Okla. Stat. tit. 6, § 6-1741 — OK Code / Title 6 / Section 6-1741
Application for exemption - Maintenance of exempt status -
Status: in_force

Change of control - Revocation of exempt status - Enforcement

proceedings.

A. 1. A private trust company requesting an exemption from the

provisions of this act, pursuant to Section 1740 of this title,

shall file an application with the Commissioner containing the

following:

a. a nonrefundable application fee as set by the

Department. If the exemption request is made at the

same time as the charter application is filed, no

additional fee shall be required in connection with

the exemption request. If an exemption request is

made after the private trust company charter has been

issued, the fee for an exemption request shall be

equal to that imposed by the Department in connection

with branch bank applications,

b. a detailed statement under oath showing the private

trust company's assets and liabilities as of the end

of the month previous to the filing of the

application,

c. a statement under oath of the reason for requesting

the exemption,

d. a statement under oath that the private trust company

is not currently transacting business with the public

and that the company will not conduct business with

the public without the prior written permission of the

Commissioner,

e. the current street mailing address and telephone

number of the physical location in this state at which

the private trust company will maintain its books and

records, together with a statement under oath that the

address given is true and correct and is not a U.S.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 234

Postal Service post office box or a private mail box,

postal box or mail drop, and

f. listing of the specific provisions of the act and

Sections 101 through 1417 of the Oklahoma Banking Code

for which the request for exemption is made.

2. The Commissioner shall not approve a private trust company

exemption unless the application is completed as required in

paragraph 1 of this subsection.

B. To maintain status as an exempt private trust company under

this act, the private trust company:

1. Shall not transact business with the public;

2. Shall file an annual certification that it is maintaining

the conditions and limitations of its exempt status. This annual

certification shall be filed on a form provided by the Commissioner

and be accompanied by a fee equal to that imposed by the Department

for registration statements filed under Section 104 of this title.

The annual certification shall be filed on or before June 30 of each

year. No annual certification shall be valid unless it bears an

acknowledgment stamped by the Department. The Department shall have

thirty (30) days from the date of receipt to return a copy of the

acknowledged annual certification to the private trust company. The

burden shall be on the exempt private trust company to notify the

Department of any failure to return an acknowledged copy of any

annual certification within the thirty-day period. The Commissioner

may examine or investigate the private trust company periodically as

necessary to verify the certification;

3. Shall comply with the principal office provisions of Section

1712 of this title and with the address and telephone requirements

of subparagraph e of paragraph 1 of subsection A of this section;

and

4. Shall pay the corporate franchise tax, as certified by the

Oklahoma Tax Commission.

C. Control of an exempt private trust company may not be

transferred or sold with exempt status. In any change of control,

the acquiring control person must comply with the provisions of this

act, and the exempt status of the private trust company shall

automatically terminate upon the effective date of the transfer. A

separate application for exempt status shall be filed if the

acquiring person wishes to obtain or continue an exemption pursuant

to this section.

D. The Commissioner shall have authority to revoke the exempt

status of a private trust company in the following circumstances:

1. The exempt private trust company makes a false statement

under oath on any document required to be filed by the act or by any

rule promulgated by the Department;

2. The exempt private trust company fails to submit to an

examination of its books and records by the Commissioner;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 235

3. The exempt private trust company withholds requested

information from the Commissioner; or

4. The exempt private trust company violates any provision of

this section applicable to exempt private trust companies.

E. If the Commissioner determines from examination or other

credible evidence that an exempt private trust company has violated

any of the requirements of this section, the Commissioner may, by

personal delivery or registered or certified mail, return receipt

requested, notify the exempt private trust company in writing that

the private trust company's exempt status has been revoked. The

notification shall state grounds for the revocation with reasonable

certainty. The notice shall state its effective date, which may not

be before the fifth day after the date the notification is mailed or

delivered. The revocation takes effect for the private trust

company if the private trust company does not request a hearing in

writing before the effective date. After taking effect, the

revocation is final and nonappealable as to that private trust

company, and the private trust company shall be subject to all of

the requirements and provisions of the act and the Oklahoma Banking

Code applicable to nonexempt state trust companies.

F. A private trust company shall have five (5) calendar days

after the revocation is effective to comply with the provisions of

this act from which it was formerly exempt. If, however, the

Commissioner determines, at the time of revocation, that the private

trust company has been engaging in or attempting to engage in acts

intended or designed to deceive or defraud the public, the

Commissioner may shorten or eliminate, in the Commissioner's sole

discretion, the five-calendar-day compliance period.

G. If the private trust company does not comply with all of the

provisions of this act, including such capitalization requirements

as have been determined by the Commissioner as necessary to assure

the safety and soundness of the private trust company, within the

prescribed time period, the Commissioner may:

1. Institute any action or remedy prescribed by this act and

the Oklahoma Banking Code, or any applicable rule or regulation; or

2. Refer the private trust company to the Attorney General for

institution of a quo warranto proceeding to revoke the charter.
Okla. Stat. tit. 6, § 6-311.1 — OK Code / Title 6 / Section 6-311.1
Existing certificate of incorporation for which no
Status: in_force

certificate of authority is outstanding.

In the case of an existing certificate of incorporation for

which no certificate of authority is currently outstanding, a holder

of such certificate of incorporation shall follow the procedure and

obtain the approvals as set forth in Sections 312 and 313 of this

title.
Okla. Stat. tit. 6, § 6-2106 — OK Code / Title 6 / Section 6-2106
Investigation of applicants
Status: in_force

(a) Upon the filing of an application, the Commissioner shall

investigate the applicant and if he finds that the applicant is of

good moral character and financially responsible and can meet the

requirements of this act, he shall give notice in writing of his

approval of said application to the applicant, who shall within

thirty (30) days post the bond, or securities in lieu thereof,

required by this act, whereupon the Commissioner shall forthwith

issue to the applicant a license to engage in the business of

selling or issuing checks subject to the provisions of this act.

(b) No license shall be issued to an applicant:

1. If a natural person, unless he is over twenty-one (21) years

of age;

2. If a partnership, unless each of the partners is over

twenty-one (21) years of age;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 273

3. If a joint stock association, trust, unincorporated

association or corporation, unless each of the officers, directors,

trustees or other managing officials is over twenty-one (21) years

of age.

(c) No application shall be denied unless the application has

had notice of a hearing on said application and an opportunity to be

heard thereon. If the application is denied, the Commissioner

shall, within thirty (30) days thereafter, prepare and file in his

office a written order of denial which shall contain his findings

and reasons supporting the denial, and shall within ten (10) days

after the filing of such order, notify the applicant and send him a

copy of such order.
Okla. Stat. tit. 6, § 6-304 — OK Code / Title 6 / Section 6-304
Expenses of organization
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 41

A. Each subscriber at the time the subscriber subscribes to the

stock of a proposed state bank or trust company shall pay in cash a

sum equal to at least five percent (5%) of the sale price of such

stock into a fund to be used to pay the expenses of organization.

No organizational expense shall be paid out of any other funds of

the bank.

B. Upon the issuance of a certificate of authority by the

Commissioner any unexpended balance shall be transferred to

undivided profits. If the application has been finally denied, any

unexpended balance shall be distributed among the contributors in

proportion to their respective contributions. The Commissioner may

require an accounting of disbursements from the fund and may order

the organizers to restore any sum which has been expended for other

than proper organizational expenses.

C. No payment shall be made from the organizational expense

fund for soliciting subscriptions to stock.

D. Any financial arrangement or transaction involving the

proposed bank or trust company and its organizers, directors,

officers or principal shareholders shall be disclosed.
Okla. Stat. tit. 6, § 6-308 — OK Code / Title 6 / Section 6-308
Hearing before Commissioner
Status: in_force

A. Notice. When a hearing is permitted before the

Commissioner, the Commissioner shall notify interested persons of

the date, time and place at which an opportunity to be heard shall

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 45

be afforded. Interested persons shall include the applicant, the

persons requesting a hearing and other persons who have submitted

written comments and objections to the Commissioner.

B. Participation in the hearing. Within ten (10) days after

the date of notice of hearing, each person desiring to be heard

shall notify the Commissioner of such person's intention to

participate in the hearing. At least five (5) days prior to the

hearing, each participant shall submit to the Commissioner and the

applicant a list of witnesses and copies of each exhibit to be

offered as the Commissioner may require. Any participant who fails

to comply with these deadlines shall be prohibited from

participation in the hearing.

C. Presiding officer. The presiding officer at the hearing

shall be the Commissioner or the designee of the Commissioner. The

presiding officer shall have the authority to appoint a panel to

assist the presiding officer.

D. Order of presentation.

1. Opening statements. The applicant and each other

participant shall make an opening statement. The length of such

statements shall be within the discretion of the presiding officer.

2. Applicant's presentation. Following the opening statements,

the applicant shall present any data and materials, oral or

documentary of the applicant.

3. Other presentations. Following the applicant's

presentation, other interested persons may present their views with

respect to the application under consideration.

4. Summary statements. After all the above presentations have

been concluded, the participants may make short and concise summary

statements reviewing their positions.

E. Witnesses. The obtaining of witnesses is the responsibility

of the participants. All witnesses will be present of their own

volition, but any person appearing as a witness may be subject to

questioning by any participant, by the presiding officer or by any

member of the panel. The refusal of a witness to answer questions

may be considered by the presiding officer in determining the weight

to be accorded the testimony of that witness. Witnesses shall not

be sworn.

F. Evidence. The presiding officer shall have the authority to

exclude witnesses, evidence, data or materials which the presiding

officer deems to be improper, irrelevant, or duplicitous. Formal

rules of evidence shall not be applicable to these hearings.

Documentary material must be of a size consistent with ease of

handling, transportation and filing, and must be provided for each

participant by the party presenting such evidence. While large

exhibits may be used during the hearing, copies of such exhibits

must be provided by the party in reduced size for submission as

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 46

evidence. Ten copies of all such documentary evidence shall be

furnished to the Commissioner.

G. Procedural questions. The presiding officer or any

designated member of the assisting panel shall determine all

procedural questions. The Commissioner and the presiding officer

shall each have the authority to limit the number of witnesses to be

called by each participant and to impose such time limitations as

they shall deem reasonable.

H. Transcript. If the proceedings of the hearing are recorded

by a court reporter, a transcript of the hearing shall be made. The

party requesting the hearing may arrange for a court reporter to be

present to record the proceedings. All expenses of the reporter,

including the furnishing of two copies of the transcript to the

Commissioner, shall be borne by the person or persons requesting the

opportunity to be heard. In the event the Commissioner orders a

hearing when no request is submitted, expenses shall be borne by the

applicant.

I. The record. The record of these proceedings shall include

the charter application file described in Section 309 of this title,

all documentary evidence presented at the hearing and any

transcript.
Okla. Stat. tit. 6, § 6-2117 — OK Code / Title 6 / Section 6-2117
Power of subpoena - Designation of hearing officer
Status: in_force

(a) For the purposes of this act, the Commissioner or the

hearing officer as hereinafter provided has power to require by

subpoena the attendance and testimony of witnesses, and the

production of all documentary evidence relating to any matter under

hearing pursuant to this act, and shall issue such subpoenas at the

request of an interested party. The hearing officer may sign

subpoenas in the name of the Commissioner.

(b) The Commissioner may, in his discretion, direct that any

hearing pursuant to this act shall be held before a competent and

qualified agent of the Commissioner, whom the Commissioner shall

designate as the hearing officer in such matter. The Commissioner

and the hearing officer are hereby empowered to, and shall,

administer oaths and affirmations to all witnesses appearing before

them. The hearing officer, upon the conclusion of the hearing

before him, shall certify the evidence to the Commissioner.

(c) Any district court of this state, within the jurisdiction of

which such hearing is carried on, may, in case of contumacy, or

refusal of a witness to obey a subpoena, issue an order requiring

such witness to appear before the Commissioner, or the hearing

officer, or to produce documentary evidence, or to give testimony

touching the matter in question, and the willful refusal and failure

of any such witness to obey such order of the court shall constitute

contempt of court.
Okla. Stat. tit. 6, § 6-910.2 — OK Code / Title 6 / Section 6-910.2
Application of act — Dispute resolution
Status: in_force

A. This act shall apply to a special deposit under an account

agreement that states the intention of the parties to establish a

special deposit governed by this act, regardless of whether a party

to the account agreement or a transaction related to the special

deposit, or the special deposit itself, has a reasonable relation to

this state.

B. The parties to an account agreement may choose a forum in

this state for settling a dispute arising out of the special

deposit, regardless of whether a party to the account agreement or a

transaction related to the special deposit, or the special deposit

itself, has a reasonable relation to this state.

C. This shall not affect:

1. A right or obligation relating to a deposit other than a

special deposit under this act; or

2. The voidability of a deposit or transfer that is fraudulent

or voidable under other law.
Okla. Stat. tit. 6, § 6-2115 — OK Code / Title 6 / Section 6-2115
Conduct of business - Location - Agents - Conditions
Status: in_force

Each licensee may conduct his business at such locations within

this state and through or by means of such employees, agents,

subagents or representatives as he may from time to time designate

and appoint, so long as the Commissioner has been notified timely of

each location, appropriate licensing fees have been paid, and the

bonding requirement has been met.
Okla. Stat. tit. 6, § 6-1604 — OK Code / Title 6 / Section 6-1604
Requirements for carrying on banking business
Status: in_force

Requirements for carrying on banking business.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 201

A. No international banking corporation may transact a banking

business, or maintain in this state any office for carrying on such

business, or any part thereof, unless such corporation has:

1. Been authorized by its charter to carry on such business and

has complied with the laws of the country under which it is

chartered;

2. Furnished to the Board such proof as to the nature and

character of its business and as to its financial condition as the

Board may require;

3. Filed with the Board a certified copy of that information

required to be supplied to the Secretary of State by those

provisions of the Oklahoma General Corporation Act which are

applicable to foreign corporations;

4. Paid to the Board a nonrefundable application fee in an

amount set by the Board; and

5. Received a license duly issued to it by the Commissioner.

B. The Commissioner may not issue a license to an international

banking corporation unless:

1. It is chartered in a jurisdiction in which any bank having

its principal place of business in this state may establish similar

facilities or exercise similar powers; or

2. Under the Federal International Banking Act of 1978, the

Comptroller of the Currency of the United States could issue a

license to the corporation to operate a federal agency without

considering whether the international banking corporation is

chartered in a jurisdiction in which any bank having its principal

place of business in this state may establish similar facilities or

exercise similar powers.
Okla. Stat. tit. 6, § 6-711 — OK Code / Title 6 / Section 6-711
Directors and officers - Banks and trust companies
Status: in_force

A. The affairs of a bank or trust company shall be managed by a

board of directors which shall exercise its powers and be

responsible for the discharge of its duties. The number of

directors, which shall not be less than five, shall be fixed by the

bylaws and the number so fixed shall be the board regardless of

vacancies. Directors need not be stockholders of the bank or trust

company unless so required by the bylaws of the bank or trust

company. A director who is disqualified shall be removed by the

board of directors or by the Commissioner. No action taken by a

director prior to resignation or removal shall be subject to attack

on the ground of the disqualification of such director.

B. Unless otherwise restricted by the certificate of

incorporation or bylaws, the board of directors shall have the

authority to fix a reasonable compensation for the directors.

C. Directors shall be elected by the stockholders at the first

meeting and thereafter at the annual meeting or at a special meeting

called for that purpose. If the certificate of incorporation or

amendments thereto provide for cumulative voting, the votes of each

share may be cast for one person or divided among two or more, as

the stockholder may choose. The person or persons (to the number of

directors to be elected) having the largest number of votes shall be

elected.

D. Each director, when appointed or elected, shall take an oath

that the director will, so far as the duty devolves on the director,

diligently and honestly administer the affairs of such bank or trust

company, and will not knowingly violate or willingly permit to be

violated any of the provisions of the Oklahoma Banking Code. The

oath shall be taken before a notary public, properly authorized and

commissioned by the state in which the director resides, or before

any other officer having an official seal and authorized by the

state to administer oaths, except that the oath shall not be taken

before any such notary public or other officer who is an officer of

the director's bank. The oath, subscribed by the director making

it, and certified by the notary public or other officer before whom

it is taken, shall be immediately transmitted to the Commissioner

and shall be filed and preserved in the office of the Department for

a period of ten (10) years.

E. Honorary or advisory members of the board of directors may

be appointed by a state bank to act in advisory capacities without

the power or responsibility of final decision in matters concerning

the business of the bank. Any listing of such honorary or advisory

directors must distinguish between them and the bank's board of

directors or indicate their advisory status.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 92

F. The terms of office of directors shall be one (1) year.

Each director shall hold office until a successor is elected and

qualified or until an earlier resignation or removal. Vacancies may

be filled by vote of the board of directors until the next meeting

of the stockholders.

G. A director may be removed by the stockholders at a meeting.

Where cumulative voting for directors is provided in the certificate

of incorporation or amendment thereto, no director shall be removed

unless the votes cast against a motion for the removal are less than

the total number of shares outstanding divided by the number of

authorized directors, but all of the directors shall be removed if a

majority of the outstanding shares approves a motion for the removal

of all.

H. The officers designated by the bylaws shall be elected by

the board of directors. The president and managing officer shall be

members of the board of directors. The president may also serve as

managing officer. The board of directors of a state bank may enter

into employment contracts with its officers and employees upon

reasonable terms and conditions. An officer may be removed by the

board of directors at any time but removal shall not prejudice any

rights that the officer may have to damages for breach of contract

of employment.
Okla. Stat. tit. 6, § 6-1721 — OK Code / Title 6 / Section 6-1721
Out-of-state institutions prohibited from acting as
Status: in_force

fiduciaries - Engaging in trust business at representative trust

office permitted.

A. An out-of-state trust institution may not act as a

fiduciary, but may otherwise engage in a trust business, at a

representative trust office as permitted by this section and Section

22 of this act.

B. Subject to the requirements contained in this section and

Section 22 of this act, an out-of-state trust institution may

establish and maintain representative trust offices anywhere in this

state.
Okla. Stat. tit. 6, § 6-409 — OK Code / Title 6 / Section 6-409
Dividends
Status: in_force

A. Withdrawal of capital - Dividends - Bad debts - Banks and

trust companies. Without the prior written approval of the

Commissioner, no bank shall, during the time it shall continue its

banking operations, withdraw, or permit to be withdrawn, either in

the form of dividends or otherwise, any portion of its capital or

surplus. If losses have at any time been sustained by any such

bank, equal to or exceeding its undivided profits then on hand, no

dividend shall be made, and no dividend shall ever be made by any

bank, while it continues its banking operations, to an amount

greater than its net profits then on hand, deducting therefrom its

losses and bad debts. All debts due to any bank, on which interest

is past due and unpaid for a period of six (6) months, unless the

same are well secured and in process of collection, shall be

considered bad debts within the meaning of this section.

