Okla. Stat. tit. 6, § 6-1605 — OK Code / Title 6 / Section 6-1605
Application for license - Approval or disapproval
Status: in_force

Application for license; approval or disapproval.

A. Every international banking corporation, before being

licensed by the Commissioner to act in a liaison capacity or to

transact a banking business in this state, or before maintaining in

this state any office to carry on such business or any part thereof,

shall subscribe and acknowledge, and submit to the Board a separate

application which shall state:

1. The name of such international banking corporation;

2. The location by street and post office address and county

where its business is to be transacted in this state and the name of

the person who shall be in charge of the business and affairs of

such agency or representative office;

3. The location where its initial registered office will be

located in this state;

4. The amount of its capital actually paid in and the amount

subscribed for and unpaid; and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 202

5. The total amount of the capital accounts of such

international banking corporation, which must be at least Twenty-

five Million Dollars ($25,000,000.00) for the establishment of an

international bank agency and Ten Million Dollars ($10,000,000.00)

for the establishment of a representative office; and a complete and

detailed statement of its financial condition as of a date within

one hundred eighty (180) days prior to the date of such application,

except that the Board in its discretion may, when necessary or

expedient, accept such statement of financial condition as of a date

the Board determines to be acceptable. The Board in its discretion

may, when necessary or expedient, require an opinion audit or the

equivalent.

B. The Board may disallow any illegally obtained currency,

monetary instruments, funds, or other financial resources from the

capitalization requirements of this section.

C. Notwithstanding the provisions of paragraph 5 of subsection

A of this section, the Board may approve such application if:

1. The international corporation has been in the business of

banking for at least ten (10) years and has been empowered under the

laws of the country in which it is organized and licensed to receive

deposits without restriction from the general public and to engage

in such other activities as are usual in connection with the

business of banking in the country where such foreign institution is

organized and licensed;

2. The international banking corporation is ranked by the

banking or supervisory authority of the country in which it is

organized and licensed as one of the five largest banks in that

country in terms of domestic deposits, as of the date of the

statement of its financial condition as required by paragraph 5 of

subsection A of this section; and

3. The Board received a certificate issued by the banking or

supervisory authority of the country in which the international

banking corporation is organized and licensed stating that the

international banking corporation is duly organized and licensed and

lawfully existing in good standing, and is empowered to conduct a

general banking business.

Provided, the Board may specify such other conditions as it may

deem appropriate, considering the public interest, the need to

maintain a sound and competitive banking system, and the

preservation of an environment conducive to the conduct of an

international banking business in the state.

D. At the time such application is submitted to the Board, such

corporation shall also submit a duly authenticated copy of its

articles and an authenticated copy of its bylaws, or an equivalent

thereof satisfactory to the Board. Such corporation shall also

submit a certificate issued by the banking or supervisory authority

of the country in which the international banking corporation is

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 203

organized and licensed stating that the international banking

corporation is duly organized and licensed and lawfully existing in

good standing and has not been convicted of, or pleaded guilty or

nolo contendere to, a violation of any currency transaction

reporting or money laundering law which may exist in the country.

E. Application shall be made on a form prescribed by the Board

and shall contain such information as the Board may require.

F. The Board may, in its discretion, approve or disapprove the

application, but shall not approve such application unless, in its

opinion, the applicant meets each and every requirement of the

International Bank Act and of all other applicable provisions of the

Oklahoma Banking Code. In the processing of applications, the time

limitations under the Administrative Procedures Act shall not apply

as to approval or disapproval of the application.
Okla. Stat. tit. 6, § 6-1414 — OK Code / Title 6 / Section 6-1414
Criminal sanctions, violations of rules and orders - Nonapplicability where criminal
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 5Nonapplicability where criminal sanctions imposed in other sections

of Code.

A. Any person responsible for an act or omission expressly

declared to be unlawful or a criminal offense by this Code shall be

guilty:

1. Of a misdemeanor punishable by imprisonment for a term not

exceeding one (1) year or a fine not exceeding Fifty Thousand

Dollars ($50,000.00), or both;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 185

2. If the act or omission was intended to defraud, of a Class

D1 felony offense punishable by imprisonment as provided for in

subsections B through F of Section 20N of Title 21 of the Oklahoma

Statutes, or a fine not exceeding One Hundred Thousand Dollars

($100,000.00), or both.

B. An officer, director, employee, agent or attorney of a bank

or trust company shall be responsible for an act or omission of the

institution declared to be a criminal offense against this Code

whenever, knowing that such act or omission is unlawful, he

participates in authorizing, executing, ratifying or concealing such

act, or in authorizing or ratifying such omission or, having a duty

to take the required action, omits to do so.

A director shall be deemed to participate in any action of which

he has knowledge taken or omitted to be taken by the board of which

he is a member unless he dissents therefrom in writing and promptly

notifies the Commissioner of his dissent.

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

against this Code to violate any lawful order of the Board or

Commissioner, served upon it, or to knowingly violate any lawful

rule, regulation or order of the Board or Commissioner. Any person

who violates the provisions of this subsection shall, upon

conviction, be punished by imprisonment as provided for in

subsections B through F of Section 20N of Title 21 of the Oklahoma

Statutes.

The Commissioner may refer evidence concerning violations of

this Code or of any rule or order thereunder to the Attorney General

of the State of Oklahoma or to the district attorney for the county

where a violation occurred in order that an information or

indictment for such violations may be filed. The Attorney General

or district attorney may designate and appoint a lawyer of the

Department as special assistant, if available, for the purpose of

assisting in or conducting criminal prosecutions arising because of

the proceedings provided for in this section.

D. Unless otherwise provided in this Code, it shall be no

defense to a criminal prosecution hereunder that the defendant did

not know the facts establishing the criminal character of the act or

omission charged if he could and should have known such facts in the

proper performance of his duty.

E. This section shall not apply to specific offenses for which

criminal sanctions have been imposed in other sections of this Code.
Okla. Stat. tit. 6, § 6-411 — OK Code / Title 6 / Section 6-411
Pledge of assets - Banks
Status: in_force

A. A bank may pledge its assets to:

1. Enable it to act as agent for the sale of obligations of the

United States;

2. Secure borrowed funds;

3. Secure deposits when the depositor is required to obtain

such security by the laws of the United States, by the terms of any

interstate compact, by the laws of any state or by order of a court

of competent jurisdiction;

4. Secure the uninsured portion of deposits made by a

governmental agency of the State of Oklahoma, any public trust

having the State of Oklahoma as a beneficiary, rural water district,

nonprofit rural water corporation or master conservancy districts

formed pursuant to the Conservancy Act of Oklahoma, so long as the

pledge is made with the same type of collateral and in the same

manner and form as pledges made to secure deposits by the State

Treasurer;

5. Anyone as permitted by national banks; or

6. Otherwise comply with the provisions of this Code.

B. In the event the bank pledges assets pursuant to subsection

A of this section, the bank shall maintain in its files

documentation showing the legal authority or basis for such

pledging.

C. With respect to the pledge of assets for deposits identified

in subsections A and B of this section, any such pledge shall only

apply to the portion not insured by the Federal Deposit Insurance

Corporation.
Okla. Stat. tit. 6, § 6-3001 — OK Code / Title 6 / Section 6-3001
Records - Electronic or microphotographic reproduction -
Status: in_force

Evidence.

Any financial institution may cause any or all records,

including its records as a fiduciary, at any time in its custody to

be stored and reproduced electronically or by the microphotographic

process, and any reproduction made or an electronically or

microphotographically stored record shall have the same force and

effect as the original thereof and be admitted in evidence equally

with the original.
Okla. Stat. tit. 6, § 6-906 — OK Code / Title 6 / Section 6-906
Transfer to known heirs of deceased without designated
Status: in_force

beneficiary — Affidavit — Release and discharge — False affidavit.

