16 of this act, except that the nonrefundable

application fee to be set by rule of the Board shall be no less than

Two Thousand Five Hundred Dollars ($2,500.00) and the annual renewal

fee shall be no less than Two Hundred Fifty Dollars ($250.00).

E. The Board shall conduct regular examinations of any office

established in accordance with the provisions of this section. Such

examinations shall be conducted primarily for the purpose of

determining compliance with the provisions of this section and the

Board's rules concerning any international banking corporation

having an international administrative office in this state.
Okla. Stat. tit. 6, § 6-715 — OK Code / Title 6 / Section 6-715
Applicability of Oklahoma General Corporation Act
Status: in_force

The provisions of the Oklahoma General Corporation Act, shall,

insofar as the same are not inconsistent herewith, govern

corporations operating under the provisions of this Code.
Okla. Stat. tit. 6, § 6-210 — OK Code / Title 6 / Section 6-210
Removal of officer, director or employee of bank or trust
Status: in_force

company by Commissioner.

Any officer, director or employee of a bank or trust company

found by the Commissioner to be dishonest, reckless, unfit to

participate in the conduct of the affairs of the institution, or to

have engaged or participated in any unsafe or unsound practice in

connection with a bank or trust company, or to be practicing a

continuing disregard or violation of laws, rules, regulations or

orders which are likely to cause substantial loss to the institution

or likely to seriously weaken the condition of the institution shall

be removed immediately from office by the board of directors of the

bank or trust company of which he is an officer, director or

employee, on the written order of the Commissioner; provided, that

said bank or trust company or officer, employee or director may

within ten (10) days file a notice of protest for said removal with

the Secretary of the Board and as soon as possible thereafter the

Board will review the order of said Commissioner and make such

findings as it deems proper, and that, pending said time, the said

officer, employee or director shall not perform any of the duties of

his office.
Okla. Stat. tit. 6, § 6-1737 — OK Code / Title 6 / Section 6-1737
Compensation arrangements between clients and fiduciaries
Status: in_force

The compensation arrangement between a client and any person

acting as a trustee or as any other fiduciary pursuant to this act

shall be at arm's length and any compensation pursuant to such

arrangement shall be a reasonable amount with respect to the

services rendered.
Okla. Stat. tit. 6, § 6-1703 — OK Code / Title 6 / Section 6-1703
Rules
Status: in_force

The Commissioner may promulgate such rules as the Commissioner

determines to be necessary or appropriate in order to implement the

provisions of this act.
Okla. Stat. tit. 6, § 6-910.7 — OK Code / Title 6 / Section 6-910.7
Property interest
Status: in_force

A. Neither a depositor nor a beneficiary has a property

interest in a special deposit.

B. Any property interest with respect to a special deposit is

only in the right to receive payment if the bank is obligated to pay

a beneficiary and not in the special deposit itself. Any property

interest under this subsection is determined under other law.
Okla. Stat. tit. 6, § 6-1730 — OK Code / Title 6 / Section 6-1730
Short title - Purpose
Status: in_force

A. Sections 26 through 35 of this act shall be known and may be

cited as the "State Trust Institution Charter Modernization Act".

B. The express purposes of this act are to:

1. Provide for the chartering of trust companies and to permit

trust companies to act as fiduciaries and otherwise engage in the

trust business in this state, provided they are adequately

capitalized, competently managed by persons of integrity, and

supervised by the Commissioner, all in order to ensure that such

trust companies are operated in compliance with law, in a safe and

sound manner and in a manner which protects their clients and

customers and other consumers in this state;

2. Improve service and reduce costs for trust institution

clients and customers and other consumers in this state by

modernizing state laws to permit the delegation by trust

institutions of fiduciary functions but not fiduciary

responsibility, authorize clients to designate any trust institution

to act for them and to choose an appropriate state's law to govern

fiduciary instruments and investments, and protect consumers from

excessive fees or undisclosed conflicts of interest of trust

institutions and their affiliates; and

3. Permit adequately capitalized and professionally managed

trust companies serving only family members and their affiliated

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 229

entities to operate as private trust companies which may not provide

services to the general public.
Okla. Stat. tit. 6, § 6-416 — OK Code / Title 6 / Section 6-416
Bank service corporations
Status: in_force

A. Definitions.

1. The term "bank services" means those services authorized

under subsections C and D of this section;

2. The term "bank service corporation" means a corporation or

limited liability company organized to perform services, all of the

capital stock of which is owned by one or more depository

institutions, and at least one of which is subject to examination by

the Commissioner;

3. The term "depository institution" means a bank or another

financial institution subject to examination by the Federal Home

Loan Bank Board or the National Credit Union Administration Board;

and

4. The term "invest" includes any advance of funds to a bank

service corporation, whether by the purchase of stock, the making of

a loan, or otherwise, except a payment for rent earned, goods sold

and delivered, or services rendered prior to the making of such

payment.

B. Amount of bank investment in service corporations.

1. No limitation or prohibition otherwise imposed by any

provision of this Code exclusively relating to banks shall prevent

any bank from investing not more than ten percent (10%) of its

capital in a bank service corporation; and

2. If stock in a bank service corporation has been held by two

or more banks, or institutions, and one of such banks, or

institutions, ceases to utilize the services of the corporation and

ceases to hold stock in it, and leaves the other as the sole

stockholding bank, or institution, the corporation may nevertheless

continue to function as such and the other bank or institution may

continue to hold stock in it.

C. Services to depository institutions. A bank service

corporation may perform the following services for depository

institutions and for such other persons as the Board shall permit by

regulation: Check and deposit sorting and posting, computation and

posting of interest and other credits and charges, preparation and

mailing of checks, statements, notices and similar items or any

other clerical, computer, information systems, electronic

communications, bookkeeping, accounting, statistical or similar

functions performed for a depository institution.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 68

D. Services to other persons. A bank service corporation may

provide to any person any of the following services and any other

services as the Banking Board shall permit:

1. Any service which a bank shareholder is authorized to

perform; and

2. Any services which the Federal Reserve Board has determined

by regulation to be permissible for a bank holding company under

Section 4(c)(8) of the Bank Holding Company Act.

E. Regulation and examination of services - Banks and trust

companies. No bank or trust company subject to examination by the

State Banking Commissioner may cause to be performed, by contract or

otherwise, any bank or trust company services for itself, whether on

or off its premises, unless assurances satisfactory to the

Commissioner are furnished to the Commissioner by both the bank or

trust company and the party performing such services that the

performance thereof will be subject to regulation and examination by

the Commissioner to the same extent as if such services were being

performed by the bank or trust company itself on its own premises.
Okla. Stat. tit. 6, § 6-204 — OK Code / Title 6 / Section 6-204
Powers of Commissioner – Review of orders
Status: in_force

A. In addition to other powers conferred by this Code, the

State Banking Commissioner shall have the power to require a bank,

bank holding company or trust company or shareholder, officer,

director, or bank employee to:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 22

1. Maintain its accounting system in accordance with such

regulations as may be prescribed by the Board or as the Commissioner

may prescribe in absence of Board regulations; provided, the

accounting system required shall have due regard to the size of the

banking and trust organization;

2. Observe methods and standards which the Commissioner may

prescribe for determining the value of various types of assets;

3. Charge off the whole or part of an asset which at the time

of the Commissioner's action could not lawfully be acquired;

4. Write down an asset to its market value;

5. Record liens and other interest in property;

6. Obtain a financial statement from a borrower to the extent

that the bank can do so;

7. Obtain insurance against damage to real estate taken as

security;

8. Search, or obtain insurance of, the title to real estate

taken as security;

9. Maintain adequate insurance against such other risks as the

Commissioner may determine to be necessary and appropriate for the

protection of depositors, trust funds and the public;

10. 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 the Oklahoma Banking Code, federal

banking law or the applicable banking law of another state, or a

lawful regulation issued thereunder, or to cease and desist from

engaging in any unsafe or unsound banking or trust practice; and

11. Pay civil money penalties under the same circumstances and

conditions applicable to imposition of civil money penalties by the

primary federal bank regulatory agency of the bank.

B. Before issuing an order provided for in subsection A of this

section, the Commissioner shall give reasonable notice of an

opportunity for a hearing. However, if the Commissioner makes

written findings of fact that the protection of depositors will be

harmed by delay in issuing an order provided for in subsection A of

this section, the Commissioner may issue a temporary order pending

the hearing on the order provided for in subsection A of this

section. The temporary order shall remain in effect until three (3)

business days after the hearing on the order provided for in

subsection A of this section and shall become final if the bank or

trust company subject to the order fails within fifteen (15) days

after the receipt of the order to request a hearing to determine

whether the temporary order should be modified, vacated, or become

final. If a hearing on the temporary order is not held upon written

request, the temporary order shall dissolve and the order provided

for in subsection A of this section shall not be issued except upon

reasonable notice and opportunity for hearing.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 23

C. Any person, bank or trust company aggrieved by a final order

of the Commissioner as provided for in this section may obtain a

review of the order by the Board, who shall have the power to

affirm, modify, reverse, or stay the enforcement of any order of the

Commissioner.

D. The Commissioner may enter into cooperative, coordinating,

and information-sharing agreements with any other bank supervisory

agencies or any organization affiliated with or representing one or

more bank supervisory agencies with respect to the periodic

examination or other supervision of any bank, bank holding company,

or branch in this state of an out-of-state state bank, or any branch

of an Oklahoma state bank in any other state, and the Commissioner

may accept such reports of examination and reports of investigation

in lieu of conducting the Commissioner's own examinations or

investigations. If such agreements result in the payment of fees,

however calculated, by any other bank supervisory agency to the

Oklahoma State Banking Department for examination or supervisory

activities conducted by Department personnel, whether such activity

is conducted inside or outside of this state, such fees shall be

deposited in the Oklahoma State Banking Department revolving fund

pursuant to Section 211.1 of this title. If such agreements result

in the payment of fees, however calculated, by the Department to any

other bank supervisory agency for examination or supervisory

activities conducted by such other bank supervisory agency, whether

such activity is conducted inside or outside of this state, such

fees shall be paid by the Department from the Oklahoma State Banking

Department revolving fund pursuant to Section 211.1 of this title.

The Commissioner may enter into cooperative, coordinating, and

information-sharing agreements with the Department of Consumer

Credit and other state agencies with whom the agreements may be

mutually beneficial.

E. The Commissioner may enter into cooperative agreements with

other bank regulatory agencies to facilitate the regulation of banks

and bank holding companies doing business in this state. The

Commissioner may accept reports of examinations and other records

from such other agencies in lieu of conducting its own examinations

of banks controlled by out-of-state bank holding companies. The

Commissioner may take any action jointly with other regulatory

agencies having concurrent jurisdiction over banks and bank holding

companies or may take such actions independently in order to carry

out the responsibilities of the Commissioner.

F. 1. The Commissioner may issue interpretive statements

containing matters of general policy for the guidance of state banks

and trust companies and other entities under the jurisdiction of the

Department. The Commissioner may amend or repeal an interpretive

statement by issuing an amended statement or notice of repeal of a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 24

statement and shall provide notice thereof and make it available to

all state-chartered banks and trust companies upon request.

2. The Commissioner may issue opinions in response to specific

requests from members of the public or the banking and trust

industry directly or through the Deputy Commissioner or the

Department's attorneys. The Commissioner may amend or repeal an

opinion by issuing an amended statement or notice of repeal of an

opinion and shall provide notice thereof and make it available to

all state-chartered banks and trust companies upon request, except

that the requesting party may rely on the original opinion if all

material facts were originally disclosed to the Commissioner,

considerations of safety and soundness of the affected bank are not

implicated with respect to further and prospective reliance on the

original opinion, and the text and interpretation of relevant,

governing provisions of this act have not been changed by

legislative or judicial action.

3. An interpretive statement or opinion issued under this

section does not have the force of law and is not a rule.
Okla. Stat. tit. 6, § 6-2204 — OK Code / Title 6 / Section 6-2204
Subpoena of financial records
Status: in_force

A. A court of competent jurisdiction, state agency or

legislative committee may issue a subpoena for a customer's

financial record only if such subpoena is authorized by law. Said

subpoena shall specify what financial record is sought. A subpoena

issued by a state agency or legislative committee shall be enforced

pursuant to Section 315 of Title 75 of the Oklahoma Statutes.

B. A copy of the subpoena shall be served on the customer or

mailed to his last-known address on or before the date the subpoena

is served on the financial institution.

C. The customer shall have fourteen (14) days after the

subpoena was served or mailed in which to file a motion to quash the

subpoena on the following grounds:

1. That the financial record sought is incompetent, irrelevant

or immaterial for the purpose or purposes for which it is sought;

2. That the release of the financial record would cause an

unreasonable burden or hardship under the circumstances;

3. That the government authority seeking said financial record

is attempting to harass the customer; or

4. That there is no merit in the purpose or purposes for which

said financial record is sought.