No trust company shall declare or pay any dividend to an amount

greater than its net undivided profits then on hand, deducting

therefrom:

1. All losses;

2. All debts, unless the same are well secured, on which

interest for a period of one (1) year is past due and unpaid and

debts upon which final judgment has been recovered but has been for

more than one (1) year unsatisfied and on which interest for a

period of one (1) year is unpaid, unless the same are well secured;

3. All assets or depreciation which the commissioner or a duly

appointed examiner may have required to be charged off; and

4. All expenses, interest and taxes accrued or due from the

trust company.

After providing for the deductions set forth, the board of

directors of a trust company may, at any regular meeting, declare a

dividend out of so much of the net undivided profits of the trust

company as they judge expedient. Interest unpaid, although due or

accrued, shall not be included in the calculation of net undivided

profits.

B. Dividends - When payable - Restrictions.

1. The directors of any bank or trust company may, quarterly,

semiannually or annually, declare a dividend of so much of the net

profits of the corporation as they shall judge expedient, except

that, until the surplus fund of a bank shall equal its common

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 61

capital, no cash dividends shall be declared unless there has been

carried to the surplus fund not less than one-tenth (1/10) part of

the bank's net profits of the preceding half year in the case of

quarterly or semiannual dividends, or not less than one-tenth (1/10)

part of its net profits of the preceding two consecutive half-year

periods in the case of annual dividends: Provided that, for the

purposes of this section, any amounts paid into a fund for

retirement of any preferred stock of any such bank out of its net

earnings for such period or periods shall be deemed to be additions

to its surplus fund if, upon the retirement of such preferred stock,

the amounts so paid into such retirement fund may then properly be

carried to surplus. In any such case the bank shall be obligated to

transfer to surplus the amounts so paid into such retirement fund on

account of the preferred stock as such stock is retired.

2. The approval of the Commissioner shall be required if the

total of all dividends declared by a bank in any calendar year shall

exceed the total of its net profits of that year combined with its

retained net profits of the preceding two (2) years, less any

required transfers to surplus or a fund for the retirement of any

preferred stock.

3. For the purpose of paragraph 2 of this subsection, the term

"net profits" shall mean the remainder of all earnings from current

operations plus actual recoveries on loans and investments and other

assets, after deducting from the total thereof all current operating

expenses, actual losses, accrued dividends on preferred stock, if

any, and all federal and state taxes.
Okla. Stat. tit. 6, § 6-2107 — OK Code / Title 6 / Section 6-2107
Annual license fees - Renewals - Display of license
Status: in_force

certificate - Exception.

A. Before any license is issued or renewed, the applicant or

licensee shall pay an annual license fee in the amount of Two

Hundred Dollars ($200.00), plus Ten Dollars ($10.00) for each

location within this state at which checks of the licensee are

issued or sold. With respect to license renewals, every licensee,

on or before each June 1, shall pay the annual license fee for the

succeeding fiscal year commencing July 1.

B. The State Banking Commissioner shall issue a license

certificate to a licensee satisfying the requirement therefor. The

license certificate shall be displayed prominently and be available

for inspection upon demand at each location of the licensee at which

checks of the licensee are to be issued or sold. It shall be the

responsibility of the licensee to provide a copy of the original

license certificate to the agent at each location for display. Any

location failing to display a license certificate may be prohibited

by the Commissioner from selling checks if the agent at such

location fails or refuses to comply with such display requirement

after receipt of written notice from the Commissioner. The

Commissioner shall provide the licensee with a copy of the written

notice and shall also notify the licensee in writing of any

additional action proposed or taken by the Commissioner.

C. A license issued hereunder shall remain in effect until

surrendered by the licensee or revoked, and may be renewed from year

to year upon payment of the fee required in subsection A of this

section, provided the licensee continues to comply with all

provisions of Section 2101 et seq. of this title and of all

regulations hereunder.

D. The requirements of this section shall not apply to those

locations where checks of the licensee are issued or sold which are

governmental departments or financial institutions fully exempt from

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 274

the provisions of the Sale of Checks Act pursuant to Section 2104 of

this title.

E. Fees collected pursuant to this section shall be deposited

in the Oklahoma State Banking Department revolving fund pursuant to

Section 211.1 of this title.
Okla. Stat. tit. 6, § 6-2027 — OK Code / Title 6 / Section 6-2027
Certain records designated as public records -
Status: in_force

Confidential records - Disclosure of confidential information.

(A) The following records of the State Credit Union Board, the

Bank Commissioner, Administrator and State Banking Department are

designated as public records:

(1) All applications for credit union charters and supporting

information with the exception of personal financial records of

individual applicants;

(2) All records introduced at public hearings on credit union

charter applications;

(3) Information disclosing the failure of a credit union and

the reasons therefor;

(4) Reports of completed investigations which uncover a

shortage of funds in a credit union, after the reporting of the

shortage to proper authorities by the Bank Commissioner; and

(5) All items filed in the office of the Secretary of State.

(B) All other credit union records in the State Banking

Department including but not limited to records of the State Credit

Union Board, the Bank Commissioner, the Deputy Commissioner and the

Administrator shall be confidential and not subject to public

inspection; provided, however, that the State Credit Union Board,

Bank Commissioner, Administrator, or Deputy Commissioner may divulge

such confidential information with the written approval of the Bank

Commissioner after receipt of a written request which shall:

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

and

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

produced pursuant to a valid judicial subpoena or other legal

process requiring production, if the Bank Commissioner determines

that the records are relevant to the hearing or proceeding and that

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

disclosed only after a determination that good cause exists for the

disclosure. Either prior to or at the time of any disclosure, the

Bank Commissioner shall impose such terms and conditions as he deems

necessary to protect the confidential nature of the record, the

financial integrity of any institution to which the record relates,

and the legitimate privacy interests of any individual named in such

records.
Okla. Stat. tit. 6, § 6-910.6 — OK Code / Title 6 / Section 6-910.6
Payment to beneficiary by bank — Obligation — Discharge
Status: in_force

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

obligated to pay a beneficiary if there are sufficient actually and

finally collected funds in the balance of the special deposit.

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

obligation to pay the beneficiary is excused if the funds available

in the special deposit are insufficient to cover such payment.

C. Unless the account agreement provides otherwise, if the

funds available in the special deposit are insufficient to cover an

obligation to pay a beneficiary, a beneficiary may elect to be paid

the funds that are available or, if there is more than one

beneficiary, a pro rata share of the funds available. Payment to

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 118

the beneficiary making the election under this subsection discharges

the bank’s obligation to pay a beneficiary and does not constitute

an accord and satisfaction with respect to another person obligated

to the beneficiary.

D. Unless the account agreement provides otherwise, the

obligation of the bank obligated to pay a beneficiary is immediately

due and payable.

E. The bank may discharge its obligation under this section by:

1. Crediting another transaction account of the beneficiary; or

2. Taking other action that:

a. is permitted under the account agreement for the bank

to obtain a discharge, or

b. otherwise would constitute a discharge under law.

F. If the bank obligated to pay a beneficiary has incurred an

obligation to discharge that obligation of another person, the

obligation of the other person is discharged if action by the bank

under subsection E of this section would constitute a discharge of

the obligation of the other person under law that determined whether

an obligation is satisfied.
Okla. Stat. tit. 6, § 6-2118 — OK Code / Title 6 / Section 6-2118
Judicial review
Status: in_force

All final administrative decisions of the Commissioner hereunder

shall be subject to judicial review by the district court of

Oklahoma County on questions of law and appeal therefrom to the

Supreme Court of Oklahoma.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 280
Okla. Stat. tit. 6, § 6-1103 — OK Code / Title 6 / Section 6-1103
Approval by Board
Status: in_force

A. After approval by the board of directors of each constituent

bank or savings association, the merger agreement shall be submitted

to the Banking Board for approval, together with a fee for review of

the merger as required by rule of the Banking Board which shall be

deposited in the Oklahoma State Banking Department revolving fund

pursuant to Section 211.1 of this title, certified copies of the

authorizing resolutions of the several boards of directors showing

approval by a majority of the entire board and evidence of proper

action by the board of directors of any constituent national bank or

federal savings association.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 148

B. Without approval by the Board, no asset shall be carried on

the books of the resulting bank at a valuation higher than that on

the books of the constituent bank or savings association at the time

of the last examination by a state or national bank examiner or

savings association examiner before the effective date of the

merger.

C. Within thirty (30) days after receipt by the Board of the

fee and papers specified in subsection A of this section, the Board

shall approve or disapprove the merger and the merger agreement.

The Board shall approve the merger and the merger agreement if it

appears that:

1. The resulting state bank meets all the requirements of state

law as to the formation of a new state bank;

2. The agreement provides an adequate capital structure

including surplus in relation to the deposit liabilities of the

resulting state bank and its other activities which are to continue

or are to be undertaken;

3. The agreement is fair; and

4. The merger is not contrary to the public interest.

If the Board disapproves a merger or a merger agreement, it

shall state its objections and give an opportunity to the

constituent banks or savings associations to amend the merger

agreement to obviate such objection. The Board may by rule

establish a procedure whereby the State Banking Commissioner may

grant approval of the merger or merger agreement 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.

D. Where the resulting state bank is not to exercise trust

powers, the Board shall not approve a merger until satisfied that

adequate provision has been made for successors to fiduciary

positions held by constituent banks or savings associations, and the

manner of succession of trust powers and successor trustees shall

follow the same procedure as set out in Section 1018 of this title.
Okla. Stat. tit. 6, § 6-506 — OK Code / Title 6 / Section 6-506
Out-of-state bank holding companies - Acquisitions
Status: in_force

A. An out-of-state bank holding company, upon approval by the

Federal Reserve Board, may acquire an unlimited number of banks,

bank holding companies and multibank holding companies. Any

acquisition made pursuant to the provisions of this section may

include assets and liabilities of the bank, bank holding company or

multibank holding company and all branches and facilities thereof.

B. No out-of-state bank holding company shall be permitted to

acquire direct or indirect ownership or control of any bank, bank

holding company, or multibank holding company, except in compliance

with this section.

C. No acquisition provided for in this section shall be

permitted unless the approval of the Federal Reserve Board required

pursuant to subsection A of this section:

1. Includes, for all acquisitions, a finding that:

a. notice of intent to acquire has been published in a

newspaper of general paid circulation in the county or

counties where the bank or banks to be acquired are

located and that a notice of intent to acquire has

been mailed by certified mail with return receipt

requested to each person owning stock in the bank,

bank holding company or multibank holding company to

be acquired,

b. the reports required by the Federal Reserve Board in

order to assess the out-of-state bank holding

company's record of meeting the credit needs of its

entire community as required under the provisions of

Section 2903 of Title 12 of the United States Code

have been placed on file as a matter of public record

with the Oklahoma State Banking Department, and

c. the bank and, if acquired indirectly, its bank holding

company or multibank holding company immediately after

the acquisition meets the capital adequacy guidelines

of the appropriate federal financial supervisory

agency; and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 82

2. Includes, for any acquisition of a majority of the voting

shares, a finding that the acquisition has been approved by the

board of directors and a majority of the voting shares of the bank

or of its parent bank holding company or multibank holding company.

D. All limitations and restrictions of the Oklahoma Banking

Code applicable to banks, bank holding companies and multibank

holding companies shall apply to a bank, bank holding company or

multibank holding company which becomes a subsidiary of an out-of-

state bank holding company and to such out-of-state bank holding

company. In addition, any bank which becomes a subsidiary of an

out-of-state bank holding company shall maintain current reports

showing the bank's record of meeting the credit needs of its entire

community as required by the bank's federal financial supervisory

agency under Section 2903 of Title 12 of the United States Code on

file as a matter of public record with the Department.

E. Any out-of-state bank holding company which controls a bank,

a bank holding company or multibank holding company shall be subject

to laws of this state and rules of its agencies relating to the

acquisition, ownership, and operation of banks, bank holding

companies and multibank holding companies.

F. The Board shall have the power to enforce the prohibitions

provided for in this section by requiring divestiture and through

the imposition of fines and penalties, the issuance of cease and

desist orders, and such other remedies as are provided by law.

G. Any final order of the Board shall be appealable pursuant to

the provisions of Section 207 of this title.
Okla. Stat. tit. 6, § 6-1603 — OK Code / Title 6 / Section 6-1603
Applicability of Oklahoma General Corporation Act
Status: in_force

Applicability of the Oklahoma General Corporation Act.

Notwithstanding the definition of the term foreign corporation

in Section 1130 of Title 18 of the Oklahoma Statutes, all of the

provisions of the Oklahoma General Corporation Act not in conflict

with the Oklahoma Banking Code which relate to the foreign

corporations shall apply to all international bank agencies and

representative offices doing business in this state.
Okla. Stat. tit. 6, § 6-2010 — OK Code / Title 6 / Section 6-2010
Board of directors - Credit committee or credit manager -
Status: in_force

Supervisory committee - Officers.

A. 1. The business affairs of a credit union shall be managed

by a board of not less than seven (7) members, elected by the

members of the credit union, from their number, at their annual

meeting, the organizational meeting being the first annual meeting,

and to hold office for such terms as the bylaws may provide.

2. The bylaws of a credit union shall not prevent or restrict a

member from serving as a director, unless such member has been, or

is later, convicted of a crime involving dishonesty or breach of

trust.

3. A record of names and addresses of the board of directors

and the respective committees and officers shall be filed with the

Bank Commissioner within ten (10) days after their election. No

member of the board of directors shall, as such, be compensated, but

the officers elected by the board of directors and the members of

the credit and supervisory committees may receive such compensation

for services performed as the board shall, by resolution, authorize.

4. The board of directors shall meet at least once a month,

unless permitted by the Bank Commissioner to meet less often, and

shall have the general direction and control of the affairs of the

corporation. The minutes of all such meetings shall be kept. Among

other things they shall act upon applications for membership.

5. The board shall also:

a. declare dividends and determine rates of interest on

deposits,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 254

b. fill vacancies in the board and in the credit

committee until successors elected at the next annual

meeting have qualified,

c. authorize investment of credit union funds other than

loans to members,

d. determine from time to time the maximum number of

shares and deposits that will be accepted from a

member in any calendar month not inconsistent with the

bylaws, and

e. subject to limitations of this act, determine the

interest rates on loans and the maximum amount that

may be loaned with and without security to any member,

and determine the rate of interest refund, if any, to

be made to members.

A majority of the board may, however, agree to exclude

loans made at rates of interest lower than the basic rate

of the credit union and may also exclude loans where

payments are in arrears from participation in such

interest rebates. All other loans shall participate at

the same rate of rebate.

6. The State Credit Union Board may, by approval of

implementing amendments to the bylaws of a credit union, authorize

the delegation of specific powers by the board of directors of the

credit union to an executive committee of the board of designated

officers of the credit union. However, the delegation of any power

by the board of directors, as authorized, shall not relieve the

board of any existing duty or obligation for the proper exercise of

the delegated power.

B. 1. At their first meeting, after the annual meeting of the

members, the directors shall elect from their number an executive

officer, who may be designated as chairman of the board or

president, a vice-chairman of the board or a vice-president, a

secretary, and a treasurer, who shall be the executive officers of

the corporation. The secretary and the treasurer may be the same

person. The duties of the officers shall be determined by the

bylaws.

2. The board of directors may employ an officer in charge of

operations, whose title shall be either president and/or general

manager or, in lieu thereof, the board of directors may designate

the treasurer or an assistant treasurer, to act as general manager

and be in active charge of the affairs of the credit union. Each

active officer and employee of a credit union shall, before entering

upon their duties, make and give a bond to the credit union,

executed by a surety company, in an amount fixed by the State Credit

Union Board, for the protection of the credit union against the

fraud or dishonesty of each active officer or employee of the credit

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 255

union. When the bond has been executed it shall be filed with the

Bank Commissioner.

3. The board of directors may appoint a membership officer and

delegate to the officer the power to approve or disapprove all

membership applications. The membership officer may not be the

treasurer or assistant treasurer. Once appointed, the membership

officer shall submit to the board of directors a list of approved or

pending applications for membership at each regular meeting of the

board of directors.

C. 1. A credit committee of not less than three members shall

be either elected by the members or appointed by the board of

directors, from the membership of the credit union, at the annual

meeting of the members, or at the first meeting of the board of

directors after the annual meeting of the members, as the bylaws may

provide. Members of the credit committee shall hold office for such

terms as specified in the bylaws. In lieu of a credit committee, a

credit manager may be appointed by the board of directors, if the

bylaws so provide. The credit manager shall be an officer of the

credit union.

2. A credit committee, or if the bylaws so provide, a credit

manager, shall have the general supervision of all loans to members.

It shall be the duty of the credit committee, or if applicable, the

credit manager, to provide for the review of all applications for

loans, to ascertain whether or not such loan would benefit the

applicant, and to determine whether or not the security offered, in

the judgment of the credit committee or the credit manager, is

sufficient and the terms proper. If the loans of the credit union

are supervised by a credit committee, the credit committee shall

meet as often as may be required after due notice has been given to

each member thereof, but not less than once a month, and shall keep

a record of all meetings.

3. The credit committee, or the credit manager, shall make a

report to the members at the annual meeting.

4. To facilitate the work of the credit committee or the credit

manager, the credit committee or the credit manager, whichever is

applicable, may appoint one or more loan officers and assistants, as

may be necessary. Loan officers shall act under the direction of

the credit committee or the credit manager and may approve or

disapprove loans, but only within written rules and regulations

established by the credit committee or the credit manager. A record

of loans approved by each loan officer shall be made available upon

request to the credit committee or the credit manager.

D. 1. The supervisory committee shall be appointed by the

board of directors unless otherwise provided in the bylaws. One

director may be appointed or elected to the supervisory committee,

but not the treasurer.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 256

2. The supervisory committee shall make a semiannual

examination of the affairs of the credit union, including an audit

of its books; and shall make an annual audit and a report to be

submitted at the annual meeting of the corporation. However, if the

supervisory committee, with the approval of the board of directors,

employs an auditor approved by the State Credit Union Board, a

licensed public accountant or a certified public accountant to

perform an annual audit of the affairs and books of the credit

union, such annual audit by the outside auditor shall constitute

full compliance with this subsection.

3. The supervisory committee shall make a report of any audit

it causes to be conducted of the credit union at the annual meeting

of the credit union.