A. 1. When a deposit has been made in a bank or credit union

in the name of a sole individual without designation of a payable-

on-death beneficiary, upon the death of the sole owner of the

account if the amount of the aggregate deposits held in single

ownership accounts in the name of the deceased individual is Fifty

Thousand Dollars ($50,000.00) or less, the bank or credit union may,

without a requirement that heirs open an additional account,

transfer the funds to the known heirs of the deceased upon receipt

of an affidavit sworn to by the known heirs of the deceased which

establishes jurisdiction and relationship and states that the owner

of the account left no will; provided, however, that no probate

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 111

proceedings are pending. The affidavit shall be sworn to and signed

by the known heirs of the deceased and the same shall swear that the

facts set forth in the affidavit establishing jurisdiction, heirship

and intestacy are true and correct. The affidavit may contain a

clause indemnifying the bank from any damages related to the release

of funds. In the event the account is subject to pending probate

proceedings, the release of the deposits in the account shall be

determined by the court.

2. Upon the death of an individual who is the sole renter of a

safe deposit box in a bank or credit union, the bank or credit union

may open the box in the presence of all known heirs and transfer or

release the contents to such heirs upon receipt of an affidavit

which establishes jurisdiction and relationship to the deceased and

states that the renter of the safe deposit box left no will or that

the contents of the safe deposit box are the only known assets of

the deceased renter. The affidavit shall be sworn to and signed by

the known heirs of the deceased and the same shall swear that the

facts set forth in the affidavit establishing jurisdiction, heirship

and intestacy or that the contents of the safe deposit box are the

only asset of the deceased are true and correct. Every known heir

shall either be present in person or by a duly authorized agent. If

any known heir is unable to be physically present for the opening of

the box and transfer of the contents, such heir may appoint an agent

by executing authorization in writing in the following form: "I

hereby authorize (name of person) to act as my agent at the opening

and transfer of contents of safe deposit box (number or other

identification) at (name of financial institution)." The

authorization form shall be signed and dated by the heir and

notarized. The bank or credit union may impose its standard fee for

drilling the box if the heirs cannot provide the key for opening.

B. Receipt by the bank or credit union of the affidavit

described in subsection A of this section shall be a valid and

sufficient release and discharge to the bank or credit union for any

transfer of deposits or contents made in good-faith reliance on the

affidavit and shall serve to discharge the bank or credit union from

liability as to any other party, including any heir, legatee,

devisee, creditor or other person having rights or claims to funds

or property of the decedent, and include a discharge of the bank or

credit union from liability for any estate, inheritance or other

taxes which may be due the state from the estate or as a result of

the transfer.

C. Any person who knowingly submits and signs a false affidavit

as provided in this section shall be fined not more than Three

Thousand Dollars ($3,000.00) or imprisoned for not more than six (6)

months, or both. Restitution of the amount fraudulently attained

shall be made to the rightful beneficiary by the guilty person.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 112
Okla. Stat. tit. 6, § 6-1725 — OK Code / Title 6 / Section 6-1725
Notice of change of control, substantial transfer of trust
Status: in_force

assets or closure.

Each out-of-state trust institution that maintains an office in

this state pursuant to Sections 10 through 25 of this act, or the

home state regulator of such trust institution, shall give at least

thirty days' prior written notice or, in the case of an emergency

transaction, such shorter notice as is consistent with applicable

state or federal law, to the Commissioner of:

1. Any merger, consolidation, or other transaction that would

cause a change of control with respect to such out-of-state trust

institution or any bank holding company that controls such trust

institution, with the result that an application would be required

to be filed pursuant to the federal Change in Bank Control Act of

1978, as amended, 12 U.S.C., Section 1817(j), or the federal Bank

Holding Company Act of 1956, as amended, 12 U.S.C., Section 1841 et

seq., or any successor statutes thereto;

2. Any transfer of all or substantially all of the trust

accounts or trust assets of the out-of-state trust institution to

another person; or

3. The closing or disposition of any office in this state.
Okla. Stat. tit. 6, § 6-312 — OK Code / Title 6 / Section 6-312
Issuance of certificate of incorporation - Shareholders
Status: in_force

meeting – Filing of verified application for certificate - Contents.

Within ninety (90) days after approval by the Board of an

application for authority to organize or any additional period

allowed by the Commissioner:

1. The proposed certificate of incorporation submitted to the

Commissioner with the application for authority to organize shall be

signed under oath by each of the organizers and submitted in

duplicate to the Commissioner. A copy thereof, duly approved by the

Commissioner, shall be filed with the Secretary of State by the

applicant. The Secretary of State shall issue a certificate in the

form provided by law for other corporations and the existence of

such bank or trust company shall date from the issuance of the

certificate of the Secretary of State; provided, it shall be a

criminal offense against this Code for a state bank or trust company

to perform any act other than to perfect its organization, obtain

and equip a place of business and otherwise prepare to do business

before receiving a certificate of authority to operate issued to it

by the Commissioner;

2. After the certificate of incorporation is received from the

Secretary of State, a meeting of the shareholders shall be held to

elect directors and adopt the bylaws. The bylaws adopted may be

amended by majority vote of the outstanding voting shares and the

bylaws may provide for amendment by the board of directors of any

provision other than those relating to the duties, term of office,

remuneration, reimbursement or indemnification of a director, and no

share shall be issued until the bank's capital has been paid in

full; and

3. After the first meeting of the shareholders and the board of

directors, the president, secretary or cashier shall file with the

Commissioner a verified application for certificate of authority.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 50

The application shall contain:

a. a statement as to the amount of capital which the bank

has collected from subscribers to the bank's stock,

b. the name, address and business and professional

affiliations of each director and executive officer,

c. evidence of the character, financial responsibility

and ability of the managing officer,

d. the name and address of each shareholder and the

number of shares held by each,

e. the address at which the bank or trust company will

operate,

f. a statement that all of the bylaws adopted were

attached as an exhibit to the application for

authority to organize,

g. if a bank, a statement that an application for Federal

Deposit Insurance or for membership in the Federal

Reserve System has been approved, and

h. such other information as the Commissioner may require

to enable the Commissioner to determine whether a

certificate of authority should be issued.
Okla. Stat. tit. 6, § 6-1020 — OK Code / Title 6 / Section 6-1020
Existing trust powers of religious, charitable, etc
Status: in_force

corporations not denied.

Section 1002 of this act shall not be construed to deny to

religious, charitable, educational, benevolent or scientific

corporations the right to exercise any trust powers granted to them

by existing law or any trust agreement.
Okla. Stat. tit. 6, § 6-805 — OK Code / Title 6 / Section 6-805
Prohibition on bank employing funds in trade or commerce -
Status: in_force

Sale of personal property - Leasing of personal property -

Acquisition of leased personal property.

A. Bank prohibited from employing its funds in trade or

commerce - Exception.

1. Except as permitted in other sections of this Code, a state

bank shall not invest its funds in trade or commerce by buying,

selling, or otherwise dealing in goods, except as necessary to avoid

or minimize a loss on a loan or investment previously made in good

faith and shall not invest any of its funds in the stock of any

other bank, nor make any loans or discounts on the security of the

shares of its own capital stock, nor be the purchaser or holder of

any such shares, unless such securities or purchase shall be

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 100

necessary to prevent loss upon a debt previously contracted in good

faith.