If the subpoena was issued by the district court, the motion to

quash the subpoena shall be filed in the district court that issued

the subpoena. If the subpoena was issued by a state agency or a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 283

legislative committee, the motion to quash the subpoena shall be

filed with the state agency or legislative committee that issued the

subpoena.

D. A copy of the motion to quash filed by the customer shall be

served by personal service or by mail on:

1. A chairman, presiding officer, or any member of the

governing body of the government authority seeking the records; and

2. Any officer of the financial institution which has been

served the subpoena,

at least ten (10) days before any hearing on the motion to quash.

E. Failure of the customer to file a motion to quash in the

time provided for in subsection C shall constitute a waiver of his

right to object to the release or disclosure of the financial record

sought by the government authority.

F. During the period for filing the motion to quash and

continuing until a ruling is made on such motion, if one is filed

the financial institution shall make available to its customer a

copy of the records sought and shall preserve the original records

without alteration.

G. The notice and challenge procedures provided for in this

section shall not apply when the financial records of the customer:

1. Are sought pursuant to a subpoena in connection with

litigation to which the customer is a party, including, but not

limited to, litigation between a government authority and the

customer; or

2. Are sought pursuant to an administrative subpoena in an

adjudicatory proceeding in which the customer is a party.
Okla. Stat. tit. 6, § 6-1413 — OK Code / Title 6 / Section 6-1413
Libel and slander
Status: in_force

It shall be unlawful and deemed a Class D1 felony offense for

any person to publish, utter, or circulate any false, malicious,

unprivileged statement or representation for the purpose of injuring

any banking institution or credit union chartered, existing and

doing business within the State of Oklahoma, under and by virtue of

the laws of this state, or under and by virtue of the laws of the

United States of America.
Okla. Stat. tit. 6, § 6-306.2 — OK Code / Title 6 / Section 6-306.2
Acceptance of application for filing - Notice
Status: in_force

A. In the event the Commissioner determines that the organizers

have substantially complied with the requirements of Section 305 of

this title and an organizational expense fund in a minimum amount

approved by the Commissioner has been fully funded, the Commissioner

shall accept the application for filing and shall notify the

organizers of the acceptance. Prior to acceptance by the

Commissioner, an applicant shall have one opportunity to correct

deficiencies in an application. Deficiencies that are not corrected

adequately when the application is resubmitted may cause the

application to be considered withdrawn or disapproved.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 44

B. Within ten (10) days after the Commissioner has accepted an

application for filing, the applicant shall publish notice of such

acceptance in a legal newspaper of general circulation in the city,

town, or county in which the proposed bank or trust company is to be

located. The notice shall be published on the same day for two (2)

consecutive weeks and shall contain a statement that an application

has been submitted, the names of the organizers, the name and

location of the proposed bank or trust company and the date on which

the application was accepted for filing. The applicant shall

promptly furnish the Commissioner an affidavit evidencing such

publication.
Okla. Stat. tit. 6, § 6-1312 — OK Code / Title 6 / Section 6-1312
Garnishment - Proceedings in aid of execution
Status: in_force

In any action wherein garnishment summons is served on the

lessor or a party to an action seeks to subject a box or contents

thereof to the garnishment or order of court, the lessor, upon being

served with such garnishment or court order, shall seal the box and

deny access thereto to all persons except as ordered by the court.

A court of record may, in a proceeding wherein the lessee is a

party, in aid of execution or for the purpose of enforcing its

orders, direct the sheriff or marshal to enter a box, remove the

contents therefrom and hold, deliver or sell such contents as

permitted by law. Damages suffered by the lessor by reason of

forcible entry as provided herein shall be assessed as costs and

paid to the lessor by the garnishment creditor. If no court order

directing entry into the box is served upon the lessor within thirty

(30) days after a garnishment summons is received by the lessor, the

box shall be unsealed and the lessor shall no longer be required to

deny access to parties entitled thereto.
Okla. Stat. tit. 6, § 6-402.1 — OK Code / Title 6 / Section 6-402.1
Chartering of banker's bank
Status: in_force

A banker's bank may be chartered pursuant to Sections 301

through 313 of Title 6 of the Oklahoma Statutes and shall have the

powers set forth in Section 402 of Title 6 of the Oklahoma Statutes,

subject to the following limitations and restrictions:

1. The stock of the bank shall be owned exclusively by other

banks, or if the stock of such bank is owned by a holding company,

then the stock of the holding company is owned exclusively by other

banks;

2. The bank or the bank holding company owning such bank,

including all subsidiaries, shall engage primarily in providing

service to or for other depository institutions or their holding

companies, and the directors, officers, or employees of such

institutions;

3. The bank shall have federal deposit insurance by the Federal

Deposit Insurance Corporation; and

4. The bank shall provide correspondent banking services at the

request of other depository institutions, their subsidiaries or

their holding companies and subsidiaries of such holding companies.
Okla. Stat. tit. 6, § 6-1014 — OK Code / Title 6 / Section 6-1014
Closing of trust unduly delayed
Status: in_force

Whenever, in the opinion of the Commissioner as a result of a

regular or special examination made at his discretion, the closing

of any trust in process of administration by any bank or trust

company as executor, administrator, guardian, conservator or other

trustee is found to be unduly delayed, either through the acts or

failure to act of any such bank or trust company or through the acts

or failure to act of legal counsel employed in such proceedings, the

bank or trust company shall, within thirty (30) days after receiving

written notice from the Commissioner, file a report in the premises

with the court having jurisdiction of the matter and shall obtain an

extension of time under a court order unless such extension is

declined by the court. A certified copy of the court's finding in

the matter shall be filed by the bank or trust company with the

Commissioner within ten (10) days from the issuance of the court

order.
Okla. Stat. tit. 6, § 6-2005 — OK Code / Title 6 / Section 6-2005
Unlawful transaction of business - Enforcement by Attorney
Status: in_force

General - Injunction and receiver.

It shall be unlawful for any individual, firm, association, or

corporation to transact a Credit Union business except as authorized

by the laws of the State of Oklahoma or the United States, or to use

or advertise in connection with any business, other than the credit

union business conducted under the laws of this State or of the

United States, the term "Credit Union," or any other term or terms

calculated to deceive the public into believing that such person,

firm, association, or corporation is engaged in the credit union

business. Any person, firm, association, or corporation violating

any of the provisions of this section, either individually or as an

interested party, in any firm, association, or corporation, shall be

guilty of a misdemeanor, and upon conviction thereof, shall be fined

in a sum of not less than One Hundred Dollars ($100.00), nor more

than Five Hundred Dollars ($500.00), or by imprisonment in the

County jail for not less than thirty (30) days, nor more than six

(6) months, or by both such fine and imprisonment, and it is hereby

made the duty of the Attorney General to enforce the provisions of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 245

this section; and in order to prevent the violation of this section,

the district court in the county wherein said credit union is

located is hereby authorized and empowered to grant an injunction

and to appoint a receiver to take charge of the business and assets

of any person, firm, association, or corporation found guilty of

violating the provisions of this section, and to make all necessary

and proper orders to wind up such business and prevent a violation

of this section.
Okla. Stat. tit. 6, § 6-426 — OK Code / Title 6 / Section 6-426
Agency relationships between subsidiary banks
Status: in_force

A. Any bank subsidiary of a bank holding company may receive

deposits, renew time deposits, close loans, service loans, and

receive payments on loans and other obligations as an agent for any

other bank owned or controlled by the same bank holding company.

B. Despite any other provision of law, a bank acting as an

agent in accordance with subsection A of this section for an

affiliate shall not be considered a branch of the affiliate.

C. An agency relationship between subsidiary banks pursuant to

subsection A of this section shall be on terms that are consistent

with safe and sound banking practice and all applicable regulations

of any appropriate bank regulatory agency.
Okla. Stat. tit. 6, § 6-910 — OK Code / Title 6 / Section 6-910
Short title — Uniform Special Deposits Act
Status: in_force

This act shall be known and may be cited as the “Uniform Special

Deposits Act”.
Okla. Stat. tit. 6, § 6-910.3 — OK Code / Title 6 / Section 6-910.3
Variation by agreement — When permitted
Status: in_force

A. The effect of Sections 2 through 6, 8 through 11, and

Section 13 of this act may not be varied by agreement, except as

provided in those sections. Subject to subsection B of this

section, the effects of Sections 7, 12, and 13 of this act may be

varied by agreement.

B. A provision in an account agreement or other record that

substantially excuses liability or substantially limits remedies for

failure to perform an obligation under this act is not sufficient to

vary the effect of a provision of this act.

C. If a beneficiary is a party to an account agreement, the

bank and the depositor may amend the agreement without the consent

of the beneficiary only if the agreement expressly permits the

amendment.

D. If a beneficiary is not a party to an agreement and the bank

and the depositor know the beneficiary has knowledge of the

agreement’s terms, the bank and the depositor may amend the

agreement without the consent of the beneficiary only if the

amendment does not adversely and materially affect a payment right

of the beneficiary.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 117

E. If a beneficiary is not a party to an account agreement and

the bank and the depositor do not know whether the beneficiary has

knowledge of the agreement’s terms, the bank and the depositor may

amend the agreement without the consent of the beneficiary only if

the amendment is made in good faith.
Okla. Stat. tit. 6, § 6-1023 — OK Code / Title 6 / Section 6-1023
Deposit of securities in clearing corporation or Federal
Status: in_force

Reserve Bank.

A. Notwithstanding any other provisions of law, any bank, trust

company, or national banking association holding securities in its

fiduciary capacity, any bank, trust company, or national banking

association holding securities as custodian or managing agent, and

any bank, trust company, or national banking association holding

securities as custodian for a fiduciary is authorized to deposit or

arrange for the deposit of securities in a clearing corporation, as

defined in paragraph (5) of subsection (a) of Section 8-102 of Title

12A of the Oklahoma Statutes, or where the securities are those of

the United States of America, to deposit or arrange for the deposit

of the securities at the Federal Reserve Bank under regulations

prescribed from time to time by the Comptroller of the Currency.

When securities are so deposited, certificates representing

securities of the same class of the same issuer may be merged and

held in bulk in the name of the nominee of the clearing corporation

with any other securities deposited in the clearing corporation by

any person regardless of the ownership of the securities, and

certificates of small denominations may be merged into one or more

certificates of larger denomination. The records of the fiduciary

and the records of the bank, trust company, or national banking

association acting as custodian, managing agent, or as custodian for

a fiduciary shall at all times show the name of the party for whose

account the securities have been deposited. Ownership of, and other

interest in, the securities may be transferred by bookkeeping entry

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 143

on the books of the clearing corporation without physical delivery

of certificates representing the securities. A bank, trust company,

or national banking association which deposits securities pursuant

to this section shall be subject to such rules and regulations as,

in the case of a state chartered institution, the Commissioner and,

in the case of a national banking association, the Comptroller of

the Currency, may from time to time issue. A bank, trust company,

or national banking association acting as custodian for a fiduciary

shall, on demand by the fiduciary, certify in writing to the

fiduciary the securities deposited by the bank, trust company, or

national banking association in the clearing corporation for the

account of the fiduciary. A fiduciary shall, on demand by any party

to a judicial proceeding for the settlement of the fiduciary's

account or on demand by the attorney for the party, certify in

writing to the party the securities deposited by the fiduciary in

the clearing corporation for its account as the fiduciary.

B. This section shall apply to any fiduciary holding securities

in its fiduciary capacity, and any bank, trust company, or national

banking association holding securities as a custodian, managing

agent, or custodian for a fiduciary, acting on the effective date of

this section or who thereafter may act regardless of the date of the

agreement, instrument, or court order by which it is appointed and

regardless of whether or not the fiduciary, custodian, managing

agent, or custodian for a fiduciary, owns capital stock of the

clearing corporation.
Okla. Stat. tit. 6, § 6-3003 — OK Code / Title 6 / Section 6-3003
Negotiation services - Interest income as valuable
Status: in_force

consideration.

Interest income shall not be considered valuable consideration

for negotiation services.
Okla. Stat. tit. 6, § 6-1011 — OK Code / Title 6 / Section 6-1011
Loans of trust funds to officers and employees prohibited
Status: in_force

It shall be unlawful for any bank or trust company to lend any

officer, director or employee any funds held in trust under the

powers conferred by this article.
Okla. Stat. tit. 6, § 6-215 — OK Code / Title 6 / Section 6-215
Limitation of liability
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 37

No member of the Board or officer or employee of the Department

shall be liable in any civil action for damages for any act done or

omitted in good faith in performing the functions of his office.
Okla. Stat. tit. 6, § 6-1613 — OK Code / Title 6 / Section 6-1613
Dissolution
Status: in_force

Dissolution.