4. By a unanimous vote, the supervisory committee may suspend

any officer of the corporation, including the credit manager, or any

member of the credit committee or of the board of directors until

the next members' meeting, which meeting, however, shall be held

within fourteen (14) days of the suspension and at which meeting the

suspension shall be acted upon by the members; and, by a majority

vote, may call a special meeting of the shareholders to consider any

violation of this law, the charter, or of the bylaws, or any

practice of the corporation deemed by the committee to be unsafe or

unauthorized. The board of directors shall fill vacancies on the

supervisory committee.

5. The supervisory committee shall in such manner as it deems

advisable cause the accounts of the members to be verified with the

records of the treasurer from time to time and not less frequently

than once every two (2) years.

6. The supervisory committee shall meet as often as necessary

to conduct the business of the supervisory committee and at such

other times as the Commissioner may prescribe. Minutes of all such

meetings shall be kept.

7. No member of the supervisory committee may be excluded from

attending the meetings of the board of directors of the credit

union.
Okla. Stat. tit. 6, § 6-1608 — OK Code / Title 6 / Section 6-1608
Asset maintenance or capital equivalency
Status: in_force

Asset maintenance or capital equivalency.

A. Each international bank agency shall hold, in this state,

assets which bear such relationships as the Board shall by rule

prescribe to the aggregate liabilities of the international bank

agency payable in this state or resulting from the operations of the

international bank agency. The amount of such assets shall be equal

to not less than one hundred five percent (105%) of the amount of

such liabilities. However, the Board by rule may reduce the

required amount of assets to not less than one hundred percent

(100%) of the amount of such liabilities. When promulgating any

such rule, the Board shall take into account the objective of

maintaining a sound banking system in this state. The assets shall

be maintained as cash on hand; as cash on demand deposit with other

banks, including the total amount of any reserves deposited with

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 207

other banks, including the total amount of any reserves deposited at

a federal reserve bank; as cash items in process of collection; as

earning assets such as federal funds sold, bonds, notes, debentures,

drafts, bills of exchange, acceptances, loan participation

certificates, or other evidences of indebtedness payable in the

United States or in the United States funds or, with the prior

approval of the Board, in funds freely convertible into United

States funds; in such other form as the Board may specify by rule;

or as any combination of the foregoing. The term "assets" as used

in this subsection excludes accrued income and amounts due from

other offices or branches of, and wholly owned (except for a nominal

number of directors' shares) subsidiaries of, the international

banking corporation in question. The term "liabilities" as used in

this subsection excludes accrued expenses and amounts due and other

liabilities to branches, offices, agencies, and wholly owned (except

for a nominal number of directors' shares) subsidiaries of the

international banking corporation in question, and such other

liabilities as the Board may specify by rule. In lieu of holding

such assets, the Board may by rule permit an international bank

agency to:

1. Maintain on deposit with a bank in this state, in such

amounts as the Board specifies, dollar deposits or investment

securities of the type that may be held by a state bank for its own

account pursuant to Section 806 of Title 6 of the Oklahoma Statutes.

The aggregate amount of dollar deposits and investment securities

for an international bank agency shall, at a minimum, equal the

greater of:

(a) One Million Five Hundred Thousand Dollars

($1,500,000.00), or

(b) Five percent (5%) of the total liabilities of the

international bank agency, excluding accrued expenses

and amounts due and other liabilities to branches,

offices, agencies, and wholly owned (except for a

nominal number of directors' shares) subsidiaries of

the international banking corporation of which the

agency is part. The Board shall prescribe by rule the

deposit, safekeeping, pledge, withdrawal,

recordkeeping, and other arrangements for funds and

securities maintained under the provisions of this

paragraph. The deposits and securities used to

satisfy the capital equivalency requirements of this

paragraph shall be held, to the extent feasible, in a

state or national bank located in this state or in a

federal reserve bank; or

2. Maintain other appropriate reserves, taking into

consideration the nature of the business being conducted by the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 208

Oklahoma international bank agencies of the international banking

corporation.

The securities or reserves required by the provisions of this

section shall be held, to the extent feasible, in a state or

national bank located in this state.

B. For the purposes of this section, the Board shall value

marketable securities at book value; shall have the right to

determine the value of any nonmarketable bond, note, debenture,

draft, bill of exchange, or other evidence of indebtedness or of any

other obligation held by or owned to the international banking

corporation in this state; and, in determining the amount of assets

for the purpose of computing the above ratio of assets to

liabilities, shall have the power to exclude any particular assets.

C. If by reason of the existence or the potential occurrence of

unusual or extraordinary circumstances, the Board deems it necessary

or desirable for the maintenance of a sound financial condition, the

protection of creditors and the public interest, and the maintenance

of public confidence in the business of the international bank

agency of the international banking corporation, the Board may

reduce the credit balances with unaffiliated banking institutions

outside this state and may require such international banking

corporation to deposit, in accordance with such rules as the Board

shall from time to time promulgate, the assets required to be held

in this state pursuant to this section with such bank or trust

company existing under the laws of this state as such international

banking corporation may designate and the Board may approve.

D. For the purposes of this section, international banking

facility deposits and borrowings shall be excluded from the total

liabilities and assets of an international banking corporation.

Except as otherwise provided by rule, international banking facility

extensions of credit are eligible assets for the purposes of asset

maintenance pursuant to subsection A of this section.

E. Each international bank agency shall file such reports with

the Board as the Board shall by rule require to determine compliance

with the provisions of this section.
Okla. Stat. tit. 6, § 6-1203 — OK Code / Title 6 / Section 6-1203
Reorganization
Status: in_force

A. Standards of plan of reorganization. A plan of

reorganization shall not be prescribed under this Code unless:

(1) the plan is feasible and fair to all classes of depositors,

creditors and stockholders.

(2) the aggregate face amount of the interest accorded to any

class of depositors, creditors or stockholders under the plan does

not exceed the value of the assets upon liquidation less the full

amount of the claims of all prior classes, subject, however, to any

fair adjustment for new capital that any class will pay in under the

plan.

(3) the plan provides for the issuance of capital stock and, if

necessary, debentures in an amount that will provide an adequate

ratio to deposits.

(4) any exchange of new common stock for obligations or stock of

the bank will be effected in inverse order to the priorities in

liquidation of the classes that will retain an interest in the bank

and upon terms that fairly adjust any change in the relative

interests of the respective classes that will be produced by the

exchange.

(5) the plan assures the removal of any director, officer or

employee responsible for any unsound or unlawful action or the

existence of an unsound condition.

(6) any merger or consolidation provided by the plan conforms to

the requirements of this Code.

B. Modification or elimination of plan of reorganization -

Notice to Board. Whenever in the course of reorganization

supervening conditions render the plan unfair or its execution

impractical, the Commissioner may modify the plan or liquidate the

institution. Any such action shall be taken by order of the Board

upon appropriate notice.
Okla. Stat. tit. 6, § 6-203 — OK Code / Title 6 / Section 6-203
Powers of Board
Status: in_force

In addition to other powers conferred by the Oklahoma Banking

Code, the Board shall have power to:

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

hereafter provided by law;

2. Define any term not defined in the Oklahoma Banking Code;

3. Adopt and promulgate reasonable and uniform rules and

regulations to govern the conduct, operation and management of all

banks or trust companies created, organized or existing under or by

virtue of the laws of this state, and to govern the examination,

valuation of assets and the statements and reports of such banks or

trust companies, and the form on which such banks or trust companies

shall report their assets, liabilities and reserves, and charge off

bad debts and otherwise keep their records and accounts, and

otherwise to govern the administration of the Oklahoma Banking Code.

a. Each bank and trust company and each officer,

director, owner, stockholder, agent and employee

thereof shall comply with every rule and regulation

promulgated so long as the same remain in force.

b. The Board may amend, modify or repeal rules and

regulations now in force and effect or hereafter

adopted. Copies of such amendments and modifications

and notice of repeal shall be mailed to each state-

chartered bank and state-chartered trust company

within ten (10) days after such action is taken;

4. Restrict the withdrawal of deposits from all, or one or

more, banks where the Board finds that extraordinary circumstances

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 21

make such restriction necessary for the proper protection of

depositors in the affected institution or institutions;

5. Authorize banks or trust companies under circumstances in

which they are not given authority under the Oklahoma Banking Code

to participate in any public agency hereafter created under the laws

of this state, or of the United States, the purpose of which is to

afford advantages or safeguards to banks or trust companies, and to

authorize compliance with all requirements and conditions imposed

upon such participants;

6. Order any person to cease violating a provision of the

Oklahoma Banking Code, federal banking law, or a lawful regulation

issued thereunder, or to cease engaging in any unsound banking or

trust practice. A copy of such order shall be mailed to each

director of the bank by which such person is employed;

7. Affirm, modify, reverse or stay the enforcement of any order

or ruling of the Commissioner concerning banks or trust companies;

and

8. Suspend a director, officer or employee of a bank or trust

company who becomes ineligible to hold the position, or who, after

receipt of an order to cease, violates the Oklahoma Banking Code,

federal banking law, or a lawful regulation or order issued

thereunder, or who is dishonest or who is reckless or grossly

incompetent in the conduct of banking business or who has engaged or

participated in any unsafe or unsound practice in connection with a

bank or trust company. It shall be a criminal offense for any such

person, after receipt of a suspension order, to perform any duty or

exercise any power of any bank or trust company until the Board

shall vacate such suspension order. A suspension order shall

specify the grounds thereof. A copy of the order shall be sent to

the bank or trust company concerned, and to each member of its board

of directors; provided, in absence of circumstances deemed by the

Board to require immediate action, no person shall be suspended

under the powers herein granted unless the person shall have first

been afforded a hearing before the Board after not less than ten

(10) days' notice thereof shall have been served upon the person by

registered or certified mail, return receipt requested.
Okla. Stat. tit. 6, § 6-1706 — OK Code / Title 6 / Section 6-1706
Certain activities not requiring charter
Status: in_force

Notwithstanding any other provision of the Multistate Trust

Institutions Act, a company does not engage in the trust business or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 218

in any other business in a manner requiring a charter, license or

registration under this act or in an unauthorized trust activity by:

1. Acting in a manner authorized by law and in the scope of

authority as an agent of a trust institution with respect to an

activity which is not an unauthorized trust activity;

2. Rendering a service customarily performed as an attorney or

law firm in a manner approved and authorized by the Supreme Court of

this state;

3. Acting as trustee under a deed of trust delivered only as

security for the payment of money or for the performance of another

act;

4. Engaging in the sale of title insurance regulated by the

State Insurance Commission;

5. Receiving and distributing rents and proceeds of a sale as a

licensed real estate broker on behalf of a principal in a manner

authorized by state law;

6. Engaging in a securities transaction or providing an

investment advisory service as a licensed and registered broker-

dealer, investment advisor or registered representative thereof,

provided the activity is regulated by the State Securities

Commission or the Securities and Exchange Commission;

7. Engaging in the sale and administration of an insurance

product by an insurance company or agent licensed by the Insurance

Department to the extent that the activity is regulated by the

Insurance Department;

8. Engaging in the lawful sale of prepaid funeral benefits

under a permit issued by the Oklahoma Funeral Board under state law,

or engaging in the lawful business of a perpetual care cemetery

corporation under state law;

9. Acting as trustee under a voting trust as provided by law;

10. Acting as trustee by a public, private, or independent

institution of higher education or a university system, as those

terms are defined by law, including its affiliated foundations or

corporations, with respect to endowment funds or other funds owned,

controlled, provided to or otherwise made available to such

institution with respect to its educational or research purposes;

11. Engaging in other activities expressly excluded from the

application of this act by rule of the Department;

12. Rendering services customarily performed by a certified

public accountant in a manner authorized by the Oklahoma Accountancy

Board;

13. Exercising powers pursuant to the Oklahoma Charitable

Fiduciary Act, and the company is a corporation which is recognized

pursuant to Section 501(c)(3) of the Internal Revenue Code as being

organized and operated exclusively for educational, religious,

charitable, or other eleemosynary purposes;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 219

14. Provided the company is a trust institution and is not

barred by order of the Commissioner from engaging in a trust

business in this state pursuant to paragraph 2 of Section 1724 of

this title:

a. marketing or soliciting in this state through the

mails, telephone, any electronic means or in person

with respect to acting or proposing to act as a

fiduciary outside of this state,

b. delivering money or other intangible assets and

receiving the same from a client or other person in

this state, or

c. accepting or executing outside of this state a trust

of any client or otherwise acting as a fiduciary

outside of this state for any client; and

15. Acting as trustee of a trust company formed pursuant to the

laws of the state, and the sole purpose of which is to hold and

transfer title of aircraft registration or to be registered with the

Federal Aviation Administration; provided the company shall maintain

a performance bond of Fifty Thousand Dollars ($50,000.00) or more.
Okla. Stat. tit. 6, § 6-212 — OK Code / Title 6 / Section 6-212
Commissioner's annual report
Status: in_force

A. Commissioner's Report - Contents. The Commissioner shall

report to the Governor annually. The report shall be a public

document and shall include such matters as the Commissioner deems

advisable.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 35

B. Copies furnished to Legislature and Oklahoma Publishing

Clearing House. Copies of the annual reports not previously so

submitted shall be submitted to the Legislature at the opening of

each regular session and to the Oklahoma Publishing Clearing House.

A copy of the annual report shall also be published on the Oklahoma

State Banking Department’s website.
Okla. Stat. tit. 6, § 6-1705 — OK Code / Title 6 / Section 6-1705
Companies authorized to act as fiduciary
Status: in_force

A. No company shall act as a fiduciary in this state except:

1. A state trust company;

2. A state bank;

3. A savings association organized under the laws of this state

and authorized to act as a fiduciary pursuant to state law;

4. A national bank having its principal office in this state

and authorized by the Comptroller of the Currency to act as a

fiduciary pursuant to 12 U.S.C., Section 92a;

5. A federally chartered savings association having its

principal office in this state and authorized by its federal

chartering authority to act as a fiduciary;

6. An out-of-state bank with a branch in this state established

or maintained pursuant to the laws of this state or a trust office

licensed by the Commissioner pursuant to this act;

7. An out-of-state trust company with a trust office licensed

by the Commissioner pursuant to this act; or

8. A foreign bank with a trust office licensed by the

Commissioner pursuant to this act.

B. No company shall engage in an unauthorized trust activity.
Okla. Stat. tit. 6, § 6-1409 — OK Code / Title 6 / Section 6-1409
Unlawful concealment of transactions
Status: in_force

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

officer, director, employee, attorney, or agent of a bank or trust

company to conceal or endeavor to conceal any transaction of the

bank or trust company from any officer, director or employee of the

bank or trust company or any official or employee of the department

to whom it should be properly disclosed.
Okla. Stat. tit. 6, § 6-1308 — OK Code / Title 6 / Section 6-1308
Search procedure on death - Removal of certain contents
Status: in_force

A. A lessor shall permit the person named in a court order, or

if no order has been served upon the lessor, the spouse, a parent,

an adult descendant, or a person named as an executor in a copy of a

purported will produced by the person, to open and examine the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 177

contents of a safe deposit box leased by a decedent, or any

documents delivered by a decedent for safekeeping, in the presence

of an officer of the lessor. In addition, the lessor, if so

requested by such person, shall deliver:

1. Any writing purported to be a will of the decedent to the

court having jurisdiction of the decedent's estate according to his

or her residence declared in such writing or may, at the option of

the bank, be delivered to the person, so long as the bank retains a

copy;

2. Any writing purported to be a deed to a burial plot or to

give burial instructions to the person making the request for a

search;

3. Any document purporting to be an insurance policy on the

life of the decedent to the beneficiary named therein; and

4. Any document purporting to be a trust agreement or

Declaration of Trust wherein the decedent was the grantor, so long

as the bank retains a copy.

B. No other contents shall be removed pursuant to this

subsection until an executor or administrator qualifies and makes

claim to the contents, except where the safe deposit box was held by

the decedent and his or her surviving spouse or any other person as

joint tenants, in which case any part of the contents thereof may be

removed by such surviving spouse or other surviving joint tenant.

C. All contents of a safe deposit box shall be presumed to

belong to the lessee(s) of the safe deposit box, and the lessor may

rely on that assumption unless and until it receives a court order

to the contrary.

D. The lessor shall be under no duty to conduct an inventory of

the contents of the safe deposit box.
Okla. Stat. tit. 6, § 6-2114 — OK Code / Title 6 / Section 6-2114
Investigation upon noncompliance with act
Status: in_force

When the Commissioner shall have reasonable cause to believe

that the provisions of this act are not being complied with by any

licensee the Commissioner shall investigate the business, including

the books and records of any such licensee, and may require the

licensee to furnish such additional reports relating to his said

business as the Commissioner may require to effectuate the

provisions of this act.
Okla. Stat. tit. 6, § 6-1310 — OK Code / Title 6 / Section 6-1310
Lien of lessor, special remedies and proceedings for
Status: in_force

nonpayment of rent.

The lessor shall have a lien upon the contents of the lessee's

box for past due rentals and any expense incurred in opening of the

box and replacement of locks thereon where the same is done without

fault of the lessor. If the lessee fails to pay the rental due and

such default continues for sixty (60) days, the lessor may give the

lessee thirty (30) days' notice by certified mail addressed to the

lessee at the address shown on the lessor's records or the last-

known address of the lessee, stating the amount due and that on or

after the day designated in the notice it may open the box, remove

the contents thereof and hold the same for the account of the

lessee. The opening of the box shall be witnessed by not less than

two persons, one of which shall be an officer of the lessor, who

shall make an inventory under oath of the contents thereof, and

thereupon the contents shall be placed in a package and held by the

lessor as a bailee for hire. If the lessee makes no demand for the

contents within one (1) year after the same have been removed from

the box, the lessor may advertise and sell the same, the sale to be

made at the time and place designated in the notice which shall be

published in one issue of a newspaper having a general circulation

in the city or town wherein the business of the lessor is situated,

the publication to be not less than ten (10) days prior to the date

fixed for the sale. A copy of the notice shall be mailed to the

lessee at the last-known address of the lessee by certified mail.