2. Except as permitted in other sections of this Code, a trust

company shall not invest any of its funds in the stock of any other

trust company.

3. Unless written approval for a longer period is granted by

the Commissioner, stock or other personal property so purchased or

acquired shall within one (1) year from the time of its purchase or

acquisition be sold or disposed of at public or private sale, and

after the expiration of one (1) year any such stock or other

personal property shall not be considered as part of the assets of

any bank.

B. Sale of personal property acquired under subsection A. A

bank may sell any personal property which may come into its

possession as collateral security for any debt or obligation due it,

in the manner prescribed by the Uniform Commercial Code, Section 1-

101 et seq. of Title 12A of the Oklahoma Statutes, and other

pertinent statutes.

C. Leasing of personal property - Limitation on term and

amount.

1. A bank may become the owner and lessor of personal property

upon the specific request of and for the use of a customer. Except

upon the written approval of the Commissioner, the term of the lease

shall in no event exceed ten (10) years and all such leases shall

provide for the payment of regularly scheduled periodic payments,

the total of which shall at least equal the cost to the bank of the

personal property so leased.

2. The total investment by a bank for benefit of any person,

copartnership, association or corporation, combined with all other

obligations of such person to the bank, shall at no time exceed

thirty percent (30%) of the bank's capital.

D. Acquisition of leased personal property. When a bank has

completed a leasing arrangement in conformity with subsection C of

this section, the bank may then purchase the personal property to be

leased.
Okla. Stat. tit. 6, § 6-401 — OK Code / Title 6 / Section 6-401
Organization of new bank or trust company
Status: in_force

A bank or trust company may be organized to exercise the powers

provided in the Banking Code and such general corporate powers as

are appropriate to its purpose.
Okla. Stat. tit. 6, § 6-1520.1 — OK Code / Title 6 / Section 6-1520.1
Digital asset kiosk operators — License requirement —
Status: in_force

Violations.

A. A digital asset kiosk operator shall not engage in digital

asset kiosk transactions or hold itself out as being able to engage

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 194

in digital asset kiosk transactions with or on behalf of another

person unless the digital asset kiosk operator is licensed in this

state as a money transmitter pursuant to the Oklahoma Financial

Transaction Reporting Act.

1. Any digital asset kiosk operator acting in violation of this

subsection shall, upon conviction, be guilty of a misdemeanor,

punishable by a fine not less than Six Hundred Dollars ($600.00) nor

more than Two Thousand Dollars ($2,000.00) per violation, or by

imprisonment in the county jail for not less than thirty (30) days

nor more than one (1) year, or by both such fine and imprisonment.

2. Any digital asset kiosk which is used by a digital asset

kiosk operator in violation of this subsection may be seized at the

direction of the Attorney General by any commissioned peace officer

in this state. The procedures set forth in Section 1738 of Title 21

of the Oklahoma Statutes shall apply to any digital asset kiosk

seized under this subsection.

3. The Attorney General is authorized to promulgate rules to

effectuate the provisions of this subsection.

4. Any customer who has been fraudulently induced to engage in

digital asset transactions using a digital asset kiosk operated in

violation of this subsection may file a civil suit against the

digital asset kiosk operator for the amount of any losses sustained

by the customer related to such digital asset transactions.

B. A digital asset kiosk operator shall not locate or relocate,

or allow a third party to locate or relocate, a digital asset kiosk

in this state unless the digital asset kiosk operator has provided

notice of intent to locate or relocate a digital asset kiosk to the

Banking Department no less than ten (10) days prior to its

activation. The notice to the Banking Department shall contain the

same information for the digital asset kiosk to be located or

relocated as is required in the quarterly location report pursuant

to subsection C of this section.

C. Each digital asset kiosk operator shall submit a quarterly

report of the location of each digital asset kiosk located within

this state within forty-five (45) days of the end of the calendar

quarter. The location report shall include:

1. The company’s legal name;

2. Any fictitious or trade name;

3. The physical address;

4. The start date of operation of the digital asset kiosk at

each location; and

5. The end date of operation of the digital asset kiosk at each

location, if applicable.

D. A digital asset kiosk operator shall disclose in a clear,

conspicuous, and easily readable manner in the chosen language of

the customer all relevant terms and conditions generally associated

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 195

with the products, services, and activities of the digital asset

kiosk operator and digital assets.

1. The digital asset kiosk operator shall receive

acknowledgement of receipt of all disclosures required under this

act through confirmation of consent.

2. The disclosures under this act shall include:

a. a warning, written prominently and in bold type, and

provided separately from the disclosures below,

stating: “WARNING: LOSSES DUE TO FRAUDULENT OR

ACCIDENTAL TRANSACTIONS ARE NOT RECOVERABLE AND

TRANSACTIONS IN DIGITAL ASSETS ARE IRREVERSIBLE.

DIGITAL ASSET TRANSACTIONS MAY BE USED TO STEAL YOUR

MONEY BY CRIMINALS IMPERSONATING THE GOVERNMENT,

ORGANIZATIONS, OR YOUR LOVED ONES. THEY CAN THREATEN

JAIL TIME, SAY YOUR IDENTITY HAS BEEN STOLEN, ALLEGE

YOUR COMPUTER HAS BEEN HACKED, INSIST YOU WITHDRAW

MONEY FROM YOUR BANK ACCOUNT TO PURCHASE DIGITAL

ASSETS, OR A NUMBER OF OTHER SCAMS. IF YOU BELIEVE

YOU ARE BEING SCAMMED, CALL YOUR LOCAL LAW

ENFORCEMENT.”,

b. the material risks associated with digital assets and

digital asset transactions including, but not limited

to:

(1) a warning that once completed, the transaction

may not be reversed,

(2) the digital asset kiosk operator’s liability for

unauthorized digital asset transactions,

(3) the digital asset customer’s liability for

unauthorized currency transactions,

(4) that digital assets are not legal tender, backed

or insured by the government, and accounts and

value balances are not subject to Federal Deposit

Insurance Corporation, National Credit Union

Administration, or Securities Investor Protection

Corporation protections,

(5) that some digital asset transactions are deemed

to be made when recorded on a public ledger,

which may not be the date or time when the person

initiates the transaction,

(6) that a digital asset’s value may be derived from

market participants’ continued willingness to

exchange currency for digital assets, which may

result in the permanent and total loss of a

particular digital asset’s value if the market

for digital assets disappears,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 196

(7) that a person who accepts a digital asset as

payment today is not required to accept and might

not accept a digital asset in the future,

(8) that the volatility and unpredictability of the

price of digital assets relative to currency may

result in a significant loss over a short period,

(9) that the nature of digital assets means that any

technological difficulties experienced by digital

asset kiosk operators may prevent access to or

use of a person’s digital assets, and

(10) that any bond maintained by the digital asset

kiosk operator for the benefit of a person may

not cover all losses a person incurs,

c. the amount of the transaction denominated in United

States dollars as well as the applicable digital

assets,

d. any fees or expenses charged by the digital asset

kiosk operator,

e. any applicable exchange rates,

f. a daily digital asset transaction limit of no more

than Two Thousand Dollars ($2,000.00) for new

customers,

g. notice of a change in the digital asset kiosk

operator’s rules or policies,

h. the name, address, and telephone number of the owner

of the digital asset kiosk and the days, times, and

means by which a customer can contact the owner for

customer assistance, displayed on or at the location

of the digital asset kiosk, or on the first screen of

the digital asset kiosk,

i. under what circumstances the digital asset kiosk

operator, without a court or government order,

discloses a person’s account information to third

parties, and

j. other disclosures that are customarily given in

connection with a digital asset transaction.