A. In the event an international banking corporation which is

licensed to maintain an international bank agency in this state is

dissolved, or its authority or existence is otherwise terminated,

canceled, or suspended in the jurisdiction of its incorporation,

oral notice by telephone of such event shall be given to the

Commissioner, deputy commissioner or Board legal counsel, within

twelve (12) hours of such event.

B. A certificate of the official who is responsible for records

of banking corporations of the jurisdiction of incorporation of such

international banking corporation, attesting to the occurrence of

any such event, or a certified copy of an order or decree of a court

of such jurisdiction directing the dissolution of such international

banking corporation, the termination of its existence, or the

cancellation of its authority, shall be delivered within two (2)

days by the corporation or its officers and directors last appearing

in the records of the Board to the Board. The filing of the

certificate, order, or decree shall have the same effect as the

revocation of the license of such international banking corporation

as provided in Section 16 of this act.

C. Refusal or neglect of any said officer or director to comply

with this section shall render him liable for an administrative

violation and subject to a fine of not more than One Thousand

Dollars ($1,000.00) for each day of such refusal or neglect.
Okla. Stat. tit. 6, § 6-1107 — OK Code / Title 6 / Section 6-1107
Conversion from state bank to national and of national to
Status: in_force

state bank, and trust powers.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 151

A. State bank conversion to national bank. Nothing in the law

of this state shall restrict the right of a state bank to convert

into a national bank upon compliance with the laws of the United

States, and upon completion of such conversion it shall surrender

its charter as a state bank.

B. National bank conversion to state bank. A national bank

located in this state, which follows the procedure prescribed by

federal law to convert into a state bank, shall be granted a state

charter if it meets the requirements for the incorporation of a

state bank and the standards and requirements set forth by rules and

regulations of the Board. Any requirements that shares must be paid

in cash may be satisfied by the exchange of shares of the converted

state bank for those of the converting national bank, which may be

valued at no more than their fair cash market value. The procedure

for incorporation of a state bank may be modified to the extent made

necessary by the difference between an ordinary incorporation and a

conversion.

C. Preservation of identity and use of prior name. The

converted bank shall be considered the same business and corporate

entity as the converting bank with all of the rights, powers and

duties of the converting bank except as limited by the charter and

bylaws of the resulting bank. It may use the name of the converting

bank whenever it can do any act under such name more conveniently.

D. Succession to fiduciary positions. Where a resulting state

bank is not to exercise trust powers, the Board shall not approve a

merger or conversion until satisfied that adequate provision has

been made for successors to fiduciary positions held by the merging

banks or the converting bank, and the manner of succession of trust

powers and successor trustees shall follow the same procedure as set

out in Section 1018 of this Code.

E. Continuation of corporate entity. Any reference to the

converting bank in any writing, whether executed or taking effect

before or after the conversion, shall be deemed a reference to the

converted bank if not inconsistent with the other provisions of such

writing.
Okla. Stat. tit. 6, § 6-2019.1 — OK Code / Title 6 / Section 6-2019.1
Maintenance of books, records, accounting systems and
Status: in_force

procedures - Destruction of records - Records as evidence.

(A) A credit union shall maintain all books, records,

accounting systems, and procedures in accordance with such

regulations as the State Credit Union Board from time to time

prescribes. In prescribing such regulations, the State Credit Union

Board shall consider the relative size of a credit union and its

reasonable capability of compliance.

(B) A credit union is not liable for destroying records after

the expiration of the record retention time prescribed by

regulation, except for any records involved in an official

investigation or examination about which the credit union has

received notice.

(C) Reproduction of any credit union records shall be

admissible as evidence of transactions with the credit union as

provided by the laws of the State of Oklahoma.
Okla. Stat. tit. 6, § 6-714 — OK Code / Title 6 / Section 6-714
Directors - Meetings and duties
Status: in_force

A. The board of directors of a bank shall meet at least once

every month and the board of directors of a trust company shall meet

at least once every quarter. However, the Commissioner may

prescribe circumstances, which if satisfied by a bank, will permit

the bank's board of directors to meet no less often than once every

two months. If the Commissioner permits a board of directors to

meet less often than monthly, any requirement in this title or in

the rules of the Oklahoma Administrative Code for monthly reviews by

the board shall be interpreted to mean review at each meeting of the

board of directors. Board members of the bank may participate in

such meetings by teleconference, video conference, or other means by

which any board member not physically present at a meeting location

may vote and otherwise participate in the meeting and be aware of

all communication and business being transacted at the meeting at

the same time as it occurs. The State Banking Commissioner, a

director or an executive officer may call a special meeting. A

majority of the board of directors shall constitute a quorum. The

board shall keep minutes of each meeting, including a record of

attendance and a record of all votes of the directors that would be

pertinent to the business of the bank, to any officer, or to any

stockholder. A copy of the minutes of each meeting of the board of

directors shall be furnished to the Commissioner upon request. A

copy shall be signed by the chairman of the board or the secretary

to the board and retained at the bank. The minutes may be

transmitted to the Commissioner electronically.

B. The board of directors of each bank shall review at least

monthly and the board of directors of each trust company shall

review at least quarterly written reports prepared by the president

or other officer of the corporation setting forth such transactions

occurring during the calendar month or quarter, as appropriate,

preceding the meeting as the Commissioner shall require by

appropriate regulations.

C. The board of directors of every bank and trust company shall

examine, at least once in each calendar year at intervals of not

more than fifteen (15) months, all the affairs of the corporation

including the character and value of investments and loans, the

efficiency of operating procedures and such other matters as the

Commissioner may require. However, upon request by a bank or trust

company, the Commissioner may allow the examination called for by

this subsection to occur at intervals less frequent than called for

in this subsection or may condition the requirement of such

examination upon the occurrence of some event. A report of the

examination shall be submitted promptly to the Commissioner and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 96

shall embody such information as the Commissioner requires. The

board of directors may provide that such examination shall be

conducted by a committee of not less than three directors, by

certified public accountants, or by independent auditors responsible

only to the board of directors. Such examination shall be made when

practicable without the assistance of the executive officers of the

bank or trust company. Such report of examination shall be reviewed

by the directors at the next meeting of the board of directors.

D. A bank authorized to exercise trust powers shall not accept

or voluntarily relinquish a fiduciary account without approval or

ratification of the board of directors or of a committee of officers

or directors designated by the board to perform this function, but

the board of directors or the committee may prescribe general rules

governing acceptance or relinquishment of fiduciary accounts, and

action taken by an officer in accordance with these rules is

sufficient approval. Any committee so designated shall keep minutes

of its meetings and report at each monthly meeting of the board of

directors all action taken since the previous meeting of the board.

The board of directors shall designate one or more committees of not

less than three qualified officers or directors to supervise the

investment of fiduciary funds. No investment shall be made,

retained or disposed of without the approval of a committee to which

the bank has delegated investment or review responsibility. The

committee, in making investment decisions, shall be subject to the

provisions of the Oklahoma Uniform Prudent Investor Act. The

committee shall keep minutes of its meetings and shall report at

each monthly meeting of the board of directors its conclusions on

all questions.

E. Every official communication directed by the Commissioner or

any examiner to any bank or trust company or to any officer thereof,

relating to an investigation or examination conducted by the

Department or containing suggestions or recommendations as to the

conduct of the business of the bank or trust company, shall be

submitted by the officer receiving it to the board of directors at

the next meeting of the board and duly noted in the minutes of the

meeting of the board in such form and in such manner as may be

prescribed and directed by the Commissioner. No officer of any bank

or trust company shall fail to comply with this subsection.
Okla. Stat. tit. 6, § 6-1739 — OK Code / Title 6 / Section 6-1739
Acquisition of state trust company or trust institution
Status: in_force

A. Subject to the provisions of this section, a trust

institution may purchase assets of a state trust company or trust-

related assets of another trust institution, including the right to

control accounts established with the trust institution. Except as

otherwise expressly provided by this section or any other law, the

purchase of all or part of the assets of the trust institution does

not make the purchasing trust institution responsible for any

liability or obligation of the selling trust institution that the

purchasing trust institution does not expressly assume. Except as

otherwise provided by this act, this section does not govern or

prohibit the purchase by a state trust institution of all or part of

the assets of a corporation or other entity that is not a trust

institution.

B. If the acquiring institution is a state bank, a state trust

company, an out-of-state trust institution which maintains neither a

branch nor a trust office in this state, or a savings association

chartered under the laws of this state, an application in the form

required by the Commissioner shall be filed with the Commissioner

for any acquisition of all or substantially all of:

1. The assets of a state trust company; or

2. The trust assets of another trust institution.

C. The Commissioner shall investigate the condition of the

purchaser and seller and may require the submission of additional

information as considered necessary to make an informed decision.

The Commissioner shall approve the purchase if:

1. The acquiring trust institution will be solvent and have

sufficient capitalization for its business and location;

2. The acquiring trust institution has complied with all

applicable statutes and rules including without limitation any

applicable requirements of Sections 26 through 35 of this act;

3. All fiduciary obligations and liabilities of the parties

have been properly discharged or otherwise assumed by the acquiring

trust institution;

4. All conditions imposed by the Commissioner have been

satisfied or otherwise resolved; and

5. All fees and costs have been paid.

D. A purchase requiring an application pursuant to subsection B

of this section is effective on the date of approval, unless the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 232

purchase agreement provides for, and the Commissioner consents to, a

different effective date.

E. The acquiring trust institution shall succeed by operation

of law to all of the rights, privileges and obligations of the

selling trust institution under each account included in the assets

acquired.
Okla. Stat. tit. 6, § 6-910.8 — OK Code / Title 6 / Section 6-910.8
Creditor process enforceability against bank
Status: in_force

A. Subject to subsection B of this section, creditor process

with respect to a special deposit is not enforceable against the

bank holding the special deposit.

B. Creditor process is enforceable against the bank holding a

special deposit with respect to an amount the bank is obligated to

pay a beneficiary or a depositor if the process:

1. Is served on the bank;

2. Provides sufficient information to permit the bank to

identify the depositor or the beneficiary from the bank’s book and

records; and

3. Gives the bank a reasonable opportunity to act on the

process.

C. Creditor process served on a bank before it is enforceable

against the bank under subsection B of this section does not create

a right of the creditor against the bank or a duty of the bank to

the creditor. Other law determines whether creditor process creates

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 119

a lien enforceable against the beneficiary on a contingent interest

of a beneficiary, including a depositor as a beneficiary, even if

not enforceable against the bank.
Okla. Stat. tit. 6, § 6-512 — OK Code / Title 6 / Section 6-512
Out-of-state companies or banks - Reciprocity requirement -
Status: in_force

Certificate for establishment or relocation of branch.

A. An out-of-state industrial loan company or industrial bank

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 industrial loan company or industrial

bank is located would permit a bank chartered under the laws of this

state with a main office located in this state to establish a de

novo industrial loan company or industrial bank branch in that other

state without having engaged in an interstate merger transaction

with an industrial loan company or industrial bank having its main

office in that other state.

B. No industrial loan company or industrial bank shall be

permitted to establish and operate a branch, or relocate a branch,

except upon a certificate issued by the State Banking Commissioner.

C. The State Banking Board shall adopt and promulgate rules

necessary to effectuate the provisions of this act. 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.
Okla. Stat. tit. 6, § 6-201 — OK Code / Title 6 / Section 6-201
Establishment - Officers and employees
Status: in_force

A. There shall be a Banking Department, with a main office

located at 2900 North Lincoln Boulevard, Oklahoma City, Oklahoma,

which shall be a separate department of the state government charged

with supervision of the activities in this state as provided in the

Oklahoma Banking Code of 1997 and in other legislation conferring

jurisdiction upon the Department.

B. The head of the Department shall be the Commissioner. The

Commissioner shall be appointed by the Governor with the advice and

consent of the Senate. The Commissioner shall have been a qualified

elector of the state for at least three (3) years prior to the

appointment, shall be at least thirty-five (35) years old and shall

have had ten (10) years' experience as a bank officer or employee,

or five (5) years' experience as a bank president or managing

officer of a bank, or five (5) years' experience as a state or

federal bank examiner. The Commissioner shall be appointed for a

term of four (4) years. The Commissioner shall continue to serve

until a successor is duly appointed, confirmed and qualified. The

Commissioner may be removed by the Governor for cause after notice

and hearing. A successor to a Commissioner who dies, resigns or is

removed shall be appointed in the same manner as provided in this

section.