The notice shall show the name of the lessee but it shall not be

necessary to describe the articles to be sold, except those that

have an intrinsic value, if there shall be posted, not less than ten

(10) days prior to the sale, in or about the lessor, in a

conspicuous place, a copy of the notice of sale and a copy of the

inventory made upon opening of the box. The contents of any number

of boxes may be sold under one notice of sale and the cost thereof

apportioned ratably to the several lessees involved. At the time

and place designated in the notice the contents taken from each

respective box shall be sold separately to the highest bidder for

cash and the proceeds of each sale shall be applied to the rentals

and expenses due the lessor and the residue from any sale held by

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 179

the lessor for the account of the lessee. At any such sale the

lessor may be the purchaser. If any lessee or his or her heirs,

administrator or executor, shall not make demand upon the lessor

within five (5) years after the date of the sale, for such surplus,

then the surplus shall be presumed abandoned and administered in

accordance with the Uniform Unclaimed Property Act. The lessor may,

at its option, turn the property over to the State Treasurer prior

to the expiration of the five-year abandonment period.
Okla. Stat. tit. 6, § 6-603 — OK Code / Title 6 / Section 6-603
Emergency closing
Status: in_force

A. Power of the Commissioner. Whenever the Commissioner is of

the opinion that an emergency exists or is impending in this state

or in any part or parts of this state, he may, by proclamation,

authorize institutions located in the affected area or areas to

close any or all of their offices. In addition, if the Commissioner

is of the opinion that an emergency exists or is impending, which

affects or may affect a particular institution, or a particular

office or offices thereof, but not institutions located in the area

generally, he may authorize the particular institution or office or

offices so affected to close. The office or offices so closed shall

remain closed until the Commissioner proclaims that the emergency

has ended, or until such earlier time as the officers of the

institution determine that one or more offices, theretofore closed

because of the emergency, should reopen, and, in either event, for

such further time thereafter as may reasonably be required to

reopen. If an emergency exists such that, in the opinion of the

Commissioner, one or more institutions in the affected area will not

be able to resume business at the closed offices within a reasonable

period of time, the Commissioner may authorize the affected

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 85

institutions to open one or more temporary facilities at locations

outside of the affected area, including branch facilities, without

formal application or fee, after notice to and approval by the

Commissioner. Any temporary facility opened under this subsection

may remain open until the Commissioner declares that the emergency

has passed, at which time the institution shall close the temporary

facility or seek approval to remain at the location through filing

of a formal application and payment of any required fee.

B. Powers of officers. Whenever the officers of an institution

are of the opinion that an emergency exists or is impending, which

affects or may affect one or more or all of an institution’s

offices, they shall have the authority, in the reasonable and proper

exercise of their discretion, to determine not to open any one or

more or all of such offices on any business or banking day or, if

having opened, to close any one or more or all of such offices

during the continuation of such emergency, even if the Commissioner

has not issued and does not issue a proclamation of emergency. The

office or offices so closed shall remain closed until such time as

the officers determine that the emergency has ended, and for such

further time thereafter as may reasonably be required to reopen;

however, in no case shall such office or offices remain closed for

more than forty-eight (48) consecutive hours, excluding other legal

holidays, without requesting the approval of the Commissioner.

The officers of an institution may close any one or more or all

of the institution’s offices on any day or days designated by

proclamation of the President of the United States or the Governor

of this state as a day or days of mourning, rejoicing, or other

special observance.

C. Notice to Commissioner. An institution closing an office or

offices pursuant to the authority granted under subsection B of this

section shall give as prompt notice of its action as conditions will

permit, and by any means available, to the Commissioner or, in the

case of a national bank, to the Comptroller of the Currency.

D. Effect of closing. Any day on which an institution, or any

one or more of its offices, is closed during all or any part of its

normal banking hours pursuant to the authorization granted under

this section shall be, with respect to such institution or, if not

all of its offices are closed, then with respect to any office or

offices which are closed, a legal holiday for all purposes with

respect to any banking business of any character. No liability, or

loss of rights of any kind, on the part of any institution, or

director, officer, or employee thereof, shall accrue or result by

virtue of any closing authorized by this section.

The provisions of this section shall be construed and applied as

being in addition to, and not in substitution for or limitation of,

any other law of this state or of the United States, authorizing the

closing of an institution or excusing the delay by an institution in

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 86

the performance of its duties and obligations because of emergencies

or conditions beyond the institution’s control or otherwise.

E. National banks. This section shall apply to national banks

only with the approval of the Comptroller of the Currency.

F. As used in this section, the term “institution” means banks,

credit unions, and savings associations chartered under the laws of

this state. The term also includes banks, credit unions, and

savings associations chartered under the laws of another state that

have branch offices in this state unless the laws of the other state

provide a more restrictive rule in the case of emergencies.
Okla. Stat. tit. 6, § 6-702 — OK Code / Title 6 / Section 6-702
Liability of fiduciaries owning stock
Status: in_force

Persons holding stock as executors, administrators, guardians or

trustees shall not be personally subject to any liabilities as

stockholders; but the estates and funds in their hands shall be

liable in like manner and to the same extent as the testator,

intestate, ward, or person interested in such trust funds would be,

if living and competent to act and hold the stock in his own name.
Okla. Stat. tit. 6, § 6-1206 — OK Code / Title 6 / Section 6-1206
Conservator
Status: in_force

A. Whenever the State Banking Commissioner shall deem it

necessary in order to conserve the assets of any bank or trust

company for the benefit of the depositors and other creditors

thereof, the Commissioner may appoint a conservator for the bank and

require such bond and security as the Commissioner deems proper.

The conservatorship shall be a proceeding before the Commissioner

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 172

and not the district court. The Commissioner may designate an

employee of the Oklahoma State Banking Department to serve as an

interim conservator until either the conservator is secured or

further order of the Commissioner directs otherwise. The

conservator, under the direction of the Commissioner, shall take

possession of the books, records, and assets of every description of

the bank or trust company, and take such action as may be necessary

to conserve the assets of the bank or trust company pending further

disposition of its business as provided by law. The conservator

shall have all the rights, powers, and privileges now possessed by

or hereafter given the Commissioner when the Commissioner takes

possession of insolvent banks and receivers pursuant to Section 1551

et seq. of Title 12 of the Oklahoma Statutes and shall be subject to

the obligations and penalties, not inconsistent with the provisions

of this Code, to which receivers are now or may hereafter become

subject. During the time that the conservator remains in possession

of the bank or trust company, the rights of all parties with respect

thereto shall, subject to the other provisions of this Code, be the

same as if a receiver had been appointed therefor. All expenses of

the conservatorship, including related expenses of the Department

and the salary of the interim conservator, if any, shall be paid out

of the assets of the bank or trust company and shall be a lien

thereon which shall be prior to any other lien. The conservator

shall receive as salary an amount no greater than that paid to

employees of this state for similar services. Any such expenses

paid by the bank or trust company to the Department shall be

deposited in the Oklahoma State Banking Department revolving fund

pursuant to Section 211.1 of this title.

B. The Commissioner shall cause to be made such examinations of

the affairs of the bank or trust company in conservatorship as shall

be necessary to inform the Commissioner as to the financial

condition of the bank or trust company, and the examiner shall make

a report thereon to the Commissioner at the earliest date possible.

C. If the Commissioner becomes satisfied that it may safely be

done and that it would be in the public interest, the Commissioner

may, in the discretion of the Commissioner, terminate the

conservatorship and permit the bank or trust company to resume the

transaction of its business subject to such terms, conditions,

restrictions and limitations as the Commissioner may prescribe.

D. For the purposes of this section, the rights, powers,

privileges, obligations and responsibilities of the interim

conservator shall be the same as those of the conservator.
Okla. Stat. tit. 6, § 6-1302 — OK Code / Title 6 / Section 6-1302
Authority to lease safe deposit boxes
Status: in_force

Subject to such regulations as the Board may prescribe a lessor

herein may maintain and lease safe deposit boxes and may accept

property for safekeeping if, except in the case of night

depositories, it issues a receipt therefor.
Okla. Stat. tit. 6, § 6-1718 — OK Code / Title 6 / Section 6-1718
Notice of intent to establish or acquire trust office by
Status: in_force

out-of-state trust institution.

An out-of-state trust institution desiring to establish and

maintain a new trust office or acquire and maintain a trust office

in this state pursuant to Sections 1715 through 1720 of this title

shall provide, or cause its home state regulator to provide, written

notice of the proposed transaction to the Commissioner on or after

the date on which the out-of-state trust institution applies to the

home state regulator for approval to establish and maintain or

acquire the trust office. The filing of such notice shall be

preceded or accompanied by a copy of the resolution adopted by the

board authorizing the additional office and a fee equal to that for

bank branch offices.
Okla. Stat. tit. 6, § 6-2104 — OK Code / Title 6 / Section 6-2104
Exempt transactions
Status: in_force

A. Nothing in the Sale of Checks Act shall apply to the receipt

of money by any incorporated telegraph company at any agency or

office of the company for immediate transmission by telegraph, or to

the receipt of money for the purpose of transmitting or transferring

it to foreign countries.

B. Nothing in the Sale of Checks Act shall apply to the sale or

issuance of checks by governmental departments. No federally

insured financial institutions authorized to do business in this

state, including banks, savings and loan associations, and credit

unions, whether the federally insured financial institutions are

organized under the laws of this state or of the United States,

shall be subject to this act where the institution is selling or

issuing checks drawn only on itself or on another federally insured

financial institution or representing insured deposits held at the

institution.

C. Nothing in this act shall apply to a company that maintains

a license under the Oklahoma Financial Transaction Reporting Act.

Provided, a person selling checks that are exempt pursuant to this

subsection must maintain a bond covering its money transmission

activities and sale of checks activities in an amount not less than

the maximum required pursuant to the rules of the board.
Okla. Stat. tit. 6, § 6-406 — OK Code / Title 6 / Section 6-406
Amendments - Change of name - Change in location - Change
Status: in_force

in number and par value of shares - Bank's abandonment of trust

powers - Right of dissent.

A. Change of name. A bank or trust company, by majority vote

of the outstanding voting stock, may upon written notice to and may

after obtaining approval by the Commissioner change its corporate

name by appropriate amendment of its certificate of incorporation.

B. Change in location. 1. An application to change a bank or

trust company's main office location must be authorized by majority

vote of the outstanding voting stock. The application shall be

submitted upon a form provided by the Commissioner, and shall

contain a copy of the resolution adopted by the stockholders at the

stockholders' meeting authorizing the proposed change in location,

and shall be verified by the president or secretary of the

corporation. An application fee in an amount provided by Board rule

shall accompany the application.

2. If the applicant bank's deposits are insured by the Federal

Deposit Insurance Corporation, the Commissioner may condition the

approval upon the approval of the Federal Deposit Insurance

Corporation.

3. The Commissioner may, in the discretion of the Commissioner,

approve the application and authorize amendment of the certificate

of incorporation.

C. Change in number and par value of shares. Upon application

of a bank or trust company authorized by a majority vote of the

outstanding voting stock to amend its certificate of incorporation

by changing the number or par value of shares, the Commissioner

shall approve the application and authorize amendment unless the

change will inequitably affect the interest of any stockholders and

the bank or trust company does not have sufficient surplus and

undivided profits to pay dissenting stockholders the fair value of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 58

their shares and have remaining adequate capital as determined by

the Commissioner.

D. Bank's abandonment of trust powers. Upon application

approved by majority vote of the outstanding voting stock

authorizing the abandonment of its trust powers, and upon compliance

with Section 1017 of this title, the Commissioner may, in the

discretion of the Commissioner, approve the application and permit

amendment of the applicant's certificate of incorporation deleting

trust powers.

E. Other amendments. The Commissioner may, in the discretion

of the Commissioner, permit amendments to the applicant's

certificate of incorporation in addition to those specifically set

forth in this section and in Section 405 of this title, if the

Commissioner finds and determines the public and interested parties

would be served by the approval of such amendments.

F. Right of dissent. Shareholders of banking corporations

shall have the right of dissent to corporate action, in the same

manner as provided by Section 1104 of this title with respect to the

adoption of the following type of amendments to the applicant's

certificate of incorporation:

1. With respect to holders of a class of stock, a decrease in

the par value per share of the outstanding shares of such class of

stock, or a reverse stock split that decreases the aggregate par

value of a shareholder's total shares of the affected class of

stock;

2. A change of the main office location to a different town or

city;

3. With respect to preferred shareholders, a conversion of

preferred stock into common stock, other than in accordance with

conversion features, if any, which were contained in the terms of

the preferred stock when it was originally issued; and

4. With respect to preferred shareholders, any other amendment

which would modify preferred stock to reduce the dividend rate, to

make cumulative dividends noncumulative, to reduce the redemption or

liquidation price, to eliminate or adversely affect any conversion

rights or to eliminate or diminish any voting rights related

thereto.

The provisions of this subsection shall not apply to

transactions which are subject to dissenters' rights as provided by

Sections 1104 and 1109 of this title. Shareholders of banking

corporations shall also be entitled to appraisal rights granted with

respect to any type of transaction pursuant to the provisions of the

Oklahoma General Corporation Act, except for transactions subject to

dissenters' rights as provided by the provisions of this section and

Sections 1104 and 1109 of this title.
Okla. Stat. tit. 6, § 6-403.1 — OK Code / Title 6 / Section 6-403.1
Membership in Federal Reserve System
Status: in_force

A. Any bank incorporated under the laws of this state may

subscribe to the capital stock and become a member of the Federal

Reserve System.

B. Any bank incorporated under the laws of this state which

becomes a member of the Federal Reserve System is by this Code

vested with all powers conferred upon member banks of the Federal

Reserve System by the terms of the Federal Reserve Act as fully and

completely as if such powers were specifically enumerated and

described in this Code. All such powers shall be exercised subject

to all restrictions and limitations imposed by the Federal Reserve

Act, or by regulations of the Federal Reserve Board made pursuant

thereto.

C. Compliance on the part of any such bank with the reserve

requirements of the Federal Reserve Act is full compliance with

those provisions of the laws of this state which require banks to

maintain cash balances in their vaults or with other banks, and no

such bank shall be required to carry or maintain reserve other than

such as is required under the terms of the Federal Reserve Act.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 55

D. Any such bank shall continue to be subject to the

supervision and examination required by the laws of this state,

except that the Board of Governors of the Federal Reserve System has

the right, if it deems necessary, to make examinations. The

authorities of this state having supervision over such bank may

disclose to the Board of Governors of the Federal Reserve System, or

to examiners duly appointed by it, all information in reference to

the affairs of any bank which has become or desires to become a

member of the Federal Reserve System.

E. The provisions of this section shall be deemed to apply to

any bank electing to become a member of the Federal Reserve System

prior to the effective date of this act.
Okla. Stat. tit. 6, § 6-901 — OK Code / Title 6 / Section 6-901
Deposits in name of two or more persons – "Payable on
Status: in_force

Death" deposit accounts - Forms of deposit accounts included.

A. When a deposit has been made or shall hereafter be made in

any bank in the names of two or more persons, payable to any of them

or payable to any of them or the survivor, such deposit, or any part

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 105

thereof, or any interest thereon, may be paid to either of the

persons, whether one of such persons shall be a minor or not, and

whether the other be living or not; and the receipt or acquittance

of the person so paid shall be valid and sufficient release and

discharge to the bank for any payment so made.

B. 1. When a deposit has been made or shall hereafter be made

in any bank using the terms "Payable on Death" or "P.O.D.", such

deposits shall be payable on the death of the account owner to one

or more designated P.O.D. beneficiaries, or to an individual or

individuals named beneficiary if living, and if not living, to the

named estate of the beneficiary, notwithstanding any provision to

the contrary contained in Sections 41 through 57 of Title 84 of the

Oklahoma Statutes. Each designated P.O.D. beneficiary shall be a

trust, an individual, or a nonprofit organization exempt from

taxation pursuant to the provisions of the Internal Revenue Code, 26

U.S.C., Section 501(c)(3).

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

a contract between the account owner, (or owners, if more than one)

and the bank that upon the death of the last surviving owner of the

account, and after payment of account proceeds to any secured party

with a valid security interest in the account, the bank will hold

the funds for or pay them to the named primary beneficiary or

beneficiaries if living. If a primary beneficiary predeceases the

account owner, the share of that primary beneficiary shall be

distributed pursuant to either paragraph 4 or 5 of this subsection,

whichever is applicable.

3. Each P.O.D. beneficiary designated on a deposit account

shall be a primary beneficiary unless specifically designated as a

contingent beneficiary.

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

account and that beneficiary is an individual, the account owner may

designate one or more contingent beneficiaries for whom the funds

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

beneficiary is not living when the last surviving owner of the

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

on a deposit account, contingent beneficiaries shall not be allowed

on that account.

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

or more contingent beneficiaries have been designated as allowed by

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

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

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

estate of the deceased primary beneficiary. If neither the primary

beneficiary nor any contingent beneficiary is living at the time of

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

owner's estate .

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 106

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

for a deposit account, the account should be styled as follows:

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

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

equal shares.)"

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

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

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

account agreement:

"If the designated P.O.D. beneficiary is deceased, then payable

on the death of the account owner to (Name of Beneficiary), (Name of

Beneficiary), and (Name of Beneficiary), as contingent

beneficiaries, in equal share."

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

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

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

beneficiary is entitled to a proportionate share of the account

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

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

valid security interest in the account. All designated primary

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

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

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

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

that beneficiary shall be divided among any surviving beneficiaries

or distributed to contingent beneficiaries pursuant to paragraphs 4

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

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

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

9. A bank may require the owner of an account to provide an

address for any primary or contingent P.O.D. beneficiary. If the

P.O.D. account is an interest-bearing account and the funds are not

claimed by the P.O.D. beneficiary or beneficiaries within sixty (60)

days after the death of the last surviving account holder, or after

the bank has notice of the death of the last surviving account

holder, whichever is later, the bank has the right to convert the

account to a non-interest-bearing account.

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

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

and manner prescribed by the bank; however, this section shall be

subject to the provisions of Section 178 of Title 15 of the Oklahoma

Statutes.

11. The receipt or acquittance of the named beneficiary so

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

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

valid and sufficient release and discharge to the bank for any

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 107

payment so made, unless, prior to such payment, the bank receives

notice in the form and manner required in Section 905 of this title.

12. Subsequent to the effective date of this act, a bank shall

provide a customer creating a P.O.D. account with a written notice

that the distribution of the proceeds in the P.O.D. account shall be

consistent with the provisions of this section.

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

deposit accounts, including, but not limited to, transaction

accounts, savings accounts, certificates of deposits, negotiable

order of withdrawal (N.O.W.) accounts, and M.M.D.A. accounts.
Okla. Stat. tit. 6, § 6-1714 — OK Code / Title 6 / Section 6-1714
Establishment of additional offices outside of this state
Status: in_force

A. A state bank, a state trust company, or a savings

association chartered under the laws of this state may establish and

maintain a new trust office or a representative trust office or

acquire and maintain an office in a state other than this state.

Such a trust institution desiring to establish or acquire and

maintain an office in another state under this section shall file a

notice on a form prescribed by the Commissioner. The notice shall

set forth the name of the trust institution, the location of the

proposed office, whether the office will be a trust office or a

representative trust office, and whether the laws of the

jurisdiction where the office will be located permit the office to

be maintained by the trust institution. The trust institution shall

also furnish a copy of the resolution adopted by the board

authorizing the out-of-state office, and pay a fee equal to that for

bank branch offices if the office is to be a trust office or the fee

equal to that for bank loan production offices if the office is to

be a representative trust office.