E. Upon each transaction’s completion, the digital asset kiosk

operator shall provide the customer with a receipt, in paper where

possible, in the language chosen by the customer containing the

following information:

1. The digital asset kiosk operator’s name and contact

information, including a telephone number to answer questions and

register complaints;

2. The type, value, date, and precise time of the transaction,

transaction hash, and each applicable digital asset address;

3. All fees charged;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 197

4. The exchange rate of the digital asset to United States

dollars;

5. A statement of the digital asset kiosk operator’s liability

for nondelivery or delayed delivery; and

6. A statement of the digital asset kiosk operator’s refund

policy.

F. In the event that a paper receipt is not possible, the

digital asset kiosk operator shall post in a conspicuous manner

information by which a customer who has engaged in a digital asset

kiosk transaction can contact the digital asset kiosk operator to

obtain a copy of the receipt.

G. All digital asset kiosk operators shall use blockchain

technology to assist in the prevention of sending purchased digital

assets from a digital asset kiosk operator to a digital asset wallet

known to be affiliated with fraudulent activity at the time of a

transaction. The Banking Department may request evidence from any

digital asset kiosk operator of the current use of blockchain

analytics.

1. All digital asset kiosk operators shall take reasonable

steps to detect and prevent fraud, including establishing and

maintaining a written anti-fraud policy including, but not limited

to:

a. the identification and assessment of fraud-related

risk areas,

b. procedures and controls to protect against identified

risks,

c. allocation of responsibility for monitoring risks, and

d. procedures for the periodic evaluation and revision of

the anti-fraud procedures, controls, and monitoring

mechanisms.

2. Each digital asset kiosk operator shall designate and employ

a compliance officer with the following requirements:

a. the individual shall be qualified to coordinate and

monitor compliance with this act and all other

applicable federal and state laws, rules, and

regulations,

b. the individual shall be employed full-time by the

digital asset kiosk operator,

c. the designated compliance officer cannot be an

individual who owns more than twenty percent (20%) of

the digital asset kiosk by whom the individual is

employed, and

d. compliance responsibilities required under federal and

state laws, rules, and regulations shall be completed

by full-time employees of the digital asset kiosk

operator.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 198

3. A digital asset kiosk operator shall issue a refund to a new

customer for the full amount of all fraudulent transactions,

including all transaction fees and charges that were charged to the

customer pursuant to subsection I of this section, made while a new

customer. To receive a refund under this section, a new customer

shall have been fraudulently induced to engage in the digital asset

transactions and shall contact the digital asset kiosk operator and

the Office of the Attorney General to report the fraudulent nature

of the transactions within fourteen (14) days of the last fraudulent

transaction to occur while the customer was a new customer.

4. A digital asset kiosk operator shall issue a refund to an

existing customer who qualifies under this paragraph for the full

amount of all transaction fees and charges that were charged to the

customer pursuant to subsection I of this section upon the request

of the customer. To receive a refund under this paragraph, a

customer shall have been fraudulently induced to engage in digital

asset transactions and shall contact the digital asset kiosk

operator and the Office of the Attorney General to report the

fraudulent nature of the transaction within fourteen (14) days of

the transaction.

H. A digital asset kiosk operator shall not accept transactions

of more than Two Thousand Dollars ($2,000.00), or the equivalent in

digital assets, in a single day in connection with digital asset

kiosk transactions with a new customer in this state by one or more

digital asset kiosks.

I. The aggregate fees and charges directly or indirectly

charged to a customer related to a single transaction or series of

related transactions involving digital assets effected through a

digital asset kiosk in this state, including any difference between

the price charged to a customer to buy, sell, exchange, swap, or

convert digital assets and the prevailing market value of such

digital assets at the time of such transaction, shall not exceed

fifteen percent (15%) of the United States dollar equivalent of the

digital assets involved in the transaction or transactions.

J. All digital asset kiosk operators performing business in

this state shall provide live customer service at a minimum Monday

through Friday from 8:00 a.m. CST to 10:00 p.m. CST. The customer

service toll-free number shall be displayed on the digital asset

kiosk or the digital asset kiosk screens.

K. The Banking Department is authorized to promulgate rules

necessary to implement the provisions of this act.
Okla. Stat. tit. 6, § 6-2102 — OK Code / Title 6 / Section 6-2102
Definitions
Status: in_force

Unless the context otherwise requires:

1. "Commissioner" means the State Bank Commissioner;

2. "Check" means any check, draft, money order, stored value

instrument or card, or other written instrument for the transmission

or payment of money or credit, except that it does not mean money or

currency of any nation, or instruments commonly known as travelers

checks which require that the same be signed by the person to whom

such instruments are issued at the time of issue and at the time

such instruments are cashed or exchanged for value by such person;

3. "Fiscal year" means the period from July 1 through the next

succeeding June 30;

4. "Issuing" means the act of drawing any instrument of

exchange by a person who engages in the business of drawing such

instruments as a service or for a fee or other consideration;

5. "Licensee" means any person licensed under this act;

6. "Money order" means a bill of exchange issued at the request

and for the use or benefit of a person other than the issuer and

representing an unconditional order or obligation in writing of the

issuer to pay a sum certain in money on demand to order or to

bearer;

7. "Net worth" means excess of assets over liabilities as

determined by accepted accounting practices; and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 271

8. "Person" means any individual, partnership, joint-stock

association, trust, unincorporated association or corporation.
Okla. Stat. tit. 6, § 6-1735 — OK Code / Title 6 / Section 6-1735
Delegation of fiduciary functions
Status: in_force

A. Any person acting as a trustee or as any other fiduciary

under the laws of this state may delegate any investment, management

or administrative function if such person exercises reasonable care,

judgment and caution in:

1. Selecting the delegate, taking into account the delegate's

financial standing and reputation;

2. Establishing the scope and other terms of any delegation;

and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 230

3. Reviewing periodically the delegate's actions in order to

monitor overall performance and compliance with the scope and other

terms of the delegation.

B. Notwithstanding any delegation permitted by subsection A of

this section, any person acting as a trustee or in any other

fiduciary capacity under the laws of this state shall retain

responsibility for the due performance of any delegated fiduciary

function.
Okla. Stat. tit. 6, § 6-423 — OK Code / Title 6 / Section 6-423
Operations centers
Status: in_force

Upon written notice to the Commissioner, any bank may establish

one or more operations centers on property owned or leased by the

bank. For purposes of this section, "operations center" means a

bank facility separated from the main office of the bank at which

only the following bank operations are conducted: computer

processing, information systems, electronic communications, loan

payment processing, bookkeeping, item processing, currency and coin

processing and storage, data processing, and all support functions

related thereto.
Okla. Stat. tit. 6, § 6-502 — OK Code / Title 6 / Section 6-502
Bank holding companies
Status: in_force

A. This section may be cited as the "Bank Holding Company

Section" and shall have for its purpose the maintenance of

competitive services between banks by limiting the expansion of bank

holding companies and similar organizations. It is deemed to be in

the public interest that competition prevail in the banking system

in the State of Oklahoma and to that end that the independence of

unit banks be preserved. Further, it shall be the policy of this

state to oppose any attempt by any bank holding company to acquire

control of any bank located in this state if such acquisition would

result in a monopoly or in an attempt to monopolize the business of

banking in this state.

B. A company may be a multibank holding company and have direct

or indirect ownership or control of two or more banks or bank

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 78

holding companies, subject to the deposit limitation provided for in

subsection C of this section. However, except as specifically

permitted in this Code, all forms of direct or indirect ownership or

control of banks, bank holding companies, and multibank holding

companies by any out-of-state bank or out-of-state bank holding

company shall be prohibited.