C. 1. The Commissioner shall appoint a Deputy Commissioner who

may also serve as secretary to the Board hereinafter created. The

Deputy Commissioner shall have been a qualified elector of the state

for at least three (3) years prior to the appointment, shall be at

least thirty (30) years old and shall have had five (5) years'

experience as a bank officer or employee, or three (3) years'

experience as a bank president or managing officer of a bank, or

five (5) years' experience as a state or federal bank examiner,

Assistant Deputy Commissioner, or other Department employee. If the

office of the Commissioner is vacant or if the Commissioner is

absent or unable to act, the Deputy Commissioner shall be the acting

Commissioner.

2. The Commissioner may appoint Administrative Assistants whose

administrative duties shall be prescribed by the Commissioner.

3. The Attorney General is hereby authorized to appoint an

Assistant Attorney General, in addition to those now provided by

law, to be assigned to the Department. The Assistant Attorney

General shall perform such additional duties as may be assigned by

the Attorney General, and shall otherwise be subject to all

provisions of the statutes relating to Assistant Attorneys General.

The Banking Department is authorized to pay all or any part of the

salary of the Assistant Attorney General.

4. The Commissioner may also appoint a Budget Director for the

Department, a Credit Union Administrator and Assistant Deputy

Commissioners. The Budget Director, Credit Union Administrator and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 17

Assistant Deputy Commissioners shall have the duties and authority

as prescribed by the Commissioner.

5. The Commissioner shall prepare in writing a manual of all

employee positions for the Department, including job

classifications, seniority status, personnel qualifications, duties,

maximum and minimum salary schedules and other personnel information

for approval by the Board. The Commissioner may select, appoint and

employ such accountants, attorneys, auditors, examiners, clerks,

secretaries, stenographers and other personnel as the Commissioner

deems necessary for the proper administration of the Department and

any other statutory duties of the Commissioner.

D. All officers and employees of the Department shall be in the

exempt unclassified service as provided for in Section 840-5.5 of

Title 74 of the Oklahoma Statutes. All future appointees to such

positions shall be in the exempt unclassified service. Except as

provided in subsection B of this section, officers and employees of

the Department shall not be terminable except for cause as defined

by the Board.

E. The Commissioner may delegate to any officer or employee of

the Department any of the powers of the Commissioner and may

designate any officer or employee of the Department to perform any

of the duties of the Commissioner.

F. The Commissioner, Deputy Commissioner, Assistants to the

Commissioner, credit union administrator, budget director, Assistant

Deputy Commissioners, examiners, examiner-trainees, and all other

personnel shall, before entering upon the discharge of their duties,

take and subscribe to the oath of office required of state officers

as provided by Section 36.2A of Title 51 of the Oklahoma Statutes.

G. 1. The Commissioner shall adopt an appropriate seal as the

Seal of the State Banking Commissioner.

2. Every certificate, assignment and conveyance executed by the

Commissioner, in pursuance of the authority conferred upon the

Commissioner by law and sealed with the seal of the Department,

shall be received in evidence and recorded in the proper recording

offices in the same manner as a deed regularly acknowledged, as

required by law.

3. Whenever it is necessary for the Commissioner to approve any

instrument or to affix the official seal thereto, the Commissioner

may charge a fee for affixing the approval of the Commissioner or

the official seal to such instrument. Copies of all records and

papers in the office of the Department, certified by the

Commissioner and authenticated by the seal, shall be received in

evidence in all cases equally and of like effect as the original.

Whenever it is proper to furnish a copy of any paper filed in the

Department or to certify such paper, the Commissioner may charge a

fee for furnishing such copy, for affixing the official seal on such

copy and/or for certifying the same.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 18
Okla. Stat. tit. 6, § 6-425 — OK Code / Title 6 / Section 6-425
Fiduciary relationships
Status: in_force

Unless a state or national bank shall have expressly agreed in

writing to assume special or fiduciary duties or obligations, no

such duties or obligations will be imposed on the bank with respect

to a depositor of the bank or a borrower, guarantor or surety, and

no special or fiduciary relationship shall be deemed to exist.
Okla. Stat. tit. 6, § 6-2101 — OK Code / Title 6 / Section 6-2101
Citation
Status: in_force

Sections 2101 through 2121 of this title and Sections 13 and 14

of this act shall be known and may be cited as the "Sale of Checks

Act".
Okla. Stat. tit. 6, § 6-1616 — OK Code / Title 6 / Section 6-1616
Foreign travel expenses
Status: in_force

Foreign travel expenses.

A. Fees, assessments and reimbursements of actual expenses by

the department and department representatives shall be set by rule

of the Board which shall, in all cases, be no less than that for

state banks.

B. If foreign travel is deemed necessary by the department to

effectuate the purposes of the International Bank Act,

representatives of the department shall be reimbursed for actual,

reasonable, and necessary expenses incurred in such foreign travel.
Okla. Stat. tit. 6, § 6-1021 — OK Code / Title 6 / Section 6-1021
Liquidation, dissolution and reorganization of trust
Status: in_force

companies.

A. A trust company may be liquidated, dissolved and

reorganized, for the reasons, in the manner and with the procedures

as set forth in Article XII of this act, as such article would be

applicable to trust companies, as if trust company were included in

the article, with the same force and effect as if named where the

word "bank" appears.

B. Voluntary liquidation and dissolution. A trust company may

be voluntarily liquidated, as a state bank may be voluntarily

liquidated, as provided in Section 1201 of this title.

C. Involuntary liquidation by Commissioner - Reorganization.

Except as otherwise provided in this Code, only the Commissioner may

take possession of a trust company and proceed in involuntary

liquidation or reorganization, in the same manner, for the same

reasons, and with the same procedures as provided in Section 1202 of

this title, in addition to the other provisions contained in this

article affecting the regulation of trust companies.

D. Reorganization. The reorganization of a trust company shall

follow the standard manner and procedures contained in Section 1203

of this title, which applies to banks, where the same is applicable

to trust companies.

E. Liquidation by Commissioner - Procedure. In liquidating a

trust company, the form, manner and procedures shall follow, where

applicable, the same form, manner and procedure as for banks

contained in Section 1204 of this title.
Okla. Stat. tit. 6, § 6-1602 — OK Code / Title 6 / Section 6-1602
Applicability of state banking laws
Status: in_force

Applicability of state banking laws.

A. International bank agencies shall be subject to all the

provisions of the Oklahoma Banking Code, the rules of the Oklahoma

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 200

Banking Board, and the Oklahoma General Corporation Act as though

such international bank agencies were state banks, except where it

may appear, from the context, by rule duly promulgated by the

Oklahoma Banking Board, by interpretation of the Commissioner, or

otherwise, that such provisions are clearly applicable only to banks

or trust companies organized under the laws of this state or the

United States. Without limiting the foregoing general provisions,

it is the intent of the Legislature that the Oklahoma Banking Board

promulgate rules to be applicable to such banks or agencies.

International bank agencies shall not have the powers, rights or

privileges conferred on domestic banks by the provisions of Section

501.1 of Title 6 of the Oklahoma Statutes, relating to branches and

facilities; Section 415 of Title 6 of the Oklahoma Statutes,

relating to outside attached or detached facilities; and Section 71

of Title 62 of the Oklahoma Statutes, relating to depositories for

public funds.

B. International bank agencies, with regard to assets located

within this state, shall be subject specifically to the liquidation

and receivership provisions of the Oklahoma Banking Code.

C. An international bank agency shall have no greater right

under, or by virtue of, this section than is granted to banks

organized under the laws of this state. Legal and financial terms

used herein shall be deemed to refer to equivalent terms used by the

country in which the international banking corporation is organized.

However, all contracts or agreements which are negotiated in this

state with Oklahoma residents shall be construed under Oklahoma law.

D. Nothing contained in the International Bank Act shall be

construed as granting any authority, directly or indirectly, for any

bank or bank holding company, the operations of which are conducted

principally outside this state, to operate a branch in this state or

to acquire, directly or indirectly, any voting shares of, any

interest in, or all or substantially all of the assets of any bank

in this state.
Okla. Stat. tit. 6, § 6-712.1 — OK Code / Title 6 / Section 6-712.1
Indemnification for defending suits - Directors' personal
Status: in_force

liability eliminated or limited.

A. The bylaws of a bank or trust company, as adopted or amended

by the stockholders, may provide that it shall indemnify every

officer, director, and employee, heirs, executors and administrators

of the officer, director or employee, against judgments resulting

from and the expenses reasonably incurred by the officer, director

or employee in connection with any action to which the officer,

director or employee may be made a party by reason of such person

being an officer, director or employee of the bank or trust company,

including any action based upon any alleged act or omission on the

part of such person as an officer, director or employee of the bank

or trust company, except in relation to matters as to which such

person shall be finally adjudged in such action to be liable for the

negligence or misconduct. In the event of a settlement out of

court, indemnification shall be provided only in connection with

such matters covered by the settlement as to which the bank or trust

company is advised by its counsel that the person to be indemnified

was not liable for such negligence or misconduct. The foregoing

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 94

rights of indemnification shall not be exclusive of other rights to

which such officers, directors and employees may be entitled.

B. The bylaws or a resolution of a bank or bank holding

company, as adopted or amended by the stockholders, may include a

provision eliminating or limiting the personal liability of a

director to the bank or its holding company, or to the stockholders

of either for monetary damages for breach of fiduciary duty as a

director but not for:

1. Any breach of the director's duty of loyalty to the bank or

its holding company, or to the stockholders of either;

2. Acts or omissions not in good faith or which involve

intentional misconduct or a knowing violation of law;

3. Payment of any unlawful dividend or for any unlawful stock

purchase or redemption; or

4. Any transaction from which the director derived an improper

personal benefit.
Okla. Stat. tit. 6, § 6-309 — OK Code / Title 6 / Section 6-309
Public charter application file - Contents - Availability -
Status: in_force

Findings and conclusions - Objections.

A. Contents. The charter application file shall consist of the

application with supporting data and supplementary information, with

the exception of personal financial records of individual applicants

and other material deemed by the Commissioner to be confidential.

In addition, the charter application file shall contain all data and

information submitted by interested persons in opposition to such

application.

B. Availability of charter application file. Except for

personal financial records of individual applicants and other

material deemed by the Commissioner to be confidential, the charter

application file shall be available for inspection in the office of

the Banking Department upon written request from any person. No

documents in the charter application file may be removed from the

office of the Banking Department. Photocopies may be made upon

request. The charge for such copies shall be determined pursuant to

Section 208 of this title.

C. Findings and conclusions. The presiding officer of a

hearing permitted under Section 308 of this title shall issue

findings of fact and conclusions of law within thirty (30) days

after the hearing or additional time as prescribed by the presiding

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 47

officer based on the material contained in the record and shall mail

a copy of the findings and conclusions to each participant. The

presiding officer, at the discretion of the presiding officer, may

give consideration to the following in arriving at the findings,

conclusions and recommendation of the presiding officer:

1. The character, financial responsibility and business

experience of the organizers and proposed directors;

2. The adequacy of the existing banking facilities in the

proposed market;

3. The economic and competitive conditions in the proposed

market;

4. The likelihood of successful operation of the proposed

institution;

5. The adequacy of initial capital, proposed earnings and

deposit prospects of the proposed institution; and

6. Negative impact on banks serving all or part of proposed

market.

D. Objections; Board hearing. Written objections to the

presiding officer's findings and conclusions, or procedural

objections, if any, shall be submitted to the Commissioner by

participants within fourteen (14) days after the issuance of the

presiding officer's findings and conclusions. The Commissioner

shall schedule a date for consideration of the presiding officer's

findings of fact and conclusions of law and recommendations to the

Board and for presentation of oral arguments by participants in

support of or in opposition to the written objections previously

submitted.

The Commissioner shall promptly notify all participants of the

date scheduled for hearing before the Board.
Okla. Stat. tit. 6, § 6-104 — OK Code / Title 6 / Section 6-104
Effect on existing banks and trust companies - Registration
Status: in_force

of bank or trust-related activities.

A. The certificates, permits and charters of state banks and

trust companies heretofore organized under the laws of the state and

existing before August 31, 1965, shall continue in full force and

effect. All such state banks and trust companies, and, to the

extent applicable, all national banks now or hereafter doing

business in this state, shall from August 31, 1965, be subject to

the provisions and requirements of this Code in every particular as

if organized under this act.

B. Any bank, bank holding company, trust company or business

association not holding a charter of authority to engage in banking

or trust company business in this state shall register with the

Commissioner, on a form provided by the Commissioner and pay a

registration fee in an amount set by rule of the Board, all bank or

trust-related activities conducted in this state by the bank, bank

holding company, trust company, business association, or any

subsidiary or affiliate thereof.