B. The notificant may commence business at the additional

office on the thirty-first day after the date the Commissioner

receives the notice, unless the Commissioner specifies an earlier or

later date.

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

Commissioner on a determination that the written notice raises

issues that require additional information or additional time for an

analysis. If the period of review is extended, the trust

institution may establish the additional office only on prior

written approval by the Commissioner.

D. The Commissioner may deny approval of the additional 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 would be contrary to the public interest. In acting on the

notice, the Commissioner shall consider the views of the appropriate

bank supervisory agencies.
Okla. Stat. tit. 6, § 6-1207 — OK Code / Title 6 / Section 6-1207
Transfer or conveyance of title to mineral interests or
Status: in_force

leases.

The Commissioner shall have authority to transfer or convey

title to any mineral interests or mineral leases the Department or

the Commissioner acquired prior to the effective date of this act,

from a state-chartered bank or trust company not insured by the

Federal Deposit Insurance Corporation for which the Department or

Commissioner served as receiver or liquidator. The Commissioner

shall only transfer or convey title to the mineral interests or

mineral leases to the Department of Central Services by quitclaim

deed in accordance with applicable state law.
Okla. Stat. tit. 6, § 6-513 — OK Code / Title 6 / Section 6-513
Severability
Status: in_force

The provisions of this act are severable and if any part or

provision shall be held void, the decision of the court so holding

shall not affect or impair any of the remaining parts or provisions

of this act.
Okla. Stat. tit. 6, § 6-313 — OK Code / Title 6 / Section 6-313
Return of defective application or documents - Approval or
Status: in_force

denial of application - Issuance of certificate of authority -

Revocation of powers and cancellation of certificate of

incorporation.

A. If the application for a certificate of authority or any

accompanying documents do not comply with the requirements of this

Code, the Commissioner shall, within twenty (20) days after the

receipt thereof, return them to the applicant, calling attention to

the defect or defects therein. If the application and accompanying

documents are not so returned within such twenty-day period they

shall be deemed to have been accepted for filing by the

Commissioner.

B. The Commissioner shall approve or deny the application for a

certificate of authority within sixty (60) days after such

application has been accepted. The Commissioner shall approve the

application if:

1. The Board shall have approved the managing officer;

2. The capital in the amounts set forth in the application has

been fully paid;

3. Bylaws attached to the application have been adopted;

4. Any conditions imposed by the Board or the Commissioner in

approving the application for authority to organize have been

fulfilled; and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 51

5. The requirements of this Code have been satisfied; provided,

the Commissioner with the consent of the Board may deny the

application for a certificate of authority if the bank's application

for Federal Deposit Insurance or for membership in the Federal

Reserve System has not been approved.

C. If the Commissioner approves such application, the

Commissioner shall within twenty (20) days of such action issue a

certificate of authority and shall provide the same to the

corporation. If the Commissioner denies the application the

Commissioner shall, within twenty (20) days of such action, mail a

notice of the denial to the corporation, stating therein the reason

or reasons for the denial.

D. If the requirements of Section 312 of this title have not

been met within the time therein provided, or if the application for

certificate of authority has been denied by the Commissioner, or if

no certificate of authority exists for a period of six (6) months

after the date of the Board's approval of the application for

authority to organize for any bank or trust company, or if the bank

or trust company shall fail to commence business within six (6)

months after the issuance by the Commissioner of the certificate of

authority, or any additional period allowed by the Commissioner, the

Commissioner shall cancel the certificate of authority, revoke all

banking and trust powers and recommend to the Secretary of State

cancellation of the certificate of incorporation. Upon receipt of

such recommendation, the Secretary of State shall cancel the

certificate of incorporation and the bank or trust company shall be

liquidated in accordance with the order of the Commissioner. If an

improper expenditure has been made, the Commissioner may order the

persons who were organizers or directors at the time to restore the

same by equal contributions.
Okla. Stat. tit. 6, § 6-1007 — OK Code / Title 6 / Section 6-1007
Lien and claim upon bank failure
Status: in_force

In the event of the failure of a bank having trust powers the

owners of the funds held in trust for investment shall have a lien

on the bonds or other securities so set apart in addition to their

claim against the estate of the bank.
Okla. Stat. tit. 6, § 6-1408 — OK Code / Title 6 / Section 6-1408
Unlawful service as Commissioner, Deputy Commissioner,
Status: in_force

Administrative Assistant, Assistant Commissioner.

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

any person to serve as Commissioner, Deputy Commissioner,

Administrative Assistant or Assistant Commissioner, of the

Department who has been convicted of an offense constituting, in the

jurisdiction in which the conviction was had, a violation of the

banking laws, a felony involving dishonesty or a breach of trust.
Okla. Stat. tit. 6, § 6-803 — OK Code / Title 6 / Section 6-803
Real estate loans
Status: in_force

Any bank may make, arrange, purchase, sell in whole or in part

real estate loans or extension of credit secured by liens on

interests in real estate, subject to such terms, conditions and

limitations as may be prescribed by the Commission or by order, rule

or regulation.
Okla. Stat. tit. 6, § 6-2001 — OK Code / Title 6 / Section 6-2001
Definitions
Status: in_force

As used in this chapter:

1. "Credit union" means a cooperative nonprofit society

incorporated for the purpose of promoting thrift among its members,

and creating a source of credit for them at legitimate rates of

interest for provident or productive purposes; and

2. "Paid-in and unimpaired capital and surplus" means, the

balance of all paid-in share accounts and other deposits, less any

loss for which no reserve has been established or which has not been

charged against undivided earnings, plus the credit balance (or less

the debit balance) of undivided earnings, after all losses have been

provided for and net earnings or net losses have been added thereto

or deducted therefrom. Reserves shall not be considered as a part

of surplus.
Okla. Stat. tit. 6, § 6-407 — OK Code / Title 6 / Section 6-407
Amendment - Trust powers
Status: in_force

Any bank heretofore organized not authorized by its certificate

of incorporation to exercise trust powers may file an application

with the State Banking Commissioner requesting such authority.

1. The application must be approved by majority vote of the

outstanding voting stock and the resolution so adopted must be duly

verified by the president or cashier of the bank.

2. In passing upon the application, the Commissioner will give

consideration to the following matters and to any other facts and

circumstances the Commissioner deems proper:

a. whether the bank has sufficient capital to exercise

the fiduciary powers applied for, which capital shall

be no less than Two Million Dollars ($2,000,000.00),

b. the proposed market for fiduciary services and the

probable volume of such fiduciary business available

to the bank,

c. the general condition of the bank, including the

adequacy of its capital in relation to the character

and condition of its assets and to its deposit

liabilities and other corporate responsibilities,

including the exercise of fiduciary powers,

d. the general character and ability of the management of

the bank,

e. the nature of the supervision to be given to the

fiduciary activities, including the qualifications,

experience and character of the proposed officer or

officers of the trust department, and

f. whether the bank has available legal counsel to advise

and pass upon fiduciary matters whenever necessary.

3. The qualifying bank may, by appropriate amendment to its

certificate of incorporation, change its name by adding thereto, "&

Trust Company" or "and Trust Company".

4. An application for authority to exercise trust powers shall

be accompanied by a fee as set by rule of the Banking Board.
Okla. Stat. tit. 6, § 6-2014 — OK Code / Title 6 / Section 6-2014
Shares and deposits in name of minors - Shares not subject
Status: in_force

to stock transfer tax.

When any shares shall be purchased by or deposits made in the

name of any minor, the same shall be held for the exclusive right

and benefit of such minor, and free from the control or lien of all

other persons, except creditors, and shall be paid, together with

dividends or interest thereof, if any, to the person in whose name

the shares or deposits were issued, and the receipt or acquittance

of such shares and deposits shall be a valid and sufficient release

and discharge to such credit union for such share or deposit

liability or any part thereof. No such minor, owning shares in a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 258

credit union, under sixteen (16) years of age shall be entitled to

vote in the meeting of the members either personally or through his

parent or guardian, nor may he become a director until he shall have

reached his eighteenth birthday. The shares of credit unions shall

not be subject to any stock transfer tax, either when issued or when

transferred from one member to another.
Okla. Stat. tit. 6, § 6-1731 — OK Code / Title 6 / Section 6-1731
Definitions
Status: in_force

The definitions contained in Section 2 of the Multistate Trust

Institutions Act shall apply to this act unless the context

otherwise requires.
Okla. Stat. tit. 6, § 6-408 — OK Code / Title 6 / Section 6-408
Amendment of existing articles of incorporation with
Status: in_force

certificate of incorporation.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 60

Each bank or trust company having articles of incorporation on

file with the Secretary of State shall amend the articles with a

certificate of incorporation as identified by Section 1005 of Title

18 of the Oklahoma Statutes using a form as prescribed by the

Commissioner no later than November 1, 1997.
Okla. Stat. tit. 6, § 6-1101 — OK Code / Title 6 / Section 6-1101
Merger or conversion
Status: in_force

A. Resulting State Bank. Upon approval of the Board, banks or

savings associations may be merged with or converted into a

resulting state bank as hereafter prescribed, except that the action

by a constituent national bank or federal savings association shall

be taken in the manner prescribed by and shall be subject to any

limitation or requirements imposed by any law of the United States

which shall also govern the rights of its dissenting shareholders.

B. Resulting National Bank. Nothing in the law of this state

shall restrict the right of a state bank or state savings

association to merge with or convert into a resulting national bank.

The action to be taken by a constituent state bank or state savings

association and its rights and liabilities and those of its

shareholders shall be the same as those prescribed for national

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 147

banks at the time of the action by the applicable laws of the United

States and not by the laws of this state. Upon the completion of

the merger or conversion into a national bank, all authority and the

charter of any merging or converting state bank or state savings

association shall automatically terminate.
Okla. Stat. tit. 6, § 6-305 — OK Code / Title 6 / Section 6-305
Application for authority to engage in banking or trust
Status: in_force

company business - Contents - Oath - Proposed certificate of

incorporation.

A person seeking authority to organize a state bank or trust

company shall submit the original and ten copies of an application

for authority to organize a state bank or trust company. Two copies

of the proposed certificate of incorporation and proposed bylaws

shall be filed with the application. The application shall be

signed under oath by each of the organizers.

A. Contents of application. The application shall include the

following information:

1. The proposed location;

2. The amount of the capital stock and the class or classes of

capital stock proposed to be issued;

3. The corporate name, which shall not be confusingly similar

to that of any existing institution in the proposed community;

4. The names of the subscribers to the capital stock and the

amount of stock to which each subscribed. If the names of the

subscribers are not yet known, the applicant must also submit a copy

of any offering circular that may be used in connection with

soliciting subscriptions to the capital stock of the proposed bank;

5. The names of the persons, partnerships, associations, or

corporations which propose to own or control more than one-half

(1/2) of the capital stock;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 42

6. The names of the proposed directors;

7. Evidence of the character, financial responsibility and

ability of the organizers and proposed directors;

8. Evidence of the need and advisability of approving the

application to organize;

9. The past and present connection with any bank or trust

company, other than as a customer on terms generally available to

the public, of each proposed director and each subscriber to more

than five percent (5%) of the capital stock; and

10. Any other information which the Commissioner may require.

B. Statement to be signed under oath. The application shall

contain a statement that the requirements of Sections 303 and 304 of

this title have been met. The statement shall be signed by the

organizers and verified under oath.

C. Proposed Certificate of Incorporation. The proposed

certificate of incorporation shall contain the following:

1. The name of the bank or trust company;

2. If the bank is to exercise trust powers, a statement to that

effect;

3. The business street address, including city or town, and

county in which it is to be located;

4. The amount of capital, the number of shares of each class,

the relative preferences, powers and rights of each class, the par

value of the shares of each class and the amount of the paid-in

surplus;

5. A statement whether voting for directors shall or shall not

be cumulative and the extent of the preemptive rights of

stockholders;

6. The names and places of residence of the organizers and the

number of shares subscribed by each;

7. The term of its existence, which shall be perpetual;

8. The board of directors of the proposed bank or trust company

who shall serve until the next annual meeting of the stockholders,

or until their successors are regularly elected and qualified; and

9. Such other proper provisions to govern the business and

affairs of the bank or trust company as may be desired by the

organizers.
Okla. Stat. tit. 6, § 6-1301.2 — OK Code / Title 6 / Section 6-1301.2
Authorization for access to safe deposit box upon death
Status: in_force

of lessee.

A. A lessee of a safe deposit box may grant authorization for

one or more persons to have access to that safe deposit box upon the

death of the lessee, and the financial institution in which the safe

deposit box is located shall grant such access, subject to the

provision of this section.

B. The authorization shall be in writing in the following form:

"I hereby authorize access to safe deposit box (number or other

identification) at (name of financial institution) upon my death to

(name of person)." The form shall be signed and dated by the

lessee, and the signature of the lessee shall be notarized. The

authorization may be revoked in writing in the following form: "I

hereby revoke the authorization for access to safe deposit box

(number or other identification) at (name of financial institution)

upon my death to (name of person)." The revocation form shall be

signed and dated by the lessee, and the signature of the lessee

shall be notarized. The authorization also shall be revoked as a

matter of law if the lessee is divorced from the person to whom the

authorization was granted, and no subsequent written authorization

to the former spouse is executed. A copy of any written

authorization and any written revocation shall be provided to the

financial institution at which the safe deposit box is located. In

the event there is more than one lessee for a safe deposit box, all

the lessees must authorize access in the manner provided by this

subsection.

C. Following the death of the lessee, a person who has been

authorized access may submit an affidavit to the financial

institution in which the safe deposit box is located. The affidavit

shall state:

1. That the last surviving lessee of the safe deposit box has

died;

2. That the person providing the affidavit is the same person

named in the authorization, a copy of which shall be attached to the

affidavit;

3. That the authorization has not been revoked; and

4. That the affiant believes that no estate proceeding will be

commenced with respect to the estate of the lessee.

D. Upon receipt of an affidavit as provided in subsection C of

this section, the financial institution shall release all contents

of the safe deposit box to the affiant. The affiant shall take

possession of all contents of the safe deposit box and shall have

the power to terminate the lease on the safe deposit box and close

it.

E. Any person who knowingly signs and submits a false affidavit

as provided by subsection C of this section shall be guilty of a

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 175

misdemeanor and shall be liable in damages to any person harmed

thereby.

F. Any financial institution that provides access to and

releases the contents of a safe deposit box under provisions of this

section shall be discharged from all criminal or civil liability for

doing so.
Okla. Stat. tit. 6, § 6-1001 — OK Code / Title 6 / Section 6-1001
Powers of trust companies
Status: in_force

All corporate trust companies now existing or hereafter created

shall have the power to:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 121

1. Receive deposits of trust moneys; to receive upon deposit

for safekeeping personal property of every description; to guarantee

special deposits; and to own or control safety vaults and rent the

boxes therein;

2. Accept and execute all such trusts and perform such duties

of every description as may be committed to them by any person or

persons whatsoever, or any corporation, and act as assignee,

receiver, trustee and depository, and to accept and execute all such

trusts and perform such duties of every description as may be

committed or transferred to them by order, judgment or decree of any

of the courts of record of this state or of any state or of the

United States;

3. Take, accept and hold by the order, judgment or decree of

any court of this state, or of any state or territory of the United

States, or by gift, grant, assignment, transfer, devise or bequest

of any person or corporation, any real or personal property in

trust, and to execute and perform any and all such legal and lawful

trusts in regard to the same upon the terms, conditions, limitations

and restrictions which may be declared, imposed, established or

agreed upon in and by such order, judgment, decree, gift, grant,

assignment, transfer, devise or bequest, and to execute as principal

or surety, and to guarantee against loss any principal or surety

upon any bond or bonds required by law to be given in any proceeding

in law or equity in any of the courts of this state or of any state

or of the United States;

4. Act as agent or attorney-in-fact for any person or

corporation in the management and control of real or personal

property and the sale or conveyance of the same, and for the

investment of money, and to act for and represent corporations or

persons under power and letters of attorney, and as agents for

persons and corporations for the purpose of issuing, registering,

transferring or countersigning the certificates of stock, bonds or

other evidences of debt of any corporation, association,

municipality, state or public authority, on such terms as may be

agreed upon;

5. Accept from and execute trusts for any married persons in

respect to their separate property, whether real or personal, and

act as agent for them in the management of such property, and

generally to have and exercise such powers as are usually had and

exercised by trust companies;

6. Act as executor under last will or at the instance of any

person entitled to any administration or guardianship of any estate,

as administrator of the estate of any deceased person, or as

guardian or curator of any minor, or any incapacitated or partially

incapacitated person, as such terms are defined by Section 1-111 of

Title 30 of the Oklahoma Statutes, or trustee for any convict in the

penitentiary under the appointment of any court of record having

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 122

jurisdiction of the person or estate of such deceased person, minor,

or incapacitated or partially incapacitated person;

7. Guarantee the fidelity and diligent performance of their

duty of persons or corporations holding places of public or private

trust, to guarantee or become surety on any bond given by any person

or corporation and to reinsure or guarantee any person or

corporation against loss or damage by reason of any risk assumed by

insuring the fidelity or diligent performance of duty of any such

person or corporation, or by guaranteeing or becoming surety on any

bond; and to guarantee the principal or interest, or both, of any

securities of any kind;

8. Loan money upon real estate and collateral security, and

execute and issue its notes payable at a future date, and to pledge

its mortgages on real estate and other securities as security

therefor, which notes may be issued to an amount not exceeding, in

the aggregate, ten times the amount paid up on the capital stock of

the company issuing the same, and shall in no case exceed the amount

of the first mortgages pledged to secure their payment;

9. Buy and sell the bonds and warrants of this state, and all

other kinds of government, state or municipal bonds; and to buy and

sell all kinds of negotiable and nonnegotiable paper, stocks and

other investment securities;

10. Act as fiscal agent of the United States, or any state,

municipality, body politic or corporation, and in such capacity to

receive and disburse money, credits, securities and effects;

11. Act as trustee under trusts created by will or by

declaration of trust;

12. Act as guardian for any number of persons;

13. Transfer, register and countersign certificates of stock,

bonds, or other evidence of indebtedness, and to act as agent of any

corporation, foreign or domestic, for any purpose now or hereafter

required by statute or otherwise;

14. Act as trustee under any mortgage or bond issued by any

municipality, body politic or corporation, and to accept and execute

any other municipal or corporate trust not inconsistent with the

laws of this state;

15. Take, accept and execute any and all such legal trusts,

duties and powers in regard to the holding, management and

disposition of any estate, real or personal, and the rents and

profits thereof, or the sale thereof, as may be granted or confided

to it by any court of record, or by any person, corporation,

municipal or other authority, and it shall be accountable to all

parties in interest for the faithful discharge of every such trust,

duty or power which it may so accept;

16. Be appointed and accept the appointment of assignee or

trustee under any assignment for the benefit of creditors of any

debtor made pursuant to any statute or otherwise;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 123

17. Collect coupons on or interest upon all manner of

securities when authorized by the parties depositing the same;

18. Receive and manage any sinking fund of any corporation upon

such terms as may be agreed upon between the corporations and those

dealing with it;

19. Generally execute trusts of every description and escrow

agreements and to act and serve in any and all fiduciary capacities

not inconsistent with the laws of this state or of the United

States;

20. Prepare, make and certify abstracts of title to real and

personal property and to procure and furnish information in relation

thereto, where not otherwise inconsistent with the laws of this

state; to guarantee or insure the title to real and personal

property to persons interested in such property or in mortgages

thereon, against loss, by reason of defective title or other

encumbrances of or upon such property, and to make determination of

title in connection with the issuance of such guaranties or

insurance;

21. Discount and negotiate promissory notes, drafts, bills of

exchange and other evidence of debt, buy and sell coin and bullion,

to accept for payment at a future date drafts drawn upon it by its

customers, and to issue letters of credit, authorizing the holders

thereof to draw drafts upon it or upon its correspondents at sight

or on time not exceeding one (1) year; provided, that no trust

company shall incur liabilities under this paragraph to an amount

equal at any time in the aggregate to more than its paid-up and

unimpaired capital stock and surplus fund, except with the approval

of the Commissioner under such general regulations as to amount of

acceptances as the Commissioner may prescribe; and

22. Issue debentures, notes, or other evidences of debt in the

manner in which business corporations are authorized to do so and

for any legal application of proceeds, but only to the extent of an

amount equal to ten times its capital and surplus.
Okla. Stat. tit. 6, § 6-1723 — OK Code / Title 6 / Section 6-1723
Examination of out-of-state trust institutions
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 226

A. To the extent consistent with subsection C of this section,

the Commissioner may make such examinations of any office

established and maintained in this state pursuant to Sections 10

through 25 of this act by an out-of-state trust institution as the

Commissioner may deem necessary to determine whether the office is

being operated in compliance with the laws of this state and in

accordance with safe and sound banking practices. The provisions of

Section 209 of Title 6 of the Oklahoma Statutes shall apply to such

examinations.