C. It shall be unlawful for a multibank holding company or an

out-of-state bank or bank holding company to acquire direct or

indirect ownership or control of any insured depository institution

located in this state if the acquisition results in any such holding

company or bank having direct or indirect ownership or control of

insured depository institutions located in this state, the total

deposits of which at the time of the acquisition exceed twenty

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

institutions located in this state as determined by the State

Banking Commissioner on the basis of the most recent reports of such

institutions to their supervisory authorities which are available at

the time of the proposed acquisition or to acquire direct or

indirect control of any insured depository institution in this state

after such multibank holding company or an out-of-state bank or bank

holding company has reached or exceeded the twenty percent (20%)

threshold as provided in this subsection. Acquisitions of other

multibank holding companies shall not be exempt from this

limitation.

D. The deposit limitation provided for in subsection C of this

section shall not apply in the following circumstances:

1. Control of a bank by reason of ownership or control of

shares acquired by a bank or by a bank holding company in good faith

in a fiduciary capacity, except where such shares are held for the

benefit of the shareholders of such bank or such bank holding

company; or

2. Control of a bank by reason of ownership or control of

shares acquired by a bank or by a bank holding company in the

regular course of securing or collecting a debt previously

contracted in good faith.

E. A bank holding company or a multibank holding company may

apply for and obtain an interim charter to organize an interim state

bank for the purpose of facilitating the creation of a bank holding

company, or acquiring or merging with an existing bank in accordance

with the provisions of Section 502.1 of this title or the laws of

the United States.

F. A national bank in this state, bank holding company, or

multibank holding company seeking to acquire a state bank or

national bank in this state, or a nonbanking company that submits an

application for approval of such acquisition to the Board of

Governors of the Federal Reserve System pursuant to the provisions

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 79

of Sections 1841 et seq. of Title 12 of the United States Code

Annotated shall also submit a copy of such application to the Board.

G. The district court shall have jurisdiction to determine all

questions of compliance with the provisions of this section, except

such jurisdiction shall not apply to actions of the Board or

proceedings before the Board conducted pursuant to the Banking Code.

The decision of the district court shall be appealable to the

Supreme Court in the same manner as in other civil cases.

H. 1. Each bank holding company, multibank holding company and

out-of-state bank holding company which directly or indirectly owns,

controls, or has power to vote twenty-five percent (25%) or more of

the voting shares of one or more banks shall furnish a copy of the

annual report of the operations of the holding company which is

submitted to the Federal Reserve Bank for each fiscal year to the

Commissioner.

2. The books and records of each bank holding company of state-

chartered banks are subject to inspection and examination by the

Commissioner.
Okla. Stat. tit. 6, § 6-1711 — OK Code / Title 6 / Section 6-1711
Engaging in trust business at branch locations permitted - Certain business at
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 6Certain business at representative trust offices prohibited -

Limitations on business at out-of-state offices.

A. A state trust institution may act as a fiduciary and engage

in a trust business at each trust office as permitted by this act

and at a branch.

B. A 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 act.

C. Notwithstanding the provisions of subsections A and B of

this section, a state bank or a state trust company may not engage

at an out-of-state office in any trust business not permitted for

such an office by the host state where the office is located to

trust institutions chartered by such state.
Okla. Stat. tit. 6, § 6-101 — OK Code / Title 6 / Section 6-101
Short title
Status: in_force

This act may be cited as the "Oklahoma Banking Code".
Okla. Stat. tit. 6, § 6-2016 — OK Code / Title 6 / Section 6-2016
Credit unions composed of public employees, retirees and family members - Space in
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 7family members - Space in public buildings.

Credit unions composed exclusively of state, county, city and

school district employees and retirees and members of their families

may be allotted space in public buildings as space is available,

without charge for rent or services.
Okla. Stat. tit. 6, § 6-1010 — OK Code / Title 6 / Section 6-1010
Common trust funds
Status: in_force

A. Any bank or trust company qualified to act as a fiduciary in

this state may:

1. Establish one or more common trust funds for the exclusive

purpose of furnishing investments to itself as fiduciary, to itself

and others as cofiduciaries, or to another bank or trust company

which is a subsidiary of the same bank holding company as fiduciary

or cofiduciary for estates, guardianships, and all other fiduciary

relationships now in existence or hereafter created which require or

authorize investment of trust funds; and

2. Invest funds which it lawfully holds for investment in

interests in such common trust funds, unless:

a. the investment is prohibited by the instrument,

judgment, decree, or order creating the fiduciary

relationship,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 131

b. in the case of cofiduciaries, the bank or trust

company fails to procure the consent of its

cofiduciary or cofiduciaries to such investment,

c. the bank or trust company is not at all times in full

charge of the full management of the fund, or

d. a cofiduciary or co-trustee has the right to interfere

in the management of the common trust funds.

B. 1. The bank or trust company shall not mingle its own funds

with common trust funds. Each trust, estate or account owning an

interest in such common trust fund shall be deemed to own a

proportionate share of each asset of the fund. In determining

whether the investment by the trust, estate, or account in such

common trust fund is a proper investment for assets held in a

fiduciary account, the bank or trust company may consider the common

trust fund as a whole and shall not, for example, be prohibited from

making the investment if any one or more of the assets of the common

trust fund is nonincome producing or might not otherwise be

considered a proper investment for a fiduciary account.

2. When making investment decisions pursuant to this

subsection, the bank or trust company shall be bound by the

provisions of the Oklahoma Trust Act and the Oklahoma Uniform

Prudent Investor Act, unless otherwise provided by law.

3. Nothing in this subsection shall in any fashion diminish the

responsibility of the bank or trust company to carry out its

responsibilities and duties pursuant to the standard of care of a

fiduciary in handling trust funds.

C. A bank or trust company administering a common trust fund

shall keep proper records, which in addition to all other necessary

and proper matters shall show at all times the proportionate

interest of each trust in the common trust fund, and, at least once

during each period of twelve (12) months, cause an audit to be made

of the common trust fund by auditors responsible only to the board

of directors of the bank or trust company. The report of such audit

shall include a list of the investments comprising the common trust

fund at the time of the audit, which shall show the valuation placed

on each item on such list by the bank or trust company as of the

date of the audit, a statement of purchases, sales and any other

investment changes, and of income and disbursements since the last

audit, and appropriate comments as to any investment in default as

to payment of principal or interest. The reasonable expenses of any

such audit made by independent public accountants may be charged to

the common trust fund. The bank or trust company administering a

common trust fund may charge a reasonable fee for the management of

the common trust fund provided that:

1. The fee is disclosed in the report of the audit of the

common trust fund; and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 132

2. The amount of the fee does not exceed an amount commensurate

with the value of legitimate services of tangible benefit to the

participating fiduciary accounts that would not have been provided

to the accounts were they not invested in the fund.

The bank or trust company shall absorb the costs of establishing

or reorganizing a common trust fund. The bank or trust company

shall send a copy of the latest report of such audit annually to

each person to whom a regular periodic accounting of the trusts

participating in the common trust fund ordinarily would be rendered,

or shall send advice to each such person annually that the report is

available and that a copy will be furnished without charge upon

request.