C. Bank or trust-related activities include receiving deposits,

transaction accounts, making loans, issuing debentures or other

evidence of debt, holding funds or other property in trust, acting

in a fiduciary capacity, or conducting in any other manner banking,

or bank or trust-related activities.
Okla. Stat. tit. 6, § 6-1305 — OK Code / Title 6 / Section 6-1305
Lease to minor
Status: in_force

A lessor may lease a safe deposit box to or accept property for

safekeeping from a minor, and, in connection therewith, deal with

him to the same effect as if dealing with a person of full legal

capacity, unless and until his guardian files with the lessor a

certified copy of the order of a district court appointing him and

directs otherwise.
Okla. Stat. tit. 6, § 6-2105 — OK Code / Title 6 / Section 6-2105
Application for license
Status: in_force

(a) Application for a license shall be made to the Commissioner

on forms prepared by him and shall be under oath.

(b) The application for a license shall:

1. State the name of the applicant and the street address of

his principal office, as well as the mailing address if such mailing

address is different from the street address.

2. Contain evidence of the good moral character of the

applicant, if the applicant is an individual, or of the partners, if

the applicant is a partnership; if the applicant is a joint-stock

association, trust, unincorporated association or corporation, the

secretary or any assistant secretary thereof shall certify the name

and address of each of the officers, directors, trustees or other

managing officials, together with a designation of the office or

offices held by each and evidence of the good moral character of

each, and shall submit such certificate to the Commissioner with the

application.

3. Be accompanied by evidence of the ability of the applicant

to meet the requirements of this act.

4. Be accompanied by the license fee required by Section 2107

of this title.

5. Unless the applicant shall have demonstrated a net worth in

excess of Five Million Dollars ($5,000,000.00), be accompanied by a

summary of the sales of checks activities being conducted by the

applicant in any and all other states, and shall include the number

of locations at which its checks are sold as well as information

regarding bonds posted in each state and the amount thereof.

(c) All applications for a license shall be confidential and

not subject to public inspection.
Okla. Stat. tit. 6, § 6-2207 — OK Code / Title 6 / Section 6-2207
Search warrants
Status: in_force

A. A government authority may obtain financial records for use

in a criminal investigation or proceeding through use of a search

warrant obtained pursuant to a hearing wherein the court finds that

the records are relevant to a legitimate law enforcement inquiry and

delayed notice is appropriate as prescribed in paragraph 2 of

subsection D of Section 2205 of Title 6 of the Oklahoma Statutes.

B. No later than ninety (90) days after the government

authority serves the search warrant upon the financial institution,

it shall mail to the last-known address of the customer a copy of

the search warrant together with a notice that the records were

obtained on a certain date.

C. Search warrants served upon a financial institution may be

served only upon the person in charge, as designated by the

institution, and only during normal business hours.

D. The financial institution shall be given a reasonable time,

not to exceed ten (10) calendar days, to search the records and

produce and deliver the requested information.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 286

E. If the financial institution is uncertain whether the

financial records requested are those of its customer, the financial

institution shall deliver the records for in camera inspection by

the court.
Okla. Stat. tit. 6, § 6-1732 — OK Code / Title 6 / Section 6-1732
Designation of trust institution as fiduciary
Status: in_force

Any person residing in this state may designate any trust

institution to act as a fiduciary on behalf of such person.
Okla. Stat. tit. 6, § 6-1734 — OK Code / Title 6 / Section 6-1734
Fiduciary investment standards - 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 with respect to the fiduciary

investment standards applicable to any written agreement between

such trust institution or its client and any other instrument under

which the trust institution acts for a client.
Okla. Stat. tit. 6, § 6-2022 — OK Code / Title 6 / Section 6-2022
Merger of credit unions
Status: in_force

Any credit union may, with the approval of the State Credit

Union Board, merge with another credit union under the existing

charter of the other credit union, pursuant to any plan agreed upon

by the majority of the board of directors of each credit union

joining in the merger, and approved by the affirmative vote of a

majority of the members of the merging credit union present at a

meeting of the members duly called for such purpose. After

agreement by the directors and approval by the members of the

merging credit union, the president and secretary of each credit

union shall execute a certificate of merger, which shall set forth

all of the following:

(a) The time and place of the meeting of the board of directors

at which the plan was agreed upon;

(b) The vote in favor of adoption of the plan; and

(c) A copy of the resolution or other action by which the plan

was agreed upon.

The certificate executed by the officers of the merging credit union

shall also set forth:

(d) The time and place of the meeting of the members at which

the plan agreed upon was approved;

(e) The vote by which the plan was approved by the members; and

(f) The effective date of the merger.

Such certificates and a copy of the plan of merger agreed upon

shall be forwarded to the Bank Commissioner who shall, upon approval

of the State Credit Union Board, certify and return them to the

merging credit union and the surviving credit union within sixty

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 264

(60) days. The merging credit union shall cause a copy of the

certificate of merger, duly certified to by the Bank Commissioner,

to be filed in the office of the Secretary of State forthwith.

Unless otherwise provided in the certificate of merger, the merger

shall be deemed effected upon such filing of the certificate and the

merging credit union shall cease to exist.

Upon any such merger so effected, all property, property rights,

field of membership and interest of the merged credit union shall

vest in the surviving credit union without deed, endorsement or

other instrument of transfer, and all debts, obligations and

liabilities of the merged credit union shall be deemed to have been

assumed by the surviving credit union under whose charter the merger

was effected.

This section shall be construed, whenever possible, to permit a

credit union chartered under any other act to merge with one

chartered under this act, or to permit one chartered under this act

to merge with one chartered under any other act.
Okla. Stat. tit. 6, § 6-909 — OK Code / Title 6 / Section 6-909
Powers of authorized signer
Status: in_force

A. Unless the deposit account agreement states otherwise, an

authorized signer on a deposit account shall have the following

powers, regardless of whether the account is a consumer or

commercial account:

1. Sign checks;

2. Make deposits of checks payable to the account owner into

the account;

3. Make cash deposits into the account;

4. Obtain an account balance;

5. View copies of checks he or she has signed; and

6. Obtain deposit slips when making a deposit.

B. If additional authority is not expressly granted in the

deposit account agreement, additional powers may be granted in

writing by the owner of the account. If the account is an

individual account, the owner may execute an additional

authorization document. It must be dated and in writing and may be

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 113

revoked or amended at any time by the account owner. If there are

multiple owners, all must execute the additional authorization

document. If the account is owned by an entity, the entity must

approve the grant of additional powers in the same manner as it

appoints authorized signers.

C. A customer may initial next to the additional powers to be

granted and line through those that are not being granted, pursuant

to subsection D of this section.

D. Form for Additional Powers for Authorized Signer:

I, the undersigned account owner or duly empowered

representative of the account owner, hereby grant and approve the

following additional powers for authorized signer(s) on account

# _______________________. Bank name ______________________.

____________ Obtain and use a debit card or automated teller

machine card

____________ Obtain copies of statements on the account from the

bank

____________ Order checks

____________ Obtain copies of checks or other transactions on

the account

____________ Authorize or terminate automated clearing house

debits to the account

____________ Complete affidavits of forgery

____________ Initiate a change of address for the account

____________ Withdraw cash up to $___________

____________ Dispute a card transaction on the account

____________ Report a lost or stolen card on the account

____________ Use online banking to view transactions on the

account

____________ Set up online bill payments

____________ Use the mobile app to access information about the

account.
Okla. Stat. tit. 6, § 6-1017 — OK Code / Title 6 / Section 6-1017
Voluntary relinquishment of trust powers
Status: in_force

A. 1. Banks. Any bank desiring to surrender its right to

exercise the powers granted pursuant to this article in order to

relieve itself of the necessity of complying with the requirements

of this article, or to have cancelled or returned to it any security

pledged or purchased pursuant to Section 1004 of this title, may

file with the Commissioner a certified copy of a resolution of its

board of directors signifying such desire.

2. Upon receipt of such resolution, the Commissioner, upon

satisfaction that such bank has been relieved in accordance with

state law of all duties as trustee, executor, administrator,

registrar of stocks and bonds, guardian of estates, assignee,

receiver, or other fiduciary, under court, private or other

appointment previously accepted under authority of this article, may

issue to such bank a certificate certifying that such bank is no

longer authorized to exercise the powers granted by this article.

3. Upon the issuance of such a certificate by the Commissioner,

such banks:

a. shall no longer be subject to the provisions of this

article or the regulations of the Board made pursuant

thereto,

b. shall be entitled to cancel or have returned to it any

security pledged or purchased pursuant to the

provisions of Section 1004 of this title, and

c. shall not exercise thereafter any of the powers

granted by this article without first applying for and

obtaining a new permit to exercise such powers

pursuant to the provisions of this Code.

B. Trust companies. Any trust company desiring to retire from

business specified in this article shall furnish to the Commissioner

satisfactory evidence of its release and discharge from all

obligations and trusts provided for in this article. The

Commissioner shall thereupon examine, or cause to be examined, such

trust company, and, if the Commissioner is satisfied after such

examination that such trust company has discharged all its

obligations and trusts, the Commissioner shall revoke its

certificate of authority and authorize the cancellation of, or

return, of any security pledged or purchased pursuant to the

provisions of Section 1004 of this title.
Okla. Stat. tit. 6, § 6-1301.1 — OK Code / Title 6 / Section 6-1301.1
Appointment of deputy
Status: in_force

A lessee on a safe deposit box may appoint a deputy, with or

without the consent of or notice to any other joint lessees on the

box. A deputy shall have the power to enter the box, remove

contents therefrom or add contents, and the appointment of the

deputy shall not be affected by the subsequent incapacity or

incompetency of the lessee, nor the lapse of time. Revocation of

the appointment of a deputy must be made in writing to the lessor.

The authority of the deputy shall cease upon the appointing lessee's

death. However, if the lessor, without knowledge of the death of

the lessee, deals with the deputy of the lessee, the transaction

binds the lessee's estate and the lessee.
Okla. Stat. tit. 6, § 6-1105 — OK Code / Title 6 / Section 6-1105
Effective date of merger, filing of approved agreement,
Status: in_force

certificate of merger as evidence.

A. A merger shall, unless a later date is specified in the

agreement, become effective upon the filing with the Board of the

executed agreement together with copies of the resolutions of the

stockholders of each constituent bank or savings association

approving it, certified by such bank's or savings association's

president or a vice-president and a secretary. The charters of the

constituent banks or savings associations, other than the resulting

bank, shall thereupon be deemed surrendered.

B. The Board shall thereupon issue to the resulting bank a

certificate of merger, setting forth the name of each constituent

bank or savings association and the name of the resulting state

bank. Such certificate shall be conclusive evidence of the merger

and of the correctness of all proceedings therefor in all courts and

places, and may be recorded in any office for the recording of deeds

to evidence the new name in which the property of the constituent

banks or savings associations is held.
Okla. Stat. tit. 6, § 6-2026 — OK Code / Title 6 / Section 6-2026
Trust shares
Status: in_force

Shares or deposits may be held in the name of a member in trust

for a beneficiary, or in the name of a nonmember in trust for a

beneficiary who is a member. Payment of all or part of such trust

funds to the person in whose name the shares or deposits are held

shall, to the extent of such payment, discharge the liability of the

credit union to that party and to the beneficiary, and the credit

union shall be under no obligation to see to the application of such

payment. Until the death of the person in whose name the shares or

deposits are held, that person shall possess and may exercise all

rights respecting such shares or deposits, including the power to

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

to in any way deal with said shares or deposits, unless the credit

union shall have been given written notice of the terms of any trust

agreement to the contrary. Absent such written notice, the receipt

and acquittance of the person in whose name the shares or deposits

are held shall be a valid and sufficient release and discharge of

the credit union as to any payment to that person. In the event of

the death of the person in whose name a trust account is held, where

the credit union has been given no other written notice of the terms

of any trust, the shares or deposits so held, or any part thereof,

together with dividends, or interest thereon, shall be payable to

the beneficiary and the receipt or acquittance of the beneficiary

shall be valid and sufficient release and discharge to the credit

union for any payment so made.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 268
Okla. Stat. tit. 6, § 6-1313 — OK Code / Title 6 / Section 6-1313
Estate taxes or rights of state or tax commission not
Status: in_force

affected.

The provisions of this Code shall not amend or supersede any

statutes relating to estate taxes or any rights of the State of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 180

Oklahoma and the Oklahoma Tax Commission relative to the control of

safe deposit boxes and their contents.
Okla. Stat. tit. 6, § 6-713 — OK Code / Title 6 / Section 6-713
Fidelity bonds and other insurance
Status: in_force

A. Directors must require fidelity bonds. The directors of a

bank or trust company shall require good and sufficient fidelity

bonds on all active officers and employees, whether or not they draw

salary or compensation, which bonds shall provide for indemnity to

such bank or trust company on account of any losses sustained by it

as the result of any dishonest, fraudulent or criminal conduct by

them acting independently or in collusion or combination with any

person or persons. Such bonds may be in individual, schedule or

blanket form, and the premiums therefor shall be paid by the

corporation.