B. The Commissioner may require periodic reports regarding any

out-of-state trust institution that has maintained an office in this

state pursuant to Sections 10 through 25 of this act. The required

reports shall be provided by such trust institution or by the home

state regulator. Any reporting requirements prescribed by the

Commissioner under this subsection shall be:

1. Consistent with the reporting requirements applicable to

state trust companies; and

2. Appropriate for the purpose of enabling the Commissioner to

carry out the responsibilities of the Commission pursuant to

Sections 10 through 25 of this act.

C. 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 office in this state of an

out-of-state trust institution, or any office of a state trust

institution in any host state. The Commissioner may accept such a

report of examination and report of investigation in lieu of the

Commissioner conducting an examination or investigation.

D. The Commissioner may enter into contracts with any bank

supervisory agency that has concurrent jurisdiction over a state

trust institution or an out-of-state trust institution maintaining

an office in this state to engage the services of such agency's

examiners at a reasonable rate of compensation, or to provide the

services of the Commissioner's examiners to such agency at a

reasonable rate of compensation. Any such contract shall be deemed

a sole source contract under state law.

E. The Commissioner may enter joint examinations or joint

enforcement actions with other bank supervisory agencies having

concurrent jurisdiction over any office established and maintained

in this state by an out-of-state trust institution or any office

established and maintained by a state trust institution in any host

state. The Commissioner may at any time take such actions

independently if the Commissioner deems such actions to be necessary

or appropriate to carry out the responsibilities of the Commissioner

pursuant to this section or to ensure compliance with the laws of

this state. However, in the case of an out-of-state trust

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 227

institution, the Commissioner shall recognize the exclusive

authority of the home state regulator over corporate governance

matters and the primary responsibility of the home state regulator

to safety and soundness matters.

F. Each out-of-state trust institution that maintains one or

more offices in this state may be assessed and, if assessed, shall

pay supervisory and examination fees in accordance with the laws of

this state and rules of the Commissioner. Such fees may be shared

with other bank supervisory agencies or any organization affiliated

with or representing one or more bank supervisory agencies in

accordance with agreements between such parties and the

Commissioner.
Okla. Stat. tit. 6, § 6-1403 — OK Code / Title 6 / Section 6-1403
Unlawful use of words "safe deposit"
Status: in_force

It is unlawful for any person to use the words "safe deposit",

"safety deposit" or other words deceptively similar thereto, in

connection with the rental of storage space, or in the title or name

under which business was done, unless the person is:

1. A person subject to the jurisdiction of the Banking

Department of this state;

2. A manufacturer or dealer in safe deposit facilities or

equipment; or

3. An association, the membership of which is composed of

officers or institutions subject to the jurisdiction of the Banking

Department of this or other states.
Okla. Stat. tit. 6, § 6-2003 — OK Code / Title 6 / Section 6-2003
Investigation and report by Bank Commissioner -
Status: in_force

Certificate of approval - Certificate of incorporation.

After receipt of an application such as referred to in Section

2002 of this title, the Bank Commissioner shall cause an appropriate

investigation to be made for the purpose of determining whether the

application, the certificate of incorporation and the bylaws conform

to the provisions of the laws of the State of Oklahoma. If the

application, the certificate of incorporation and the bylaws conform

to the provisions of this act, and the Bank Commissioner is

satisfied that:

(1) the characteristics of the common bond of the field of

membership are favorable to the economic viability of the proposed

credit union and will not materially and substantially overlap the

field of membership of existing credit unions in the territory in

which it will operate; and

(2) the reputation, character, financial responsibility and

business experience of the initial board of directors and

supervisory committee provide assurance that the credit union's

affairs will be properly administered,

the Bank Commissioner shall, within forty-five (45) days after

receipt of the application, submit a report of his investigation to

the State Credit Union Board, together with his recommendation to

the State Credit Union Board that the application be approved or

disapproved. The State Credit Union Board shall, within sixty (60)

days after the receipt of the report and recommendation of the Bank

Commissioner, cause a certificate of approval to be issued or cause

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 243

written notice to applicants of disapproval. Thereafter, the

certificate of incorporation with the certificate of approval of the

State Credit Union Board attached shall be filed in the office of

the Secretary of State and a copy thereof, duly certified to by the

Secretary of State, shall be filed with the State Credit Union

Board. A copy of the certificate of incorporation and bylaws as

approved shall be returned to the incorporators. The Secretary of

State shall issue a certificate in the form provided by law for

other corporations, and the existence of said credit union as a

corporation shall date from the issuance of the certificate of

incorporation by the Secretary of State, from which time it shall

have and may exercise the powers conferred upon corporations

generally, except as limited or modified by the laws of the State of

Oklahoma.
Okla. Stat. tit. 6, § 6-707 — OK Code / Title 6 / Section 6-707
Issuance of preferred stock - Classes - Procedure -
Status: in_force

Reduction of common stock and issuance of preferred stock - One

meeting - Preferred stock as capital.

A. Issuance of preferred stock - Classes - Procedure. Subject

to the provisions of subsection C of Section 303.1 of this title

relating to newly organized banks, any bank or trust company now or

hereafter organized may, with the approval of the Commissioner, and

by majority vote of the outstanding voting stock at a meeting held

after thirty (30) days' notice, given by restricted delivery,

pursuant to action taken by its board of directors, issue, from time

to time, preferred stock of one or more classes, in such amounts and

with such par values as shall be approved by the Commissioner, and

may amend its certificate of incorporation accordingly. A copy of

the minutes of such directors' and shareholders' meetings, certified

to by the proper officers and under the corporate seal of the bank

or trust company and accompanied by the written approval of the

Commissioner and amended certificate of incorporation, may be

immediately filed in the office of the Secretary of State, and when

so filed shall be deemed and treated as an amendment to the

certificate of incorporation of such bank or trust company.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 88

B. Reduction of common stock and issuance of preferred stock -

One meeting. Should the shareholders of any bank or trust company,

with the approval of the Commissioner, determine to authorize the

issuance of preferred stock, reduce its common stock and amend its

certificate of incorporation to accomplish such issuance and

reduction as authorized by this Code, the shareholders may at one

meeting, called by one action of its board of directors, by one

notice being given, and by one vote, authorize the issuance of such

preferred stock and the reduction of its common stock and amend its

certificate of incorporation.

C. Preferred stock as capital. For the purposes of this Code,

the term "capital" or "capital stock" shall include the amount of

outstanding preferred stock issued and unimpaired by a bank or trust

company.
Okla. Stat. tit. 6, § 6-1716 — OK Code / Title 6 / Section 6-1716
Establishment of new trust offices by out-of-state
Status: in_force

institutions permitted.

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

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

through 20 of this act may establish and maintain a new trust office

in this state.
Okla. Stat. tit. 6, § 6-1205 — OK Code / Title 6 / Section 6-1205
Federal Deposit Insurance Corporation as liquidator
Status: in_force

A. Liquidation by F.D.I.C. The Federal Deposit Insurance

Corporation is hereby authorized and empowered to be and act without

bond as liquidating agent of any banking institution closed by the

State Banking Commissioner, the deposits in which are to any extent

insured by the Corporation.

B. Commissioner may tender to F.D.I.C. as liquidator. The

Commissioner may in the event of such closing upon order of the

Board tender to the Corporation the appointment as liquidator of

such banking institution.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 171

C. Appointment of F.D.I.C. as liquidator - Acceptance. Upon

being notified in writing of the acceptance of such an appointment,

the Commissioner shall forthwith file in the office of the clerk and

recorder in the county in which the bank is situated a certificate

evidencing the appointment of the Federal Deposit Insurance

Corporation. Upon the filing of such certificate the possession of

all the assets, business and property of such bank of every kind and

nature wheresoever situated shall be deemed transferred from such

bank and the Commissioner to the Federal Deposit Insurance

Corporation including any securities pledged by the bank to the

Commissioner pursuant to Section 1004 of this title. Without the

execution of any instruments of conveyance, assignment, transfer or

endorsement, the title to all such assets and property shall be

vested in the Federal Deposit Insurance Corporation and the

Commissioner shall be forever thereafter relieved from any and all

responsibility and liability in respect to the possession and

liquidation of such bank.

D. Powers of F.D.I.C. as liquidator. If the Corporation

accepts the appointment, it shall have and possess all the powers

and privileges provided by the laws of this state with respect to

the liquidation of a bank and with respect to its depositors and

other creditors and shall proceed in liquidation under this title as

if it were the Commissioner and shall act in the Commissioner's

stead and be substituted therefor in all actions brought pursuant to

Section 1018 of this title.

E. Priority of Claims for F.D.I.C. If the Corporation serves

as the liquidating agent of any national bank the principal office

of which is located in Oklahoma, it shall be bound by the priority

of claims established in subsection K of Section 1204 of this title.

F. Individual liability of directors. Among its other powers,

the Federal Deposit Insurance Corporation, in the performance of its

powers and duties as such liquidator, shall have the right and

power, upon the order of a court of record of competent

jurisdiction, to enforce the individual liability of the directors

of any such banking institution.
Okla. Stat. tit. 6, § 6-1611 — OK Code / Title 6 / Section 6-1611
Reports and records
Status: in_force

Reports and records.

A. Every international banking corporation doing business in

this state shall, at such times and in such form as the Board shall

prescribe, make written reports in the English language to the

Board, under the oath of one of its officers, managers, or agents

transacting business in this state, showing the amount of its assets

and liabilities and containing such other matters as the Board shall

prescribe. If any such international banking corporation shall fail

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 210

to make any such report, as directed by the Board, or if any such

report shall contain any false statement knowingly made, the same

shall be grounds for revocation of the license of the international

banking corporation.

B. Each international banking corporation which operates an

international bank agency licensed under the International Bank Act

shall cause to be kept, at its place of business in this state,

correct and complete books and records of account of its business

operations transacted by such agency in the manner as required by

law for state banks. Such agencies shall also keep current copies

of the charter and bylaws of the international banking corporation,

relative to the operations of the agency, and minutes of the

proceedings of its directors or committees relative to the agency

business. Such records shall be kept in the same manner as required

by law for state banks and shall be made available to the Board,

upon request, at any time during regular business hours of the

agency. Any failure to keep such records as aforesaid or any

refusal to produce such records upon request by the Board shall be

grounds for suspension or revocation of any license issued under the

International Bank Act.
Okla. Stat. tit. 6, § 6-211.1 — OK Code / Title 6 / Section 6-211.1
Revolving fund - Creation
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the Oklahoma State Banking Department. The revolving fund shall

consist of all fees and assessments paid to or collected by the

Department, including all monies received by the Commissioner under

Sections 104, 204, 303, 415, 501.1 and 501.2 of this title and

Section 381.16 of Title 18 of the Oklahoma Statutes and those

payments required to be deposited in the revolving fund pursuant to

Sections 211, 1103, 1206, 2001.2, 2008, 2107 and 2113 of this title,

Section 381.15 of Title 18 of the Oklahoma Statutes, and Section

7106 of Title 36 of the Oklahoma Statutes. The revolving fund shall

be a continuing fund, not subject to fiscal year limitations.

Expenditures from the fund shall be made pursuant to the laws of

this state and the statutes relating to the Department, and without

legislative appropriation. Warrants for expenditures from the fund

shall be drawn by the State Treasurer, based on claims signed by an

authorized employee or employees of the Department and approved for

payment by the Director of the Office of Management and Enterprise

Services.
Okla. Stat. tit. 6, § 6-1407 — OK Code / Title 6 / Section 6-1407
Unlawful service as officer or director
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 183

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

any person to serve as an officer or director of a bank who:

1. Has been convicted of an offense constituting in the

jurisdiction in which the conviction was rendered a violation of the

banking laws, a felony involving dishonesty or a breach of trust;

2. Is indebted to the bank for more than thirty (30) days upon

a judgment that has become final.
Okla. Stat. tit. 6, § 6-1514 — OK Code / Title 6 / Section 6-1514
Information-sharing agreements - Records
Status: in_force

The Commissioner may cooperate, coordinate, and enter into

information-sharing agreements with any other local, state, federal,

or foreign governmental agency regarding any or all information

provided by suppliers and by persons submitting registration

applications, whether or not a license is issued. In the absence of

an information-sharing agreement, all Department records resulting

from the provisions of this act shall be confidential and shall not

be subject to public inspection. The names of licensees and their

agents and authorized delegates shall not be confidential.
Okla. Stat. tit. 6, § 6-1610 — OK Code / Title 6 / Section 6-1610
Lending limits
Status: in_force

Lending limits.

A. The Board shall by rule prescribe the limits of drafts or

bills of exchange which an international bank agency may accept

relative to the capital accounts of the international banking

corporation. These limits shall take into account all transactions

which are included and excluded in computing the lending limit for

acceptances of a federal agency licensed under the federal

International Banking Act of 1978, as amended.

B. The provisions of Section 802 of Title 6 of the Oklahoma

Statutes, except to the extent it is inconsistent with Section 15 of

this act or the provisions of this section, shall apply to the loans

and investments made by any international bank agencies of the

international banking corporation. As used in such sections with

respect to an international banking corporation and its

international bank agencies, the term "capital accounts" shall be

deemed to refer to the capital and surplus of the international

banking corporation, and, except when used with reference to capital

accounts, the term "bank" shall be deemed to refer to the

international bank agencies of the international banking corporation

which are licensed in this state.

C. Any limitation in this section based on the capital accounts

of an international banking corporation shall be deemed to refer,

with respect to an international bank agency in this state, to the

dollar equivalent of the capital accounts of the international

banking corporation, as determined by the Board. If the

international banking corporation has more than one international

bank agency in this state, the business transacted by all such

agencies shall be aggregated in determining compliance with a

limitation or restriction in this section.

D. With the prior written approval of the Commissioner, the

capital notes and capital debentures of an international banking

corporation may be treated as capital in computing the limitations

referred to in this section.
Okla. Stat. tit. 6, § 6-2202 — OK Code / Title 6 / Section 6-2202
Definitions
Status: in_force

(a) "Financial institution" means any office or branch of a

bank, savings bank, savings association, building and loan

association, savings and loan association and credit union located

in the State of Oklahoma.

(b) "Financial record" means any original of, or any copy of,

any record held by a financial institution, or any information

derived therefrom, pertaining to a customer's relationship with the

financial institution.

(c) "Government authority" means any agency, board, commission

or department of the State of Oklahoma, or any officer, employee,

representative, or agent thereof.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 282

(d) "Customer" means any person, corporation, partnership or

other legal entity, or authorized representative thereof, who

utilized or is utilizing a service of a financial institution, or

for whom a financial institution is acting or has acted as a

fiduciary, in relation to an account maintained in the customer's

name.

(e) "Supervisory agency" means, with respect to any particular

financial institution, any state agency, board, commission or

department which has statutory authority to examine the financial

condition or business operations of that institution.
Okla. Stat. tit. 6, § 6-1110 — OK Code / Title 6 / Section 6-1110
Book value of assets
Status: in_force

Without approval by the Commissioner no asset shall be carried

on the books of the resulting bank or purchasing bank at a valuation

higher than that on the books of a merging, converting bank or

selling bank at the time of its last examination by a state or

national bank examiner before the effective date of the merger,

conversion or sale.
Okla. Stat. tit. 6, § 6-910.12 — OK Code / Title 6 / Section 6-910.12
Termination of special deposit
Status: in_force

A. Unless otherwise provided in the account agreement, a

special deposit terminates five (5) years after the date the special

deposit was first funded.

B. Unless otherwise provided in the account agreement, if the

bank cannot identify or locate a beneficiary entitled to payment

when the special deposit is terminated, and a balance remains in the

special deposit, the bank shall pay the balance to the depositor or

depositors as a beneficiary or beneficiaries.