D. Unless ordered by a court of competent jurisdiction, the

bank or trust company operating such common trust funds is not

required to render a court accounting with regard to such funds; but

it may, by application to the district court, secure approval of

such an accounting after such notice, and on such conditions as the

court may establish.
Okla. Stat. tit. 6, § 6-209 — OK Code / Title 6 / Section 6-209
Bank and trust companies - Examinations and reports
Status: in_force

A. 1. The State Banking Commissioner shall, at least every

eighteen (18) months or as often as the Commissioner deems

advisable, examine every bank and trust company, and for the purpose

of making such examinations and special examinations, shall have

full access to all books, papers, securities, records and other

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 30

sources of information under the control of banks and trust

companies. Upon the conclusion of the examination, the Commissioner

may make and file in the office of the Commissioner a report in

detail disclosing the results of such examination or may, on

conditions prescribed by the Commissioner, prepare a summary

memorandum regarding the results of such examination, and shall,

upon request by the bank, mail a copy of such report or memorandum

to the bank or trust company examined. However, the Commissioner

may accept, in lieu of any three consecutive bank examinations, the

examination that may have been made of the bank or trust company

within a reasonable period by the Federal Deposit Insurance

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

or other supervisory authority having examination jurisdiction and

authority over the bank or trust company provided a copy of the

examination, report, or other document prepared as a result of the

examination is furnished to the Commissioner.

2. The Commissioner may also accept any other report relative

to the condition of a bank or trust company, to include joint or

concurrent examinations which may be obtained by the authorities

within a reasonable period, in lieu of such report authorized by the

laws of this state to be required of such bank by the Oklahoma State

Banking Department, provided a copy of such report is furnished to

the Commissioner.

3. The Commissioner may enter into cooperative, coordinating,

and information-sharing agreements with the Federal Deposit

Insurance Corporation, the Board of Governors of the Federal Reserve

System, or other supervisory authority having examination

jurisdiction and authority over the bank or trust company with

respect to the periodic examination or other supervision of any

state bank, trust company, or state thrift.

4. When requested in writing upon authority of the board of

directors or stockholders owning a majority of the capital stock of

any bank or trust company, the Commissioner shall, if in the opinion

of the Commissioner such examination is desirable, make or cause to

be made an examination into the affairs and conditions of such bank

or trust company. For such examination such bank or trust company

shall pay the same fees as provided for in subsection B of Section

211 of this title.

B. Every bank shall make four reports each year and more often

if called upon by the Commissioner and according to the form which

may be prescribed by the Commissioner, and every trust company shall

make two reports each year and more often if called upon by the

Commissioner and according to the form which may be prescribed by

the Commissioner. They must be verified by the oath or affirmation

of the president, cashier or secretary of such bank or trust

company, attested by the signatures of at least two of the

directors, and shall be retained and made available for inspection

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 31

upon request of the Commissioner or designated representatives of

the Commissioner. Each such report shall exhibit, in detail and

under appropriate headings, the assets and liabilities of the

corporation at the close of business on any last day by the

Commissioner specified, and shall be transmitted to the Commissioner

within thirty (30) calendar days after the call date, and may be

published at the expense of the bank or trust company in the same

form in which it is made to the Commissioner. The Commissioner

shall also have the power to call for special reports from any bank

or trust company whenever, in the judgment of the Commissioner, the

same are necessary in order to gain a full and complete knowledge of

its condition. However, the reports authorized and required by this

section, to be called for by the Commissioner, shall relate to a

date prior to the date of such call to be specified therein.

Additionally, the Commissioner may accept, in lieu of the reports

referred to in this section, reports made by banks that are members

of the Federal Reserve System on forms provided by the Federal

Reserve System or reports submitted by banks to the Federal Deposit

Insurance Corporation.

C. Every bank or trust company which fails to make and transmit

any report required within the discretion of the Commissioner, under

the Oklahoma Banking Code, shall be subject to a penalty not to

exceed Fifty Dollars ($50.00) for each day, after the period

respectively therein mentioned, that the bank or trust company

delays to make and transmit its report. Whenever any bank or trust

delays or refuses to pay the penalty herein imposed for a failure to

make and transmit a report, the Commissioner is hereby authorized to

maintain an action in the name of the state against the delinquent

bank or trust company for the recovery of such penalty, and all sums

collected by such action shall be paid into the Oklahoma State

Banking Department revolving fund pursuant to Section 211.1 of this

title.

D. For the purpose of carrying into effect the provisions of

this Code, the Commissioner shall provide a form for such

examinations and reports, and all examinations and reports received

by the Commissioner shall be preserved in the office of the

Commissioner for a period of not less than five (5) years. Such

examination and reports and all other records of operating banks and

trust companies in the Department are to be kept confidential,

except as permitted by this Code. Copies of such examinations and

reports in the possession of an institution under the Department's

supervision are the property of the Department and are not subject

to disclosure to third parties, including disclosure or production

pursuant to subpoena or other request. All requests for review of

such examinations and reports shall be directed to the Department

and are subject to the requirements of Section 208 of this title.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 32
Okla. Stat. tit. 6, § 6-311 — OK Code / Title 6 / Section 6-311
Appeal of Board's decision
Status: in_force

The decision of the Board may be appealed to the Oklahoma

Supreme Court by any party directly affected and showing

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 49

aggrievement resulting from the Board's decision. An appeal shall

be commenced and conducted in accordance with the provisions of

Section 207 of this title.
Okla. Stat. tit. 6, § 6-1410 — OK Code / Title 6 / Section 6-1410
Improper maintenance of accounts - False or deceptive
Status: in_force

entries and statements.

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

officer, director, employee or agent of a bank or trust company:

1. To maintain or authorize the maintenance of any account of

the bank or trust company in a manner which, to his knowledge, does

not conform to the requirements prescribed by this Code or by the

Commissioner or the Board;

2. With intent to deceive, to make any false or misleading

statement or entry or omit any statement or entry that should be

made in any book, account, report or statement of the institution;

3. To obstruct or endeavor to obstruct a lawful examination of

the institution by an officer or employee of the Department.
Okla. Stat. tit. 6, § 6-310 — OK Code / Title 6 / Section 6-310
Board hearing on application - Condition - Approval -
Status: in_force

Notice.

A. Board hearing. The Board shall consider all applications

for authority to organize a state bank or trust company. If the

Commissioner has granted an earlier hearing on the application, the

Board shall review the transcript of the proceedings, if any,

including the findings of fact and conclusions of law of the

presiding officer. The Board may hear oral argument in support of

and in opposition to the written objections, if any, and shall

adopt, reject or remand the findings, conclusions and recommendation

of the presiding officer. The Board shall adopt the presiding

officer's findings, conclusions and recommendation unless it finds

the presiding officer's findings, conclusions and recommendation are

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 48

not supported by the record. Remand may be for the sole purpose of

the presiding officer taking additional evidence from the

participants. Any such remand shall specifically identify the scope

and nature of additional evidence sought by the Board. Proceedings

on remand shall be conducted within the time limits set by the Board

in the manner as prescribed by the presiding officer.

The Board may adopt, reject or modify any finding of fact not

supported by the record. The Board may adopt or reject any

conclusion of law. The Board may enter such additional findings of

fact that it deems necessary or appropriate and which is supported

by the record.

In the absence of a hearing granted before the Commissioner, the

Board may adopt its own findings of fact and conclusions of law with

respect to the approval or disapproval of the application. If the

applicant or any interested party desires to obtain a transcript of

the proceedings before the Board, such person shall notify the

Commissioner in writing within ten (10) days of the Board's hearing

and must arrange for a court reporter to be present at the hearing.

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 arranging for the reporter. In the event the Board

requests a reporter to be present, expenses shall be borne by the

applicant.

B. Condition. Approval of an application for authority to

organize a state bank shall be contingent upon the proposed bank

making a bona fide application for Federal Deposit Insurance or for

membership in the Federal Reserve System.