B. Other insurance. The said directors shall also require

suitable insurance protection to the bank or trust company against

burglary, robbery, theft and other insurable hazard to which the

bank or trust company may be exposed in the operations of its

business on the premises or elsewhere.

C. Annual review of bonds and insurance by board of directors -

Insurance - Bonds and insurance subject to approval of Commissioner

and to regulations of board. The directors of every bank and trust

company shall be responsible for prescribing at least once in each

calendar year the amount or penal sum of the bonds and policies

specified in this section and the sureties or underwriters thereon,

after giving due and careful consideration to all known elements and

factors constituting such risk or hazard. Such action shall be

recorded in the minutes of the board of directors and thereafter be

reported to the Commissioner and be subject to his approval.

Evidence of any and all such bonds shall be filed with the

Commissioner as soon as procured.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 95
Okla. Stat. tit. 6, § 6-801 — OK Code / Title 6 / Section 6-801
Reserves
Status: in_force

A. Member banks of Federal Reserve System. Every state bank

that is a member of the Federal Reserve System shall maintain such

reserves against deposits as may be required by the Federal Reserve

Act, as amended, or by the Board of Governors of the Federal Reserve

System.

B. Banks not members of Federal Reserve System. Every bank

which is not a member of the Federal Reserve System shall maintain

such reserves against deposits as may be required by the Depository

Institutions Deregulation and Monetary Control Act of 1980, as

amended and as prescribed by the Board of Governors of the Federal

Reserve System.

C. Power of Board to change reserve requirement - State

nonmember banks. Whenever the Board shall determine that the

maintenance of sound banking practices or the prevention of

injurious credit expansion or contraction makes such action

advisable, the Board may change from time to time the requirements

as to reserves against demand or time deposits, or both, of banks

which are not members of the Federal Reserve System. Such change

shall not be operative or effective until reasonable notice thereof

has been given to all state banks which are not members of the

Federal Reserve System. Provided, that in no event shall the

reserve requirement be less than that required of a national bank.
Okla. Stat. tit. 6, § 6-1401 — OK Code / Title 6 / Section 6-1401
Transaction of banking business not authorized by law -
Status: in_force

Unauthorized use of words bank, trust, etc. - Injunction and

appointment of receiver - Acceptance of filings by Secretary of

State.

A. It shall be unlawful for any person, firm, association or

corporation to receive money upon deposit or transact a banking

business except as authorized by the laws of this state or of the

United States, or to use or advertise, in connection with any

business other than the banking business, conducted under the

banking laws of this state or the savings and loan business

conducted under the savings and loan laws of this state, the words:

Banc, Bank, Banker, Bankers, Banque, Investment Banker, or any

derivative thereof, however spelled, or any other word or term which

in the discretion of the Commissioner is determined to deceive the

public into belief that such person, firm, association or

corporation is engaged in the banking business or savings and loan

business. Any person, firm, association or corporation violating

any of the provisions of this section, either individually or as an

interested party, in any firm, association or corporation, shall be

subject to the jurisdiction of the Commissioner, shall be guilty of

a misdemeanor, and upon conviction thereof shall be fined in a sum

not less than Six Hundred Dollars ($600.00), nor more than Two

Thousand Dollars ($2,000.00) per violation, or by imprisonment in

the county jail not less than thirty (30) days or more than one (1)

year, or by both such fine and imprisonment, and it is hereby made

the duty of the Attorney General to enforce the provisions of this

section.

B. Unlawful use of trust or trust company. It shall be

unlawful for any person, firm, association or corporation except

state banks having trust powers, national banking associations

located in this state and having trust powers and trust companies

incorporated under the laws of this state and having trust powers to

use or advertise the word "Trust" or "Trust Company" or any

derivative thereof, however spelled, in the conduct of their

business in a manner which in the discretion of the Commissioner is

determined to deceive the public into belief that such person, firm,

association or corporation has been authorized to transact business

as a regulated financial institution and no firm, association or

corporation hereafter organized under any other act shall use the

word "Trust" or "Trust Company" as a part of its name. Nothing in

this subsection shall prohibit the continued use of such words by

any banking corporation which is using such words as of the

effective date of this act. Any person, firm, association or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 181

corporation violating any of the provisions of this section, either

individually or as an interested party, in any firm, association or

corporation, shall be subject to the jurisdiction of the

Commissioner.

C. Injunction - Appointment of receiver. In order to further

prevent the violation of this section, any court of competent

jurisdiction in this state is hereby authorized and empowered to

grant an injunction and, if requested by the Commissioner, to

appoint a receiver to take charge of the business and assets of any

person, firm, association or corporation reasonably believed by the

Commissioner to be violating the provisions of this section, and to

make all necessary and proper orders to wind up such business and

prevent a violation of Section 1401 of this title.

D. Secretary of State - Filing requirements. The Secretary of

State is prohibited from accepting any document for filing which

includes the words Banc, Bank, Banker, Bankers, Banque, Investment

Banker, Trust, Trust Company, or any derivative thereof, however

spelled, unless the Commissioner has given written consent thereto.
Okla. Stat. tit. 6, § 6-405.1 — OK Code / Title 6 / Section 6-405.1
Authorized but unissued stock
Status: in_force

Any bank or trust company, with the written approval of the

Commissioner and by majority vote of the outstanding voting stock,

may by proper amendment to its certificate of incorporation

authorize an increase in the common stock of the bank in the

category of authorized but unissued stock. Such authorized but

unissued stock may be issued from time to time to employees of the

bank pursuant to a stock option or stock purchase plan adopted in

accordance with the provisions of Section 40 of this act or in

exchange for convertible preferred stock or convertible capital

debentures in accordance with the terms and provisions of such

securities. Authorized but unissued stock may also be issued from

time to time for such other purposes and considerations as may be

approved by the board of directors of the bank and by the written

approval of the Commissioner.
Okla. Stat. tit. 6, § 6-2043 — OK Code / Title 6 / Section 6-2043
Inconsistent laws inapplicable to loans or investments
Status: in_force

authorized.

No law of this state requiring security upon which loans or

investments may be made, or prescribing the nature, amount or form

of such security, or prescribing or limiting interest rates upon

loans or investments, or prescribing or limiting the period for

which loans or investments may be made, or in any other manner

inconsistent with the provisions or policy of this act, shall be

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 270

deemed to apply to loans or investments made pursuant to the

foregoing paragraphs.
Okla. Stat. tit. 6, § 6-1411 — OK Code / Title 6 / Section 6-1411
Unlawful payment of penalties and judgments against
Status: in_force

others, including directors and officers.

It shall be unlawful and deemed a Class D1 felony offense for a

bank or trust company to pay a fine or penalty imposed by law upon

any other person or any judgment against such person or to reimburse

directly or indirectly any person by whom such fine, penalty or

judgment has been paid, except in settlement of its own liability or

in connection with the acquisition of property against which such

judgment is a lien, or as provided in Section 68 of Enrolled House

Bill No. 2173 of the 1st Session of the 46th Oklahoma Legislature.
Okla. Stat. tit. 6, § 6-303.1 — OK Code / Title 6 / Section 6-303.1
Capital structure - Preferred stock
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 40

A. Except as provided in subsection B of this section, the

State Banking Commissioner may not issue a charter to a state bank

having required capital of less than the greater of Two Million

Dollars ($2,000,000.00) or such amount as may be required by the

Federal Deposit Insurance Corporation.

B. The Commissioner may require additional capital for a

proposed bank or, on application in the exercise of discretion

consistent with protecting safety and soundness, reduce the amount

of minimum capital required for a proposed bank, if the Commissioner

finds the proposed scope or type of operations of a proposed bank

requires additional, or permits reduced, capital, consistent with

the safety and soundness of the bank. To the extent determined by

the Commissioner to be relevant, the safety and soundness factors to

be considered by the Commissioner in the exercise of discretion

include but are not limited to:

1. The nature and type of business conducted;

2. The nature and degree of liquidity in assets held in a

corporate capacity;

3. The size of population of the proposed market;

4. The existence and type of concentrations of lending or

investing, if any, likely for the bank;

5. The geographic size of the proposed market;

6. The competence and experience of management;

7. The extent and adequacy of internal controls;

8. The presence or absence of annual unqualified audits by an

independent certified public accountant;

9. The reasonableness of business plans for retaining or

acquiring additional capital; and

10. Federal Deposit Insurance Corporation capital requirements.

C. Any trust company hereafter organized shall have paid-in

capital totaling Two Million Dollars ($2,000,000.00).

D. The issuance of preferred stock by a newly organized bank or

trust company may be authorized by the Commissioner. Preferred

stock shall have such preferences, powers and rights as the

Commissioner may approve. It shall not be retired without the

approval of the Commissioner and the requirement of such approval

shall be stated in the stock certificates, but the Commissioner may

give advance approval to sinking funds payable exclusively out of

earnings available for dividends.
Okla. Stat. tit. 6, § 6-1724 — OK Code / Title 6 / Section 6-1724
Enforcement actions
Status: in_force

Consistent with the Administrative Procedures Act, after notice

and opportunity for a hearing:

1. The Commissioner may determine:

a. that an office maintained by an out-of-state trust

institution in this state is being operated in

violation of any provision of the laws of this state

or in an unsafe and unsound manner, or

b. that a company is engaged in an unauthorized trust

activity.

In either event, the Commissioner shall have the authority to take

all such enforcement actions as the Commissioner would be empowered

to take if the office or the company were a state trust company

including, but not limited to, issuing an order temporarily or

permanently prohibiting the company from engaging in a trust

business in this state;

2. The Commissioner may determine by order that an out-of-state

trust institution engaging in or proposing to engage in a trust

business in this state does not meet the requirements for

establishing a representative trust office in this state pursuant to

Section 22 of this act, which order shall be effective on the date

of issuance or such other date as the Commissioner shall determine;

and

3. In cases involving extraordinary circumstances requiring

immediate action, the Commissioner may take any action permitted by

paragraph 1 or 2 of this section without notice or opportunity for

hearing, but shall promptly afford a subsequent hearing upon an

application to rescind the action taken. The Commissioner shall

promptly give notice to the home state regulator of each enforcement

action taken against an out-of-state trust institution and, to the

extent practicable, shall consult and cooperate with the home state

regulator in pursuing and resolving said enforcement action.
Okla. Stat. tit. 6, § 6-1520 — OK Code / Title 6 / Section 6-1520
Definitions
Status: in_force

As used in this act:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 193

1. “Blockchain analytics” means the analysis of data from

blockchains or publicly distributed ledgers including, but not

limited to, associated transaction information;

2. “Blockchain technology” means the same as defined in Section

1359 of Title 68 of the Oklahoma Statutes;

3. “Currency” means the same as defined in Section 1512 of

Title 6 of the Oklahoma Statutes;

4. “Digital assets” means the same as defined in Section 1359

of Title 68 of the Oklahoma Statutes;

5. “Digital asset address” means an alphanumeric identifier

associated with a digital asset wallet identifying the location to

which a digital asset transaction can be sent;

6. “Digital asset wallet” means a software application or other

mechanism providing a means to hold, store, or transfer digital

assets;

7. “Digital asset kiosk” means an electronic terminal acting as

a mechanical agent of the digital asset kiosk operator to enable the

digital asset kiosk operator to facilitate the exchange of digital

assets for money, bank credit, or other digital asset including, but

not limited to:

a. connecting directly to a separate digital asset

exchange that performs the actual digital asset

transmission, or

b. drawing upon the digital asset in the possession of

the electronic terminal’s operator;

8. “Digital asset kiosk operator” means a person or entity that

owns, operates, or manages a digital asset kiosk located in this

state offering digital asset kiosk transactions;

9. “Digital asset kiosk transaction” means a transaction

conducted or performed, in whole or in part, by electronic means via

a digital asset kiosk. Digital asset kiosk transaction shall also

mean a transaction made at a digital asset kiosk to purchase digital

assets with currency or to sell digital assets for currency;

10. “New customer” means an individual who has never previously

transacted with a digital asset kiosk operator. The new customer

shall remain defined as such during the seventy-two (72) hours after

the first financial transaction with the digital asset kiosk

operator; and

11. “Transaction hash” means a unique identifier made up of a

string of characters that acts as a record of and provides proof

that the transaction was verified and added to the blockchain.
Okla. Stat. tit. 6, § 6-1016 — OK Code / Title 6 / Section 6-1016
Service charges not part of interest on loans
Status: in_force

The charges or service fees made by the trust department of any

bank having trust powers and of any trust company organized and

existing under the laws of this state, for any services performed or

under any powers granted to such company, under the laws of this

state, shall not be considered any part of the interest charged on

any loan and shall not be subject to the interest laws of the state.
Okla. Stat. tit. 6, § 6-2021 — OK Code / Title 6 / Section 6-2021
Conversion of credit unions
Status: in_force

A credit union chartered under the laws of the State of Oklahoma

may be converted to a state credit union under the laws of any other

state, or to a federal credit union either within or without the

State of Oklahoma. A credit union chartered under the laws of the

United States or any other state may convert to a credit union under

the laws of the State of Oklahoma. To effect such a conversion a

credit union must comply with all requirements of the authority

under which it was originally chartered and the requirements of the

State Credit Union Board and file proof of such compliance with the

State Credit Union Board.
Okla. Stat. tit. 6, § 6-1106 — OK Code / Title 6 / Section 6-1106
Continuation of corporate entity
Status: in_force

A. The resulting state bank shall be considered the same

business and corporate entity as each constituent bank or savings

association with all of the rights, powers, and duties of each

constituent bank or savings association, except as limited by the

charter and bylaws of the resulting state bank.