C. A bank that pays the remaining balance as provided under

subsection B of this section has no further obligation with respect

to the special deposit.
Okla. Stat. tit. 6, § 6-2024 — OK Code / Title 6 / Section 6-2024
Joint tenancy shares and deposits
Status: in_force

When shares are owned or a deposit is made in the joint names of

a member and one or more persons, payable to any of them or the

survivor, such shares or deposit, or any part thereof, or any

dividends or interest thereon, may be paid to any of the persons,

whether one of those persons shall be a minor or not, and whether

the other or others be living or not; and the receipt or acquittance

of the person so paid shall be a valid and sufficient release and

discharge to the credit union for any payment so made. The pledge

or hypothecation to the credit union of all or part of shares or

deposits so held in joint tenancy, signed by any joint tenant, shall

be a valid pledge of all or that part of the shares or deposit

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 265

pledged or hypothecated, and shall not operate to sever the joint

and survivorship status of the shares or deposit.
Okla. Stat. tit. 6, § 6-1720 — OK Code / Title 6 / Section 6-1720
Establishment of additional offices by out-of-state
Status: in_force

institutions.

An out-of-state trust institution that maintains a trust office

in this state pursuant to Sections 15 through 20 of this act may

establish or acquire additional trust offices or representative

trust offices in this state to the same extent that a state trust

institution may establish or acquire additional offices in this

state pursuant to the procedures for establishing or acquiring such

offices set forth in Section 13 of this act.
Okla. Stat. tit. 6, § 6-2203 — OK Code / Title 6 / Section 6-2203
Financial institutions prohibited from disclosing
Status: in_force

financial records unless.

A financial institution is prohibited from giving, releasing or

disclosing any financial record to any government authority unless:

(a) it has written consent from the customer for the specific

record requested; or

(b) it has been served with a subpoena issued pursuant to

Section 4 for the specific record requested.
Okla. Stat. tit. 6, § 6-705 — OK Code / Title 6 / Section 6-705
Transfer of shares - Law governing
Status: in_force

Except as otherwise provided for in the Oklahoma General

Corporation Act, the transfer of stock and the certificates of stock

which represent the stock or uncertificated stock shall be governed

by the Uniform Commercial Code - Investment Securities. To the

extent that any provision of the Oklahoma General Corporation Act is

inconsistent with any provision of the Uniform Commercial Code -

Investment Securities, the provisions of the Uniform Commercial Code

- Investment Securities shall be controlling.
Okla. Stat. tit. 6, § 6-307.1 — OK Code / Title 6 / Section 6-307.1
Objectives of Commissioner and Banking Board - Comments
Status: in_force

or objections.

A. Objectives. The primary objectives of the State Banking

Commissioner and the Banking Board shall be to maintain a sound

banking system, to encourage a competitive banking environment and

to provide convenience to the public.

B. Comments or objections. Within twenty-one (21) days after

the first notice by publication as described in Section 306.2 of

this title, any interested person may submit to the Commissioner

written comments or objections to organization of the proposed bank,

or a request for an opportunity to be heard by the Commissioner at a

hearing held prior to consideration by the Board of the application

for authority to organize. Any request for opportunity to be heard

shall set forth reasons justifying the time and expense entailed by

such hearing before the Commissioner. In the sole discretion of the

Commissioner, the Commissioner may decide to permit such a hearing

or may refuse the request for hearing. If the Commissioner refuses

the request for hearing, the interested person may be heard at the

hearing held by the Board to consider the application. In the

absence of a request, the Commissioner may order a hearing to be

held before the Commissioner if the Commissioner determines that it

is in the public interest.
Okla. Stat. tit. 6, § 6-1019 — OK Code / Title 6 / Section 6-1019
Merger, consolidation and sale of assets
Status: in_force

A trust company may merge, consolidate with another trust

company or bank or make a sale of assets in the form and manner as

set forth in Article XI of this act.
Okla. Stat. tit. 6, § 6-201.1 — OK Code / Title 6 / Section 6-201.1
Compensation of Commissioner
Status: in_force

A. The annual compensation, payable monthly, of the

Commissioner, shall be fixed by the Banking Board. Unless otherwise

disapproved by the Legislature, and notwithstanding any other

prescription of salary limits including the ranges set forth in

Section 3601.2 of Title 74 of the Oklahoma Statutes, the Banking

Board may fix the salary of the Commissioner in an amount not in

excess of the maximum salary proposed for the Banking Department and

set forth in the most recent Annual Compensation Report prepared by

or for the Office of Management and Enterprise Services.

B. The Commissioner and, with the Commissioner's authority,

other members of the Department shall be entitled to reimbursement

for actual and necessary travel expenses incurred in the performance

of their duties, as provided by the State Travel Reimbursement Act.
Okla. Stat. tit. 6, § 6-2124 — OK Code / Title 6 / Section 6-2124
Acts required of licensees - Deadline - Exception
Status: in_force

(a) A person licensed under, and in compliance with all

applicable requirements of, the Sale of Checks Act in effect

immediately prior to the effective date of this act shall have until

December 1, 1988, to:

1. Furnish the Commissioner with a corporate surety bond

complying with the requirements of Section 2108 of Title 6 of the

Oklahoma Statutes or, in lieu thereof, to deposit securities equal

to the amount of such bond complying with the requirements of

subsection (b) of Section 2109 of Title 6 of the Oklahoma Statutes;

and

2. File with the Commissioner the most current annual financial

statement of such licensee, which financial statement shall be in

compliance with the requirements of Section 2110 of Title 6 of the

Oklahoma Statutes.

(b) A person licensed under, and in compliance with all

applicable requirements of, the Sale of Checks Act in effect

immediately prior to the effective date of this act shall not be

required to comply with the provisions of subsection (b) of Section

2107 of Title 6 of the Oklahoma Statutes until the Commissioner has

issued license certificates for each location to said licensee for

the fiscal year commencing July 1, 1989; provided, the licensee must

timely satisfy all requirements for the issuance of a renewal

license and such license certificates.
Okla. Stat. tit. 6, § 6-1005 — OK Code / Title 6 / Section 6-1005
Banks having trust powers and trust companies not required
Status: in_force

to give security as trustee, etc.

Banks having trust powers and trust companies of this state

having deposited securities with the Commissioner or purchased a

bond as provided in Section 1004 of this Code, and authorized to act

as assignee, receiver, administrator, executor, guardian, trustee,

or in any court appointed fiduciary capacity, shall not be required

by any officer or court of this state to give security upon

appointment to, or acceptance of, any office of trust which it is by

law authorized to execute.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 129
Okla. Stat. tit. 6, § 6-402 — OK Code / Title 6 / Section 6-402
Powers of banks and trust companies
Status: in_force

Any bank or trust company now or hereafter organized under the

laws of this state shall, without specific mention thereof in its

certificate of incorporation, have all the powers conferred by the

Oklahoma Banking Code and the following additional corporate powers:

1. To continue perpetually as a corporation;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 52

2. To make contracts;

3. To sue and be sued, complain and defend, in its corporate

name;

4. To sell any asset in the ordinary course of business;

5. To have a corporate seal, which may be altered at pleasure,

and to use the same by causing it or a facsimile thereof to be

impressed or affixed, or in any manner reproduced;

6. To make, alter, amend, and repeal bylaws, not inconsistent

with its certificate of incorporation or with law, for the

administration and regulation of the affairs of the corporation;

7. To elect, appoint or remove officers and agents of the

corporation and to define their duties and fix their compensation;

8. To adopt and operate reasonable bonus, profit-sharing and

pension plans for officers and employees;

9. To make contributions to or for the use or benefit of the

following:

a. the United States, any state, territory, or political

subdivision thereof, the District of Columbia or any

possession of the United States, for exclusively

public purposes,

b. a corporation, foundation, trust, community chest, or

other organization created or organized in the United

States, or in any state or territory, or of the

District of Columbia, or of any possession of the

United States, and organized and operated exclusively

for religious, charitable, scientific, veteran

rehabilitation service, civic enterprise, literary or

educational purposes, or for the prevention of cruelty

to children or animals, no part of the net earnings of

which inures to the benefit of any private shareholder

or individual, and no substantial part of the

activities of which is carrying on propaganda or

otherwise attempting to influence legislation, or

c. other lawful expenditures, contributions and

donations; to the extent authorized, approved, or

ratified by action of the board of directors of the

corporation, except as otherwise specifically provided

or limited by its certificate of incorporation, its

bylaws, or by resolution duly adopted by its

stockholders;

10. To exercise such incidental powers as may be necessary or

desirable to carry on the banking business including, but not

limited to, powers as may now or hereafter be conferred upon

national banks by the laws of the United States and the regulations

and policies of the United States Comptroller of the Currency,

unless otherwise prohibited or limited by the State Banking

Commissioner or the State Banking Board. Upon approval of the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 53

Commissioner, and subject to all applicable federal and state laws,

the operating subsidiaries or financial subsidiaries of a bank may

exercise any power and engage in any activity that is permitted for

an operating subsidiary or financial subsidiary of a national bank

pursuant to laws of the United States and the regulations and

policies of the United States Comptroller of the Currency, or the

Board of Governors of the Federal Reserve System unless otherwise

prohibited or limited by the Commissioner or the Board;

11. To exercise by its directors, duly authorized officers or

agents, subject to law, all such powers as shall be necessary to

carry on the banking business;

12. Without specific mention in its charter, to act as escrow

agent;

13. To purchase for its own account investment securities under

such limitations and restrictions as the Commissioner may prescribe

by policy statement pursuant to subsection F of Section 204 of this

title;

14. To lease, hold, purchase and convey any and all real estate

in the manner provided in this Code and not otherwise;

15. To act as fiscal or transfer agent, executor,

administrator, guardian of estates, assignee, receiver, depository

and trustee, provided such bank or trust company has complied with

the laws of this state relating to the organization and regulation

of trust companies;

16. To issue and sell securities as the Commissioner may

prescribe by policy statement pursuant to subsection F of Section

204 of this title;

17. To invest in tangible personal property, including, without

limitation, vehicles, manufactured homes, machinery, equipment, or

furniture, for lease financing transactions on a net-lease basis,

subject to rule or order of the Commissioner limiting the amount the

bank may invest in such property;

18. To make investments designed primarily to promote the

public welfare, including the welfare of low- and moderate-income

communities or families, such as by providing housing, services, or

jobs. A state bank may make such investments directly or by

purchasing interests in an entity primarily engaged in making such

investments. A state bank shall not make any such investment if the

investment would expose the bank to unlimited liability. The

aggregate investment of a state bank under this subsection shall not

exceed fifteen percent (15%) of the capital of the bank; and

19. Upon approval by the Commissioner, to underwrite issues of

securities or stock through a subsidiary.
Okla. Stat. tit. 6, § 6-1009 — OK Code / Title 6 / Section 6-1009
Official's oath or affidavit
Status: in_force

In any case in which the laws of a state require that a

corporation acting as trustee, executor, administrator, or in any

capacity specified in this article shall take an oath or make an

affidavit, the president, vice-president, cashier, or trust officer

of such bank or trust company may take the necessary oath or execute

the necessary affidavit.
Okla. Stat. tit. 6, § 6-2015 — OK Code / Title 6 / Section 6-2015
Partial invalidity - Right of alteration, amendment or
Status: reserved

repeal.

(A) If any provision of this act, or the application thereof to

any person or circumstance, is held invalid, the remainder of the

act, and the application of such provisions to other persons or

circumstances, shall not be affected thereby.

(B) The right to alter, amend, or repeal this act or any part

thereof, or any charter issued pursuant to the provisions of this

act, is expressly reserved.
Okla. Stat. tit. 6, § 6-2018 — OK Code / Title 6 / Section 6-2018
Voluntary dissolution
Status: in_force

A credit union may elect to dissolve voluntarily and liquidate

its affairs. The process of voluntary dissolution shall be as

follows:

(A) The board of directors shall adopt a resolution

recommending the credit union be dissolved voluntarily, and

directing that the question of dissolution be submitted to the

members. For a credit union to enter voluntary dissolution,

approval by a majority of the members in writing or by a simple

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 259

majority vote of the members at a regular or special meeting of the

members is required. Where authorization for dissolution is to be

obtained at a meeting of the members, notice in writing shall be

given to each member, by first-class mail, at least ten (10) days

prior to such meeting.

(B) Within ten (10) days after the board of directors decides

to submit the question of dissolution to the members, the president

shall notify the Bank Commissioner and any government agency or

other organization insuring member accounts thereof in writing,

setting forth the reasons for the proposed dissolution. Within ten

(10) days after the members act on the question of dissolution, the

president shall file with the Bank Commissioner a statement of their

consent to dissolution, attested by a majority of the officers and

including the names and addresses of the officers and directors, and

shall notify any government agency or other organization insuring

member accounts in writing as to the action of the members on the

proposal. As soon as the board of directors decides to submit the

question of dissolution to the members, payments on shares or

deposits, withdrawal of shares or deposits, making any transfer of

shares or deposits to loans and interest, making investments of any

kind and granting loans may be suspended, only with the approval of

the Bank Commissioner, pending action by members on the proposal to

dissolve. On approval by the members of such proposal, all such

business transactions shall be permanently discontinued. Necessary

expenses of operation shall, however, continue to be paid on

authorization of the board of directors or liquidating agent during

the period of dissolution.

(C) The Bank Commissioner shall determine whether or not the

credit union is solvent. If the credit union is solvent, the Bank

Commissioner shall issue in duplicate a certificate to the effect

that this section has been complied with.

(D) The certificate shall be filed with the Secretary of State,

and a certified copy thereof filed in the office of the county clerk

of the county in which the credit union is located, whereupon said

credit union shall cease to carry on business, except for the

purpose of liquidation and distribution of its assets.

(E) The credit union shall continue in existence for the

purpose of discharging its debts, collecting and distributing its

assets, and doing all other acts required in order to wind up its

business, and may sue and be sued for the purpose of enforcing such

debts and obligations until its affairs are fully adjusted. The

board of directors or, in the case of involuntary dissolution, the

liquidating agent shall use the assets of the credit union to pay;

first, expenses incidental to liquidation including any surety bond

that may be required; and second, any liability due nonmembers.

Assets then remaining, if any, shall be distributed to the members

proportionately to the combined shares and deposits held by each

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 260

member as of the date dissolution was voted, unless otherwise

provided in the bylaws.
Okla. Stat. tit. 6, § 6-1712 — OK Code / Title 6 / Section 6-1712
Principal office
Status: in_force

A. Each state trust company shall have and continuously

maintain a principal office in this state.

B. Each executive officer at the principal office shall be an

agent of the state trust company for service of process.

C. A state trust company may change its principal office to any

location within this state by filing a written notice with the

Commissioner setting forth the name of the state trust company, the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 221

street address of its principal office before the change, the street

address to which the principal office is to be changed, and a copy

of the resolution adopted by the board authorizing the change.

D. The change of principal office shall take effect on the

thirty-first day after the date the Commissioner receives the notice

pursuant to subsection C of this section. However, the Commissioner

may establish an earlier or later date or may, prior to such day,

notify the state trust company that it must establish to the

satisfaction of the Commissioner that the relocation is consistent

with the original determination for the establishment of a state

trust company at that location, in which event the change of

principal office shall take effect when approved by the

Commissioner.
Okla. Stat. tit. 6, § 6-1406 — OK Code / Title 6 / Section 6-1406
Receipt of deposit after notification of insolvency
Status: in_force

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

bank to receive any deposit after the bank has been notified by its

primary regulator that it is insolvent or for an officer, director

or employee who knows or, in the proper performance of his duty,

should know of the notification of such insolvency to receive or

authorize the receipt of such deposit, if such deposit, when

aggregated together with other funds held by the depositor in the

same right and capacity, would exceed the limit of federal deposit

insurance coverage.
Okla. Stat. tit. 6, § 6-2113 — OK Code / Title 6 / Section 6-2113
Examination of books and records - Audits
Status: in_force

A. The State Banking Commissioner may examine the books and

records of each licensee as often as the Commissioner deems

advisable for the purpose of determining the amount of the bond to

be filed and the amount of the license fee to be paid by such

licensee and to determine whether the licensee is in compliance with

all applicable requirements of law. For that purpose, the

Commissioner shall have free access to the offices and places of

business and to such records of such licensee that relate to the

business for which the licensee is licensed under Section 2101 et

seq. of this title.

B. There shall be paid to the Commissioner for an examination

or audit review a fee of Seventy-five Dollars ($75.00) per hour for

each representative of the Commissioner required to conduct the

examination or audit review plus travel expenses as provided by

subsection B of Section 201.1 of this title for each of the

examining personnel.

C. In lieu of any examination which the Commissioner shall be

authorized to make hereunder, the Commissioner may accept the audit

of a licensed public accountant holding a permit to practice in this

state or a certified public accountant, provided that:

1. The costs of such audit shall be borne by the licensee;

2. The scope of such audit shall be at least equal to the scope

of the examination required by the Commissioner;

3. The Commissioner shall have received prior notice in writing

that the licensee is having the audit prepared in lieu of

examination by the Commissioner; and

4. The Commissioner shall have given prior approval of the

licensed public accountant holding a permit to practice in this

state or the certified public accountant making the audit.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 278

If the Commissioner accepts an audit in lieu of the examination of

the Commissioner, the Commissioner may review such audit and may

charge to the licensee fees for such review at the rate prescribed

in subsection B of this section.

D. The Commissioner may contract with qualified licensed

auditors to conduct any examinations authorized under this section.

E. All license, examination, audit review, and investigation

fees herein provided for shall be deposited in the Oklahoma State

Banking Department revolving fund pursuant to Section 211.1 of this

title.
Okla. Stat. tit. 6, § 6-404 — OK Code / Title 6 / Section 6-404
Federal Deposit Insurance Corporation Act - Acts permitted
Status: in_force

for compliance therewith.

Every bank may do and perform any act and thing necessary or

required under the terms of the Federal Deposit Insurance

Corporation Act, and any amendments thereto or any act substituted

therefor, to secure the benefits of the deposit insurance and other

advantages provided by such act, and any amendments thereto or any

act substituted therefor applicable to state banks and trust

companies.
Okla. Stat. tit. 6, § 6-424 — OK Code / Title 6 / Section 6-424
Origination of loans at locations other than main office or
Status: in_force

branch office – Out-of-state banks – Loan and deposit production

offices.

A. Subject to rules promulgated by the Banking Board, a bank or

out-of-state bank may utilize employees or agents of the bank or

out-of-state bank to originate loans or originate deposit accounts,

or both, at locations other than the main office or a branch office

of such bank or out-of-state bank, provided that the loan decision

is made and the loan is funded at the main office or a branch office

of the bank or out-of-state bank and provided that no deposits shall

be accepted or received at the deposit origination office. A bank

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 71

or out-of-state bank may establish an office location described in

this section by making an application to the State Banking

Commissioner on a form prescribed by the Commissioner. An

application fee of Five Hundred Dollars ($500.00) shall accompany

the application.