C. Approval of an application. When approving or disapproving

an application for authority to organize a state bank or trust

company, the Board may accept or reject any findings of fact or

conclusions of law reached in an earlier hearing before the

Commissioner, or may approve or disapprove the application based on

its own findings of fact and conclusions of law. The Board must

provide written findings of fact and conclusions of law only when

required by the provisions of the Oklahoma Administrative Procedures

Act.

D. Notice. Within ten (10) days after approval or disapproval

of the application by the Board, the Commissioner shall provide

notice to all interested persons.
Okla. Stat. tit. 6, § 6-1704 — OK Code / Title 6 / Section 6-1704
Severability
Status: in_force

If any provision of this act or the application of such

provision is found by any court of competent jurisdiction in the

United States to be invalid as to any trust institution or other

person or circumstance, or to be superseded by federal law, the

remaining provisions of this act shall not be affected and shall

continue to apply to any trust institution or other person or

circumstance.
Okla. Stat. tit. 6, § 6-1311 — OK Code / Title 6 / Section 6-1311
Limitation of liability - Requirements or policies
Status: in_force

Any lessor renting safe deposit boxes may by contract limit its

liability and may make requirements or policies for the conduct of

the business. Such requirements or policies shall be reduced to

writing and delivered to the lessee. Any limitations as to

liability shall be in printing or writing of the same size and type

as the other provisions of the contract.
Okla. Stat. tit. 6, § 6-1713 — OK Code / Title 6 / Section 6-1713
Establishment of additional offices in this state
Status: in_force

A. A state trust institution may establish or acquire and

maintain trust offices or representative trust offices anywhere in

this state. A state trust institution desiring to establish or

acquire and maintain such an office shall file a written notice with

the Commissioner setting forth the name of the state trust

institution, the location of the proposed additional office and

whether the additional office will be a trust office or a

representative trust office. The state trust institution shall also

furnish a copy of the resolution adopted by the board authorizing

the additional 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 state trust

institution may establish the additional office only upon 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.
Okla. Stat. tit. 6, § 6-2108 — OK Code / Title 6 / Section 6-2108
Surety bond or irrevocable letter of credit
Status: in_force

Each approved applicant shall furnish a corporate surety bond in

the principal sum of One Hundred Thousand Dollars ($100,000.00) for

one (1) to fifteen (15) locations within this state at which checks

of the licensee are issued or sold, Two Hundred Fifty Thousand

Dollars ($250,000.00) for sixteen (16) to five hundred (500)

locations within this state at which checks of the licensee are

issued or sold, One Million Dollars ($1,000,000.00) for five hundred

one (501) to eight hundred (800) locations within this state at

which checks of the licensee are issued or sold, or One Million Five

Hundred Thousand Dollars ($1,500,000.00) for over eight hundred

(800) locations, within this state at which checks of the licensee

are issued or sold, but in no event shall the bond be required to be

in excess of One Million Five Hundred Thousand Dollars

($1,500,000.00). A licensee may furnish a bond in the maximum

amount required by this section, or deposit securities equal to such

amount as provided in subsection (b) of Section 2109 of this title,

even though the locations in this state at which checks of the

licensee are issued or sold do not total a number requiring a bond

or a deposit of securities in such maximum amount. Each application

for a license or for the renewal of a license shall be accompanied

by a list of the locations, including agencies, at which the

applicant engages in the business of selling checks in this state.

The bond shall be conditioned that the obligor will faithfully

conform to and abide by the provisions of this act and will honestly

and faithfully apply all funds received and perform all obligations

and undertakings for exchange issued and sold under this act and

will pay to the state and to any person entitled thereto all money

that becomes due and owing to the state or to such person under the

provisions of this act because of any checks or exchange issued or

sold in this state by such licensee. The bond shall remain in force

and effect until canceled by the surety, which cancellation may be

had only upon thirty (30) days' written notice to the Commissioner.

Such cancellation shall not affect any liability incurred or accrued

prior to the termination of such thirty-day period.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 275

In lieu of the corporate surety bond required herein, the

Commissioner may in his discretion permit an approved applicant to

furnish an irrevocable letter of credit from a bank approved in

writing by the Commissioner in the same amount as would be required

for a corporate surety bond. A new irrevocable letter of credit

from a qualifying bank would be required within fifteen (15) days if

the bank originally issuing the irrevocable letter of credit refuses

to continue the letter of credit or is otherwise notified by the

Commissioner that the original bank is no longer qualified to issue

a letter of credit for the purposes described in this section.
Okla. Stat. tit. 6, § 6-502.1 — OK Code / Title 6 / Section 6-502.1
Interim state banks - Application - Prefiling meeting -
Status: in_force

Acceptance of application - Merger or consolidation.

A. Rules of General Applicability.

1. The interim state bank, prior to commencing business, shall

be a party to a merger or consolidation with an existing bank. The

application to organize an interim state bank and the subsequent

merger or consolidation application shall be melded into a single

process requiring, after the filing of the subsequent merger or

consolidation application, one opportunity for public comment after

notice is published by the applicant and one substantive review by

the Department pursuant to Section 1103 of this title.

2. The provisions of Section 303 of this title governing the

number of organizers shall not apply to applications to organize an

interim state bank.

B. Prefiling meeting concerning application to organize an

interim state bank. The proposed organizers of an interim state

bank should schedule a meeting with the Commissioner to discuss the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 80

proposal and the Department rules, policies and procedures,

including means to combine many procedural and processing

requirements, applicable to the organization of an interim state

bank. The Department shall provide the organizers with forms and

documents which should be filed with the application for authority

to organize an interim state bank. The prefiling meeting provided

for in this subsection may be waived by the Commissioner.

C. Acceptance of application to organize.

1. The Commissioner shall accept an application for authority

to organize an interim state bank for processing if the applicant

has completed all of the information requested in the application.

Applicants shall have one opportunity to correct deficiencies.

Deficiencies that are not corrected adequately when the application

is resubmitted may cause the application to be considered withdrawn

or disapproved.

2. Approval of the application by the Board shall be

specifically conditioned on approval of the subsequent merger or

consolidation. The approval shall be rescinded automatically if the

merger or consolidation is disapproved or if subsequent approval for

establishment of a holding company or for acquisition of the interim

bank by the holding company is not received within twelve (12)

months from the filing of the application for authority to organize

an interim state bank, unless an extension has been requested by the

applicant and granted by the Board. If the merger or consolidation

application is not filed within six (6) months of approval of the

interim state bank, the preliminary approval shall be withdrawn

unless an extension has been requested by the applicant and granted

by the Board.

D. Subsequent merger or consolidation.

1. When the interim state bank's duly executed certificate of

incorporation is filed with and accepted by the Board, the interim

state bank becomes a body corporate, and may then legally enter into

the merger or consolidation agreement.

2. All steps necessary to perfect the organization of a state

bank must be completed before consummation of the merger or

consolidation.

E. Rules. The Board shall adopt and promulgate rules necessary

to effectuate the provisions of this section.Oklahoma Statutes - Title 6. Banks and Trust Companies Page 2
Okla. Stat. tit. 6, § 6-421 — OK Code / Title 6 / Section 6-421
Military banking facilities
Status: in_force

A. Military banking facilities authorized.

1. Notwithstanding the distance limitations in paragraph 1 of

subsection A of Section 415 of this title, any bank located in the

State of Oklahoma may, subject to the approval of the Board as

evidenced by its certificate, and subject to the approval of the

military installation commander as evidenced by a letter of

approval, maintain and operate a facility on any military

installation located in the State of Oklahoma.