B. The resulting state bank shall have the right to use the

name of any constituent bank or savings association whenever it can

do any act under such name more conveniently.

C. Any reference to any constituent bank or savings association

in any writing, whether executed or taking effect before or after

the merger, shall be deemed a reference to the resulting state bank

if not inconsistent with the other provisions of such writing.
Okla. Stat. tit. 6, § 6-910.9 — OK Code / Title 6 / Section 6-910.9
Injunctions or similar relief
Status: in_force

A court may enjoin, or grant similar relief that would have the

effect of enjoining, a bank from paying a depositor or beneficiary

only if payment would constitute a material fraud or facilitate a

material fraud with respect to a special deposit.
Okla. Stat. tit. 6, § 6-2012 — OK Code / Title 6 / Section 6-2012
Expulsions and withdrawals
Status: in_force

(A) A member may be expelled by a two-thirds (2/3) vote of the

members present at the annual or a special meeting called to

consider the matter, but only after an opportunity has been given to

the member to be heard at said meeting. Any member may withdraw

from the credit union at any time but notice of withdrawal may be

required.

(B) The board of directors may expel a member pursuant to a

written policy adopted by it. All members shall be given written

notice of the terms of any such policy. Any person expelled by the

board shall have the right to request a hearing before it to

reconsider the expulsion.

(C) All amounts paid on shares and deposits on an expelled or

withdrawing member shall, as funds become available and after

deducting all amounts due from the member to the credit union, be

paid to him. Withdrawing or expelled members shall have no further

rights in the credit union but are not, by such expulsion or

withdrawal, released from any remaining liability to the credit

union.
Okla. Stat. tit. 6, § 6-1108 — OK Code / Title 6 / Section 6-1108
Nonconforming assets of business
Status: in_force

If a constituent bank or savings association has assets which do

not conform to the requirements of state law for the resulting bank,

or if a converting national bank has assets which do not conform to

the requirements of state law for the converted state bank, or in

either case there are business activities which are not permitted

for the resulting or converted state bank, the Commissioner may

permit a reasonable time to conform with state law.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 152
Okla. Stat. tit. 6, § 6-1104 — OK Code / Title 6 / Section 6-1104
Stockholder approval - Notice requirements - Rights of
Status: in_force

dissenters - Appraisal expense - Valuation and payment of dissenting

shares.

A. Stockholder approval. To be effective, a merger must be

approved by the stockholders of each constituent state bank or

savings association by a majority vote of the outstanding voting

stock at a meeting called to consider such action, which vote shall

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 149

constitute the adoption of the charter and bylaws of the resulting

state bank, including the amendments set forth in the merger

agreement.

B. Notice requirements. The notice of the meeting of

stockholders shall state that dissenting stockholders will be

entitled to payment of the value of only those shares which are

voted against the approval of the plan. Such notice of the meeting

of the stockholders shall be given by publication in a newspaper of

general circulation in the place where the principal office of each

merging bank or savings association is located, at least once a week

for four (4) successive weeks, and by mail, at least fifteen (15)

days before the date of the meeting, to each stockholder of record

of each merging bank or savings association at the address of the

stockholder on the books of the bank or savings association of the

stockholder, who has not waived such notice in writing; no notice by

publication need be given if written waivers are received from the

holders of a majority of the outstanding shares of each class of

voting stock.

C. Rights of dissenters and value of shares. The owner of

shares which were voted against the approval of the merger shall be

entitled to receive their value in cash, if and when the merger

becomes effective, upon written demand, made to the resulting state

bank at any time within thirty (30) days after the effective date of

the merger, accompanied by the surrender of the stock certificates.

The value of such shares shall be determined as of the date of the

shareholders' meeting approving the merger, by three appraisers, one

to be selected by the owners of a majority of the dissenting shares

involved, one by the board of directors of the resulting state bank,

and the third by the two so chosen. The valuation agreed upon by

any two appraisers shall govern or, if no agreed value is achieved

by at least two of the appraisers, the median valuation shall

govern. If the appraisal is not completed within ninety (90) days

after the merger becomes effective, the Commissioner shall cause an

appraisal to be made, which shall be final and binding on all

parties.

D. Appraisal expense. If the valuation of the dissenting

shares by the appraisal is the same or less than the amount offered

the dissenting stockholder, the expenses of appraisal shall be paid

by the dissenting stockholder(s) in the proportion of their share to

the total dissenting shares. If the valuation of the dissenting

shares by the appraisal is greater than the amount offered the

dissenting stockholder, the expenses of appraisal shall be paid by

the resulting state bank.

E. Valuation and payment of dissenting shares. The resulting

state bank may fix an amount which it considers to be not more than

the fair market value of the shares of a constituent bank or savings

association at the time of the stockholders' meeting approving the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 150

merger, which it will pay dissenting shareholders of that

constituent bank or savings association entitled to payment in cash.

The amount due under such accepted offer or under the appraisal

shall constitute a debt of the resulting state bank.
Okla. Stat. tit. 6, § 6-415 — OK Code / Title 6 / Section 6-415
Drive-in or walk-up facilities
Status: in_force

A. 1. Any bank chartered pursuant to the laws of this state

may maintain and operate outside attached facilities, and, subject

to the approval of the Banking Board as evidenced by its

certificate, detached facilities on real property owned or leased by

the bank having one or more tellers' windows for drive-in or walk-up

service or both.

2. Any branch may maintain and operate outside attached

facilities having one or more tellers' windows for drive-in or walk-

up service or both on property owned or leased by the bank.

3. For the purposes of this section the date of approval of a

bank charter or the date of approval of a branch by the appropriate

state or federal authority shall be the date of existence of such

bank, branch, or facility.

B. 1. No bank shall be permitted to maintain and operate such

additional outside facilities except upon certificate issued by the

Board.

2. The application for a certificate to maintain and operate a

detached facility shall comply with the regulations of the Board.

An application fee in an amount prescribed by Board rule shall

accompany the application. Within twenty (20) days after the

conclusion of the hearing the Board, in its sole discretion, shall

approve or deny the application and shall notify the applicant of

its decision.

3. Any banking function may be performed at a detached facility

except that of making loans. Upon the recommendation of the State

Banking Commissioner, the Attorney General shall bring an

appropriate action to enjoin a bank from conducting the making of

loans at such facilities.

4. Any facility authorized pursuant to the laws of this state

prior to October 1, 1983, shall not be rendered unlawful by any

provision of this section.

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

derogation or denial of the right to operate and maintain facilities

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

C. Notwithstanding paragraph 1 of subsection A of this section

and paragraphs 1 and 2 of subsection B of this section, the Board

may by rule establish a procedure whereby the Commissioner may grant

approval and issue the certificate to establish and operate or

relocate a detached facility 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.
Okla. Stat. tit. 6, § 6-910.5 — OK Code / Title 6 / Section 6-910.5
Special deposit purpose
Status: in_force

A. A special deposit shall serve at least one permissible

purpose stated in the account agreement from the time the special

deposit is created in the account agreement until termination of the

special deposit.

B. If, before termination of a special deposit, the bank or a

court determined the special deposit no longer satisfies subsection

A of this section, Sections 8 through 11 of this act cease to apply

to any funds deposited in the special deposit after the special

deposit ceases to satisfy subsection A of this section.

C. If, before termination of a special deposit, the bank

determines the special deposit no longer satisfies subsection A of

this section, the bank may take action it believes is necessary

under the circumstances, including terminating the special deposit.
Okla. Stat. tit. 6, § 6-1002 — OK Code / Title 6 / Section 6-1002
Restrictions on acting in certain fiduciary capacities -
Status: in_force

Reciprocity.

All corporations except: (1) state banks in Oklahoma having

trust powers, national banking associations located in this state

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 124

and having trust powers and trust companies incorporated under the

laws of this state and having trust powers; (2) corporations which

are recognized 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 (3) national banks

having trust powers, and state banks and trust companies having

trust powers located in states which reciprocally allow similar

Oklahoma institutions to exercise trust and fiduciary powers therein

under no greater restrictions than those imposed under this Code on

such fiduciary institutions, are prohibited from acting in any of

the following fiduciary capacities within this state:

1. As executor or administrator of the estate of any decedent,

whether such decedent was a resident of this state or not, and

whether the administration of the estate of such decedent be

original or ancillary; provided, that if the executor or

administrator of the estate of a nonresident decedent be a

corporation duly authorized, qualified and acting as such executor

or administrator in the jurisdiction of the domicile of the

decedent, it may, as a foreign executor or administrator, perform

such duties and exercise such powers and privileges as are required,

authorized and permitted by Section 1001 of this title;

2. As guardian of any infant, insane person or person

physically or mentally incompetent whether domiciled in this state

or not;

3. As trustee under any inter vivos trust, will or other

testamentary instrument, provided that any corporation which is

authorized to act as such trustee under the laws of the place where

it has its principal place of business may receive bequests to it as

trustee of money or intangible personal property;

4. As trustee of any real estate in this state or any interest

therein under any agreement whereby the beneficial interest in such

property is vested in others;

5. As receiver or trustee under appointment of any court in

this state;

6. As assignee, receiver or trustee of any insolvent person or

corporation or under any assignment for the benefit of creditors; or

7. As fiscal agent, transfer agent or registrar of any

municipal or private corporation; provided, however, that nothing

herein shall prevent any Oklahoma corporation not a bank or trust

company and not having trust powers from being its own fiscal agent,

transfer agent or registrar concerning its own affairs, stock or

securities.

Nothing in this section shall be construed as authorizing or

permitting any foreign bank or trust company to maintain an office

within this state.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 125
Okla. Stat. tit. 6, § 6-410 — OK Code / Title 6 / Section 6-410
Capital debentures - Rediscounting notes to Federal
Status: in_force

Reserve.

A. Borrowing - Capital debentures. A bank may borrow money and

issue evidence of indebtedness and may issue convertible or

nonconvertible capital notes or debentures subject to such terms,

conditions or limitations as may be prescribed by the Board by

order, rule or regulation. Capital notes or debentures which are by

their terms expressly subordinated to the prior payment in full of

all deposit liabilities of the bank shall be considered as part of

the unimpaired capital funds of the bank for the purpose of the

computation of the bank's loan and investment limit.

B. Rediscounting notes to Federal Reserve. Any bank may

rediscount with and sell to a Federal Reserve Bank any notes,

drafts, bills of exchange, acceptances and other securities, with no

restrictions, and as fully and to the same extent as this privilege

is given to national bank members under the terms of the Federal

Reserve Act, or by regulations of the Federal Reserve Board made

pursuant thereto.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 62
Okla. Stat. tit. 6, § 6-910.4 — OK Code / Title 6 / Section 6-910.4
Special deposit requirements
Status: in_force

A deposit is a special deposit if it is:

1. A deposit of funds in a bank under an account agreement;

2. For the benefit of at least two (2) beneficiaries, one or

more of whom may be a depositor;

3. Denominated in a medium of exchange that is currently

authorized or adopted by a domestic or foreign government;

4. For a permissible purpose stated in the account agreement;

and

5. Subject to a contingency.
Okla. Stat. tit. 6, § 6-2020 — OK Code / Title 6 / Section 6-2020
Special Reserve for Dormant Accounts
Status: in_force

Any money deposited to a member's account which has not matured

to at least an amount equal to the par value of shares as

established by the credit union's certificate of incorporation

within a three-year period may be transferred to a Special Reserve

for Dormant Accounts if the owner of such an account, after

reasonable effort, cannot be located, and thereafter, no dividends

or interest will accrue to these accounts. Any money so transferred

shall be subject to a service charge to be set by the State Credit

Union Board. If, however, the member at a later date requests a

withdrawal of these funds, the money less any applicable service

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 263

charge will be transferred out of the Special Reserve for Dormant

Accounts, and the request for withdrawal be honored.
Okla. Stat. tit. 6, § 6-602.1 — OK Code / Title 6 / Section 6-602.1
Detached facilities, branch offices, deposit production
Status: in_force

offices and loan production offices - Business days and hours.