B. An office shall be considered to be a loan production office

if it is open to the public, and employees or agents of the bank or

out-of-state bank:

1. Provide loan applications to customers;

2. Facilitate the return of the loan application to the bank or

out-of-state bank;

3. Provide promissory notes and/or disclosures to customers;

4. Receive executed notes from customers; or

5. Arrange for the loan proceeds to be delivered to the

customer.

C. An office shall be considered to be a deposit production

office if it is open to the public, and employees or agents of the

bank or out-of-state bank:

1. Provide deposit applications to customers;

2. Facilitate the return of the deposit application to the bank

or out-of-state bank;

3. Provide deposit agreements and/or disclosures to customers;

4. Receive executed deposit agreements from customers; or

5. Arrange for the deposited funds to be delivered to the bank.

D. The Commissioner or the Board may, upon written request of a

bank or out-of-state bank, designate or approve of specified

activities (including a limited number of those described in

subsections B and C of this section) that a bank or out-of-state

bank may conduct without the facility being considered a loan

production office or deposit production office. For purposes of

this section, the word “agent” shall include independent

contractors, or any other “institution affiliated party” as that

term is defined in 12 U.S.C., Section 1813(u).
Okla. Stat. tit. 6, § 6-1515 — OK Code / Title 6 / Section 6-1515
Rules - Interpretive statements and opinions
Status: in_force

A. The Board may promulgate rules to further implement the

provisions of this act including, but not limited to, rules relating

to the application of and exemption from the provisions of this act,

additional and different types of persons that must register and be

licensed, fees that must be paid, and investigative and examination

authority over licensees by the Department or designee of the

Department, which may include state law enforcement agencies.

B. The Commissioner may issue interpretive statements and

opinions regarding the provisions of this act upon a motion by the

Commissioner or upon the written request of others. An interpretive

statement or opinion issued under this section shall not have the

force of law and shall not be deemed a rule.
Okla. Stat. tit. 6, § 6-904 — OK Code / Title 6 / Section 6-904
Stockholder, director, officer or employee of bank as notary public - Administration of oaths
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 3notary public - Administration of oaths - Protests - Notary fee.

It shall be lawful for any notary public who is a stockholder,

director, officer or employee of a bank to take the acknowledgment

of any party to any written instrument executed to or by such bank,

or to administer an oath to any other stockholder, director,

officer, employee or agent of such bank, or to protest for

nonacceptance or nonpayment bills of exchange, drafts, checks, notes

and other negotiable instruments which may be owned or held for

collection by such bank. It shall be unlawful for any notary public

to take the acknowledgment of an instrument executed by or to a bank

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 110

of which the notary public is a stockholder, director, officer or

employee, where such notary is a party to such instrument, either

individually or as a representative of such bank, or to protest any

negotiable instrument owned or held for collection by such bank

where such notary is individually a party to such instrument.

Nothing contained in this section shall be construed to prohibit or

limit the charging of a notary fee by the notary public who is a

stockholder, director, officer, or employee of a bank.
Okla. Stat. tit. 6, § 6-1004 — OK Code / Title 6 / Section 6-1004
Deposits of securities with Commissioner
Status: in_force

A. Deposit requirement - As pledge for faithful performance.

(1) Before any bank or trust company, including national banking

associations, shall transact any fiduciary business within this

state it shall deposit with the Commissioner, as security and as a

pledge for the faithful performance of its duties as a trust

company, cash or interest-bearing securities, which securities shall

have a ready market value in an amount regulated by the amount of

cash and securities held in trust by the bank or trust company.

(2) Whenever such cash and securities held in trust amount to

less than One Million Dollars ($1,000,000.00), the deposit shall be

Fifty Thousand Dollars ($50,000.00). Whenever such cash and

securities held in trust amount to One Million Dollars

($1,000,000.00) but do not exceed Five Million Dollars

($5,000,000.00), the deposit shall be Two Hundred Fifty Thousand

Dollars ($250,000.00). Whenever such cash and securities held in

trust amount to Five Million Dollars ($5,000,000.00) but do not

exceed Ten Million Dollars ($10,000,000.00), the deposit shall be

Four Hundred Thousand Dollars ($400,000.00). Whenever such cash and

securities held in trust exceed Ten Million Dollars

($10,000,000.00), the deposit shall be Five Hundred Thousand Dollars

($500,000.00); provided, no trust company not receiving deposits

other than funds held by it in trust shall be required to increase

the deposit to an amount in excess of its capital. The term "cash

and securities held in trust" as employed herein shall not include

lands held in trust as collateral security for monies lent or to be

lent, nor to trust funds registered with the Securities and Exchange

Commission under the Securities Act of 1933, as amended (48 Stat.

74, 15 U.S.C. Section 77 (1933)), and the Securities Exchange Act of

1934, as amended (48 stat. 881, 15 U.S.C. Section 78 (1934)).

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 126

B. Securities eligible for deposit. The securities mentioned

in subsection A of this section may be of the following classes and

not otherwise:

(1) Interest-bearing bonds, notes or obligations of the United

States, or those for which the faith of the United States is pledged

for the payment of the principal and interest.

(2) Bonds or other obligations of the State of Oklahoma or any

county of this state, or of any incorporated city, town or school or

port district of this state having a population of not less than two

thousand (2,000) inhabitants as shown by the last federal census, or

bonds of any other state of the United States, or any county,

incorporated city, town or school district having a population of

not less than twenty-five thousand (25,000) inhabitants, as shown by

the last federal census, provided such bonds were issued in

compliance with the constitution and laws of such state, and there

has been no default in payment of either principal or interest on

any of the general obligations of such state, county, incorporated

town, city or school or port district for a period of five (5) years

next preceding the date of the deposit, and such bonds are a general

obligation of the state, county, school or port district, city or

town issuing the same.

(3) Bonds, other than foreign bonds, listed on the New York

Stock Exchange, provided the total obligation of any one debtor

shall not exceed twenty percent (20%) of the aggregate deposit.

(4) Notes or bonds secured by first lien upon improved real

estate in the State of Oklahoma. Such loans may be subsequent to

taxes not due and bonded indebtedness for public improvements not

due, but any such obligation, plus taxes not due and bonded

indebtedness for public improvements not due, shall not exceed fifty

percent (50%) of the reasonable market value of such real estate,

except as provided in Section 1008 of this Code. There shall be

filed by the bank or trust company in support of such real estate

obligation such appraisal, evidence of merchantable title and

insurance as may be required by the Commissioner.

C. Purchase of bond or irrevocable letter of credit in lieu of

deposit. As an alternative to the deposit and pledge of cash or

securities pursuant to the provisions of this section, a bank or

trust company may purchase a bond or irrevocable letter of credit,

for the benefit of the Commissioner and any person suffering a loss

by reason of the malfeasance of the bank or trust company (a

"Claimant"). The amount of the bond or letter of credit must be not

less than twice the amount of the cash and securities which would

otherwise be required to be pledged under paragraph (2) of

subsection A of this section. The bond or letter of credit must be

submitted to and approved by the Commissioner. The bond or letter

of credit may be canceled only after thirty (30) days' prior written

notice to the Commissioner and only after the bank or trust company

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 127

has made a sufficient deposit of cash or securities under the terms

of this section, or the company has been relieved of its fiduciary

positions by transfer pursuant to the terms of Section 1109 of this

title and has relinquished its trust powers pursuant to the

provisions of Section 1017 of this title. Any bank or trust company

that does not maintain a bond or letter of credit which complies

with the terms of this subsection must make a deposit or pledge of

securities pursuant to the terms of this section.

D. Primary liability for deposit. The deposit, bond, or letter

of credit required by this section shall be primarily liable for the

malfeasance of a company as guardian, executor, administrator,

assignee, receiver, trustee under inter vivos trust or trustee under

will by an appointment of court, or depository of money in court,

and is not liable for any debt or other obligation of the company

until such malfeasance liability of the company has been discharged.

E. Right of action against deposit, bond or letter of credit.

Any person who suffers loss or damage because of the breach of any

trust committed to any bank or trust company shall have a right of

action to recover the amount of such loss or damage from the

provisions of the bond, letter of credit, or out of the moneys or

securities deposited with the Commissioner by the bank or trust

company. However, the Commissioner shall not be required to release

to a Claimant any amount deposited with the Commissioner or request

payment of any amount under the terms of the bond or letter of

credit except at the direction of an unappealable order of a court

of competent jurisdiction issued in favor of the Claimant. If the

amount for which the bank or trust company is liable exceeds the

amount of the bond or letter of credit or deposit, all Claimants

will receive a pro rata portion of the total bond or deposit based

on the Claimant's percentage of the company's total liability.

F. Charge for handling securities. The Commissioner may make

such charges and assessments for expenses incurred, including

insurance, and services rendered in connection with deposits of

securities as he deems just and reasonable.

G. Appraisal of real estate securing deposit. The Commissioner

may appraise, or cause to be appraised, or may in lieu of his own

appraisal accept the appraisal of qualified appraisers, every parcel

of real estate securing any note or bond offered for deposit with

the Commissioner. If the appraisement is made by the Commissioner

he shall collect from the company offering the mortgages for deposit

his actual expenses in making the appraisement. If the appraisement

is made by an appraiser selected by the Commissioner he shall

collect a reasonable fee from the company.

H. Certificates of title, title insurance, or title opinion on

real estate securing deposit. The Commissioner may accept a

certificate of title or guaranty of title or title insurance policy

from a title insurance company, or the opinion of the attorney who

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 128

examined the title to the property for the trust company offering a

mortgage and note for deposit, or he may require an opinion as to

title from the Attorney General.

I. Fire insurance; deposit of documents with notes or bonds.

(1) Fire insurance shall be in effect upon all insurable

property for the reasonable value thereof.

(2) All mortgages or deeds of trust and all insurance policies,

abstracts of title (when required by the Commissioners),

certificates of title, guaranty of title or title insurance policies

and appraisements shall be deposited with the notes or bonds. When

less than the whole of a bond issue is deposited, the Commissioner

shall not require the deposit of the abstract of title, certificate

of title, guaranty of title or title insurance policies and

appraisements, but may require in lieu thereof a certificate from

the trustee of the mortgage or bond issue that such documents have

been deposited with the trustee.

J. Substitution of deposit securities; income of securities

deposited.

(1) The Commissioner may require the immediate substitution of

other securities when he has reason to believe that the market value

of securities which have heretofore been deposited have depreciated

below their face value. Substitution of securities with the

Commissioner at the request of the depositing bank or trust company

may be permitted when approved by the Commissioner.

(2) So long as the depositing bank or trust company continues

solvent it shall be permitted to receive and retain all interest,

income or dividends from all securities deposited with the

Commissioner.

K. Return of deposit; liability of state.

(1) The State of Oklahoma is liable for the return of any funds

or securities deposited in accordance with this section.

(2) The State of Oklahoma is responsible for the safe return of

such securities deposited with the Commissioner under this Code.
Okla. Stat. tit. 6, § 6-1013 — OK Code / Title 6 / Section 6-1013
Disclosure of communications and writings prohibited -
Status: in_force

Exceptions.

Every bank exercising trust powers and every trust company

shall, except as otherwise provided in this section, keep inviolate

all communications and writings made to or by such trustee touching

the existence, condition, management and administration of any

private trust confided to it. No creditor or stockholder is

entitled to disclosure or knowledge of any such communication or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 133

writing. However, the president, vice-president, manager, trust

officer, secretary or regularly employed attorney of such trust

company or bank is entitled to knowledge of any such communication

or writing. In any suit or proceeding touching the existence,

condition, management or administration of any such trust, the court

wherein the same is pending may require disclosure of any

communication or writing.
Okla. Stat. tit. 6, § 6-2023 — OK Code / Title 6 / Section 6-2023
Exercising power of federally chartered credit union -
Status: in_force

Exceptions.

A credit union chartered under the laws of the State of

Oklahoma, the member accounts of which are insured under Title II of

the Federal Credit Union Act, may exercise any of the powers of a

federally chartered credit union doing business in this state, until

otherwise provided by the Legislature; and provided that the State

Credit Union Board may by rule prohibit the exercise of any such

power if the Board finds that the exercise thereof will not serve

the public convenience and advantage and will not equalize and

maintain the quality of competition between state and federal credit

unions.
Okla. Stat. tit. 6, § 6-703 — OK Code / Title 6 / Section 6-703
Liability of preferred shareholders
Status: in_force

The holders of preferred stock shall not be held individually

responsible as such holders for any debts, contracts, or engagements

of the bank or trust company and shall not be liable for assessments

to restore impairment in the capital of such corporation as now

provided by law with reference to holders of common stock.
Okla. Stat. tit. 6, § 6-1601 — OK Code / Title 6 / Section 6-1601
Definitions
Status: in_force

Definitions. As used in the International Bank Act:

1. "Board" when used with an initial capital letter means the

Banking Board of this state;

2. "Foreign country" means a country or sovereign government

other than the United States and includes any colony, dependency,

state or possession of such country or sovereign government other

than the United States;

3. "International administrative office" means an office of an

international banking corporation, which office exists for the

purposes described in Section 17 of this act;

4. "International bank agency" means the international banking

corporation with respect to all business or activities conducted in

this state or through an office located in this state;

5. "International banking corporation" means a banking

corporation organized and licensed under the laws of a foreign

country, a territory of the United States, Puerto Rico, Guam,

American Samoa, or the Virgin Islands or, if organized and licensed

under the laws of the United States of America, a banking

corporation:

a. which is not a bank or bank holding company as defined

in the federal Bank Holding Company Act, as amended,

Sections 1841 through 1850 of Title 12 of the United

States Code, and

b. which maintained, on July 1, 1981, as its only United

States banking office, one state agency licensed by a

state other than this state. The term "international

banking corporation" includes, without limitation, a

foreign commercial bank, foreign merchant bank or

other foreign institution that is chartered by or that

engages in banking activities usually in connection

with the business of banking within the country or

pursuant to the laws of the country where such foreign

institution is organized or operating;

6. "Representative office" means a business location of a

representative of an international banking corporation established

for the purpose of acting in a liaison capacity with existing and

potential customers of such international banking corporation and to

generate new loans and other activities for such international

banking corporation which is operating outside the state.
Okla. Stat. tit. 6, § 6-2008 — OK Code / Title 6 / Section 6-2008
Examinations - Reports - Access to information -
Status: in_force

Alternative examination or report - Failure to make and transmit or

publish report - Certificate and bylaw forms - Annual financial

report.

A. A regular examination of credit unions organized under the

laws of this state shall be made by or under the supervision of the

Administrator appointed by the State Banking Commissioner. The

Administrator shall investigate and examine credit unions organized

under Section 2001 et seq. of this title at least every eighteen

(18) months, or more often if the Administrator and the State

Banking Commissioner deem it necessary. For the purpose of making

such examinations, examiners shall have full access to all books,

papers, securities, records and other sources of information under

the control of credit unions.

B. In lieu of making an examination of a credit union, an

examination or audit report of the condition of the credit union

made by the National Credit Union Administration may be accepted by

the Administrator.

C. Upon receipt by the credit union or any officer thereof, the

report of examination shall be submitted by the officer receiving it

to the board of directors and the supervisory committee for review

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

the board in such form and in such manner as may be prescribed and

directed by the Commissioner.

D. Credit unions shall report to the Administrator at least

semiannually or upon request by the Administrator on forms supplied

for that purpose. Every credit union which fails to make and

transmit or to publish any report required within the discretion of

the Administrator shall be liable for an administrative violation

and subject to a fine not to exceed Five Dollars ($5.00) for each

day, after the period respectively therein mentioned, that the

credit union delays to make and transmit its report or its proof of

publication. Whenever any credit union delays or refuses to pay the

fine herein imposed for a failure to make and transmit or to publish

a report, the Commissioner is hereby authorized to maintain an

action in the name of the state against the delinquent credit union

for the recovery of such fine, and all sums collected by such action

shall be paid into the State Treasury to be credited to the General

Revenue Fund.

E. In order to simplify the organization of credit unions, the

Administrator shall cause to be prepared a form of organization

certificate which shall be used by credit unions organized hereunder

and a form of bylaws consistent with Section 2001 et seq. of this

title, which may be used by credit union incorporators and shall be

supplied upon request.

F. The Administrator shall prepare a report each year showing

the financial condition of all credit unions under the supervision

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 253

of the Administrator as of December 31 of the preceding year. The

report shall be published in the annual report of the Commissioner,

which shall be a public document and shall include such other

matters as the Commissioner deems advisable.
Okla. Stat. tit. 6, § 6-1707 — OK Code / Title 6 / Section 6-1707
State trust institutions - Business locations
Status: in_force

A. A state trust institution may act as a fiduciary or

otherwise engage in a trust business in this or any other state or

foreign country, subject to complying with applicable laws of such

state or foreign country, at an office established and maintained

pursuant to this act, at a branch or at any location other than an

office or branch.

B. A state trust institution may also conduct any activities at

any office outside this state that are permissible for a trust

institution chartered by the host state where the office is located,

except to the extent such activities are expressly prohibited by the

laws of this state or by any regulation or order of the Commissioner

applicable to the state trust institution. However, the

Commissioner may waive any such prohibition if the Commissioner

determines, by order or regulation, that the involvement of out-of-

state offices of state trust institutions in particular activities

would not threaten the safety or soundness of such state trust

institutions.
Okla. Stat. tit. 6, § 6-809 — OK Code / Title 6 / Section 6-809
Prohibited acts - Penalties - Injunctions
Status: in_force

A. Except as provided in Section 411 of this title, no bank,

banker or bank official shall give preference to any depositor,

borrower, or creditor by pledging the assets of the bank as

collateral security. No bank, banker or bank official shall sell or

transfer any of the assets of any insolvent bank in consideration of

any deposit in such bank. Any officer, director or employee of any

bank who violates any provision of this section shall be guilty of a

Class D1 felony offense and upon conviction thereof shall be

punished by a fine of not less than One Hundred Dollars ($100.00),

nor more than One Thousand Dollars ($1,000.00), or by imprisonment

as provided for in subsections B through F of Section 20N of Title

21 of the Oklahoma Statutes, or by both such fine and imprisonment.

B. No attachment, injunction, execution or other recordation

which constitutes a lien under the laws of this state upon the

property of a bank created, organized or existing under or by virtue

of the laws of this state, shall be issued against such a bank or

its property before final judgment in any suit, action or proceeding

in any federal, state, county or municipal court. As used in this

subsection, “final judgment” shall mean a judgment on the merits

from which no appeal can be taken or the time in which to file an

appeal has elapsed and not merely a judgment rendered.

C. The Board shall have the authority, pursuant to Section 203

of this title, to order or seek injunction over any person, as

defined in Section 103 of this title, to cease and desist violating

any of the provisions of this section.