If a bank, credit union, or savings association has one or more

detached facilities or branch offices or deposit production offices

or loan production offices, those facilities, branches, or loan

production offices may be open at times and on days which are

different from the hours and days the main office is open, as

specified in the organization's plan. Notice of a change in hours

or days of operation should be furnished to customers to the extent

practicable.
Okla. Stat. tit. 6, § 6-2001.4 — OK Code / Title 6 / Section 6-2001.4
Civil liability of State Credit Union Board members
Status: in_force

No member of the State Credit Union Board shall be liable in any

civil action for damages for any act done or omitted in good faith

in performing the functions of his office.
Okla. Stat. tit. 6, § 6-2208 — OK Code / Title 6 / Section 6-2208
Certification of compliance by government authorities -
Status: in_force

Immunity from liability for good faith reliance upon certificate.

A. A financial institution shall not release the records of a

customer until the government authority seeking the records

certifies in writing that it has complied with the applicable

provisions of the Financial Privacy Act.

B. Any financial institution or employee thereof that discloses

the financial records of a customer pursuant to the Financial

Privacy Act in good faith reliance upon a certificate of the

government authority shall not be liable to the customer for the

disclosure under any law or regulation.
Okla. Stat. tit. 6, § 6-910.13 — OK Code / Title 6 / Section 6-910.13
Governing law
Status: in_force

Title 12A of the Oklahoma Statutes, consumer protection law, law

governing deposits generally, law related to escheat and abandoned

or unclaimed property, and the principles of law and equity,

including law related to capacity to contract, principle and agent,

estoppel, fraud, misrepresentation, duress, coercion, mistake, and

bankruptcy, supplement this act except to the extent inconsistent

with this act.
Okla. Stat. tit. 6, § 6-220 — OK Code / Title 6 / Section 6-220
Impairment of capital - Assessments - Limitations
Status: in_force

A. Commissioner may direct assessment - Procedure. The

Commissioner may order a bank or trust company to levy an assessment

in a designated amount upon the holders of record of common stock to

remedy an impairment of capital. Upon receipt of an order to levy

an assessment, the directors shall, within three (3) business days,

cause to be sent to all holders of common stock, at their addresses

on the books of the bank or trust company, a notice of the amount of

the assessment, a copy of the order of the Commissioner and a copy

of this subsection. If an assessment is not paid within thirty (30)

days after the notice is mailed, the bank or trust company shall

offer the shares of the defaulting shareholders for sale at public

auction at a price which shall not be less than the amount of the

assessment and the cost of the sale. Any excess shall be paid to

the prior owners. The method of collection provided herein shall be

the sole method of collecting assessments.

B. Limitation of bank operations where capital impaired.

Whenever the capital or reserve of any bank shall be impaired, the

Commissioner may order it to make no new loans or discounts except

upon sight bills of exchange drawn against actually existing values.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 39
Okla. Stat. tit. 6, § 6-1309 — OK Code / Title 6 / Section 6-1309
Adverse claims to contents of safe deposit box
Status: in_force

A. An adverse claim to the contents of a safe deposit box, or

to property held in safekeeping, is not sufficient to require the

lessor to deny access to its lessee unless:

(1) the lessor is directed to do so by a court order issued in

an action in which the lessee is served with process and named as a

party by a name which identifies him with the name in which the safe

deposit box is leased or the property held; or

(2) the safe deposit box is leased or the property is held in

the name of a lessee with the addition of words indicating that the

contents or property are held in a fiduciary capacity, and the

adverse claim is supported by an affidavit stating facts disclosing

that it is made by or on behalf of a beneficiary and that there is a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 178

reason to believe that the fiduciary may misappropriate the trust

property.

B. A claim is also adverse where one of several lessees claims,

contrary to the terms of the lease, an exclusive right of access, or

where one or more persons claim a right of access as agents or

officers of a lessee to the exclusion of others as agents or

officers, or where it is claimed that a lessee is the same person as

one using another name.
Okla. Stat. tit. 6, § 6-213 — OK Code / Title 6 / Section 6-213
Interests of department officers or employees in banks or
Status: in_force

trust companies.

No officer or employee of the Department shall be an officer,

director, attorney, owner or shareholder in any bank or trust

company or, except as hereinafter provided, receive, directly or

indirectly, any payment or gratuity from any such bank or trust

company or be indebted to any bank or trust company or other

institution over which the Department has supervisory control.

Willful violation of this section is declared to be a criminal

offense. This provision shall not prohibit employees of the

Department from being members of credit unions or from being

indebted to credit unions and finance companies, nor shall it

prohibit their being depositors in a bank or lessees of safe deposit

boxes therein on the same terms as are available to the public

generally, or being indebted to a bank upon a mortgage loan upon the

mortgagor's own home, or upon an installment debt transferred to a

bank in the regular course of business by a seller of consumer

goods, including automobiles purchased by the officer or employee.

Further, this section shall not prohibit the five banker members of

the Board from being executive officers in banks and from receiving

bona fide compensation as such officers.
Okla. Stat. tit. 6, § 6-510 — OK Code / Title 6 / Section 6-510
Short title
Status: in_force

This act shall be known and may be cited as the “Oklahoma

Industrial Loan Company Branch Act of 2006”.
Okla. Stat. tit. 6, § 6-802 — OK Code / Title 6 / Section 6-802
Limitations on maximum indebtedness to bank - Exceptions
Status: in_force

A. 1. The total obligations to any bank or trust company of

any person, copartnership, association or corporation shall at no

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 98

time exceed thirty percent (30%) of the capital, less intangible

assets, of the bank or trust company. For purposes of this section,

the calculation of capital shall be made as of the date the bank or

trust company enters into a binding commitment using data from the

most recent quarterly report of condition of the bank or trust

company.

2. a. The term "obligations" shall mean the direct

liability, exclusive of interest, of the maker or

acceptor of paper discounted with or sold to such bank

and the liability, exclusive of interest, of the

endorser, drawer or guarantor who obtains a loan from

or discounts paper with or sells paper under the

guaranty of the endorser, drawer or guarantor to such

bank or trust company.

b. Loans or other extensions of credit to an industrial

development authority, or similar public entity

created for the purpose of constructing and leasing a

plant facility to an occupant, are not an obligation

of the authority for the purpose of this section if:

(1) the bank relies on the credit of the occupant in

making the loan,

(2) the authority's liability with respect to the

loan is limited solely to whatever interest it

has in the particular facility,

(3) the authority's interest is assigned to the bank

as security for the loan, and

(4) the occupant's lease rentals are assigned and

paid directly to the bank.

B. The limitation set forth in paragraph 1 of subsection A of

this section shall be subject to the following exceptions:

1. Loans or extensions of credit secured by not less than a

like amount of bonds or notes of the United States or certificates

of indebtedness of the United States, treasury bills of the United

States or obligations fully guaranteed both as to principal and

interest by the United States shall not be subject to any limitation

based upon capital;

2. Obligations shall not be subject under this section to any

limitation based upon such capital to the extent that such

obligations are secured or covered by guaranties, or by commitments

or agreements to take over or to purchase, made by any Federal

Reserve Bank or by the United States or any department, bureau,

board, commission or establishment of the United States, including

any corporation wholly owned directly or indirectly by the United

States;

3. Obligations secured by a segregated deposit account in the

lending bank; and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 99

4. Obligations as may be approved by the Commissioner upon

written request by the bank.

C. The Board may promulgate rules to administer and implement

this section, including rules to define or further define terms used

in this section and to establish limits or requirements other than

those specified in this section for particular classes or categories

of obligations.
Okla. Stat. tit. 6, § 6-1715 — OK Code / Title 6 / Section 6-1715
Out-of-state trust institutions permitted to engage in
Status: in_force

trust business.

An out-of-state trust institution may act as a fiduciary in this

state or engage in a trust business at an office in this state only

if it maintains:

1. A trust office in this state as permitted by this section

through Section 20 of this act; or

2. A branch in this state.
Okla. Stat. tit. 6, § 6-1008 — OK Code / Title 6 / Section 6-1008
Investments - Acceptance as securities by public officials
Status: in_force

of this state.

A. Securities authorized by Oklahoma Trust Act and Oklahoma

Uniform Prudent Investor Act. Banks having trust powers and trust

companies shall have the power of investing the moneys placed in

their charge through various trust accounts in such loans and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 130

securities as are authorized by the Oklahoma Trust Act and the

Oklahoma Uniform Prudent Investor Act.

B. Investments in notes, bonds, or debentures secured, insured

or guaranteed by United States - Acceptance by public officials. It

shall be lawful for banks having trust powers and trust companies

subject to the laws of this state, under limitations prescribed by

rule by the Commissioner, to invest their funds and trust funds in

their custody and possession, eligible for investment, in notes or

bonds secured by mortgages or in debentures the payment of which is

insured or guaranteed by the United States of America or by any of

its departments or agencies, and without regard to the limitation on

the appraised value of the real estate securing the notes or

obligations and without regard to limitation on the aggregate amount

of such notes, bonds or obligations that may be owned or held by any

such bank or trust company.

C. Any notes, bonds, mortgages or debentures insured or

guaranteed pursuant to subsection B of this section shall be

eligible for deposit with any public official of this state whenever

deposits of assets of such banks or trust companies shall be

required under any law of this state.
Okla. Stat. tit. 6, § 6-601 — OK Code / Title 6 / Section 6-601
Business days and hours
Status: in_force

A. 1. The days and hours within which a state bank or national

bank, credit union, savings association or trust company may be open

for business may be set by its board of directors.

2. Any plan so adopted by any such organization may be changed

by it from time to time in its discretion.

B. 1. Any act authorized, required or permitted to be

performed at or by any such bank, association or credit union on a

business day when such bank, association or credit union is so

closed may be performed on the next succeeding business day, and no

liability or loss of rights of any kind shall result from such

delay. If the organization chooses to close on a weekday which is

not a legal holiday, the bank shall still have responsibility for

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 84

paying or returning checks by its midnight deadline. For purposes

of this section, legal holidays and Saturday and Sunday shall not be

considered "business days".

2. In no case shall such bank, credit union, or savings

association be closed for more than three (3) consecutive days,

except as permitted under Section 603 of this title. Notice of a

change in hours or days of operation should be furnished to

customers to the extent practicable.
Okla. Stat. tit. 6, § 6-1719 — OK Code / Title 6 / Section 6-1719
Approval of establishment or acquisition of office by out-
Status: in_force

of-state institution.

A. No trust office of an out-of-state trust institution may be

acquired or established in this state pursuant to Sections 15

through 20 of this act unless:

1. The out-of-state trust institution shall have confirmed in

writing to the Commissioner that for as long as it maintains a trust

office in this state, it will comply with all applicable laws of

this state;

2. The notificant shall have provided satisfactory evidence to the

Commissioner of compliance with:

a. any applicable requirements of state foreign

corporation qualification laws, and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 224

b. the applicable requirements of its home state

regulator for acquiring or establishing and

maintaining such office; and

3. The Commissioner, acting within sixty (60) days after

receiving notice under Section 18 of this act, shall have certified

to the home state regulator that the requirements of Sections 15

through 20 of this act have been met and the notice has been

approved or, if applicable, that any conditions imposed by the

Commissioner pursuant to subsection B of this section have been

satisfied.

B. The out-of-state trust institution may commence business at

the trust office on the sixty-first day after the date the

Commissioner receives the notice unless the Commissioner specifies

an earlier or later date. However, with respect to an out-of-state

trust institution that is not a depository institution and for which

the Commissioner shall have conditioned such approval on the

satisfaction by the notificant of any requirement applicable to a

state trust company, such institution shall have satisfied such

conditions and provided to the Commissioner satisfactory evidence

thereof.

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

Commissioner on a determination that the written notice raises

issues that require additional information or additional time for

analysis. If the period of review is extended, the out-of-state

trust institution may establish the office only on prior written

approval by the Commissioner.

D. The Commissioner may deny approval of the office if the

Commissioner finds that the notificant lacks sufficient financial

resources to undertake the proposed expansion without adversely

affecting its safety or soundness or that the proposed office is

contrary to the public interest. In acting on the notice, the

Commissioner shall consider the views of the appropriate bank

supervisory agencies.