2. Any state bank may maintain and operate a branch on any

United States military installation within this state or elsewhere.

B. Certificate to maintain military banking facilities - Notice

and hearing - Injunction of prohibited activities.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 69

1. No bank shall be permitted to maintain and operate such

military banking facility, except on certificate issued by the

Board.

2. The application for a certificate to maintain and operate a

military banking facility shall comply with the regulations of the

Board. Within twenty (20) days after the conclusions of the hearing

the Board shall, in its sole discretion, approve or deny the

application and shall notify the applicant of its decision.

3. No banking function shall be performed at the facility save

that of accepting deposits, cashing checks, making change, selling

bank paper, such as bank drafts, cashier's checks, money orders,

traveler's checks, etc., accepting payment for personal utility

bills, redeeming and selling United States Savings Bonds, and such

other services as the installation commander may request, in

writing, of the bank subject to the prior written approval of the

Commissioner. Upon the recommendation of the Commissioner, the

Attorney General shall bring an appropriate action to enjoin a bank

from conducting banking functions at such facility other than those

herein granted.
Okla. Stat. tit. 6, § 6-2120 — OK Code / Title 6 / Section 6-2120
Rules and regulations
Status: in_force

The Commissioner may make and enforce such reasonable rules and

regulations as are necessary for the enforcement and execution of

this act.
Okla. Stat. tit. 6, § 6-206 — OK Code / Title 6 / Section 6-206
Power to subpoena witnesses - Declaratory order - Good
Status: in_force

faith as a defense.

A. Witnesses - Subpoena. The Commissioner and the Board shall

have the power to subpoena witnesses, compel their attendance,

require the production of evidence, administer an oath and examine

any person under oath in connection with any subject relating to

duty imposed upon or a power vested in the Commissioner. These

powers shall be enforced by the district court of the district in

which the hearing is held.

B. Declaratory order. The Board may, on petition of any

interested person and after hearing, issue a declaratory order with

respect to the applicability of this Code or a rule issued hereunder

to any person, property or state of facts. The orders shall bind

the Board and all parties to the proceeding on the state of facts

declared unless it is modified or reversed by a court. A

declaratory order may be reviewed and enforced in the same manner as

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 25

other orders of the Commissioner, but the refusal to issue a

declaratory order shall not be reviewable.

C. Civil or criminal liability - Good faith as defense. No

person shall be subjected to any civil or criminal liability for any

act or omission to act in good faith in reliance upon an existing

order, regulation or definition of the Board notwithstanding a

subsequent decision by a court invalidating the order, regulation or

definition.
Okla. Stat. tit. 6, § 6-2109 — OK Code / Title 6 / Section 6-2109
Additional bond - Deposit of securities in lieu of bond
Status: in_force

(a) If the Commissioner shall find at any time that any bond

required under this act is insecure or exhausted, an additional bond

to be approved by the Commissioner shall be filed by the licensee

within ten (10) days after written demand therefor by the

Commissioner.

(b) In lieu of any bond required under this act, the licensee

may deposit with the Commissioner securities with a ready market

value equal to the amount of any such bond. Such securities shall

consist of (1) general obligations of or fully guaranteed by the

United States or of any agency or instrumentality of or corporation

wholly owned by the United States directly or indirectly; or (2)

direct general obligations of the State of Oklahoma, or of any

county, city, town, school district, or other political subdivision

or municipal corporation of the State of Oklahoma. Such securities

shall be held by the Commissioner to secure the same obligation as

would any bond, required by this act. The securities so deposited

may be exchanged from time to time for other securities receivable

as aforesaid. All said securities shall be subject to sale, and

transfer and to the disposal of the proceeds by said Commissioner

only on the order of a court of competent jurisdiction. So long as

the licensee so depositing shall continue solvent, such licensee

shall be permitted to receive the interest or dividends on said

deposit. The Commissioner may provide for custody of such

securities by any qualified trust company or bank located in the

State of Oklahoma or by any Federal Reserve Bank. The compensation,

if any, of the custodian for acting as such under this section shall

be paid by the depositing licensee.
Okla. Stat. tit. 6, § 6-1204 — OK Code / Title 6 / Section 6-1204
Liquidation by Commissioner - Procedure
Status: in_force

A. Sale of assets - Compromise and payment of claims. In

liquidating a state bank the Commissioner may exercise any power

thereof but he shall not, without the approval of the court in which

notice of possession has been filed:

(1) Sell any asset of the bank having a value in excess of Five

Hundred Dollars ($500.00) or such larger sum as may be determined by

the court not exceeding One Hundred Thousand Dollars ($100,000.00);

(2) Compromise or release any claim if the amount of the claim

exceeds Five Hundred Dollars ($500.00), exclusive of interest or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 166

such larger sum as may be determined by the court not exceeding One

Hundred Thousand Dollars ($100,000.00); and

(3) Make any payment on any claim, other than a claim upon an

obligation incurred by the Commissioner, before preparing and filing

a schedule of his determinations in accordance with this title.

B. Lease of lands for oil and gas - Royalty - Manner of making

lease - Dispensing with notice. The Commissioner is hereby

authorized and empowered to lease for oil and/or gas purposes any

land vested in the Commissioner as assets of insolvent state banks.

In making or executing any such lease the Commissioner shall

retain and reserve a royalty of not less than one-eighth of the oil

and/or gas produced from said land. Said lease shall be made in the

same manner as now provided for the sale of other assets of state

banks in the possession of the Commissioner.

C. Termination of bank's executory contracts. Within six (6)

months of the commencement of liquidation, the Commissioner may by

his election terminate any executory contract, including but not

limited to contracts for services or advertising, to which the state

bank is a party or any obligation of the bank as a lessee. A lessor

who receives at least sixty (60) days' notice of the Commissioner's

election to terminate the lease shall have no claim for rent other

than rent accrued to the date of termination nor for damages for

such termination, except on building or bank premises the lessor may

receive damages not to exceed one (1) year's rent as provided in

such lease.

D. Termination of banks' fiduciary positions. As soon after

the commencement of liquidation as is practicable, the Commissioner

shall take the necessary steps to terminate all fiduciary positions

held by the state bank and take such action as may be necessary to

surrender all property held by the bank as a fiduciary and to settle

its fiduciary accounts. Such fiduciary accounts may be transferred

to another qualified corporate fiduciary in the same community by

the Commissioner without assent of the parties, and notice of such

transfer must be given by registered mail to the parties, 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.

E. Subrogation of insuring agency of United States. The right

of any agency of the United States insuring deposits to be

subrogated to the rights of depositors upon payment of their claims

shall not be less extensive than the law of the United States

requires as a condition of the authority to issue such insurance or

make such payments to depositors of national banks.

F. Notice to depositors, creditors and safe deposit box

lessees. Immediately on taking charge and within ten (10) days

after taking possession, the Commissioner shall send notice of the

liquidation to each known depositor, creditor and lessee of a safe

deposit box and bailor of property held by the bank at the address

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 167

shown on the books of the institution. The notice shall also be

published in a newspaper of general circulation in the county in

which the institution is located once a week for three (3)

successive weeks. The Commissioner shall send with each notice a

statement of the amount shown on the books of the institution to be

the claim of the depositor or creditor, with all setoffs and any

amounts due to the bank. The notice shall demand that property held

by the bank as bailee or in a safe deposit box be withdrawn by the

person entitled thereto; and the claim of a depositor or creditor,

if the amount claimed differs from that stated in the notice to be

due, be filed with the Commissioner within sixty (60) days from the

date of the first publication of the notice of the taking of

possession given by the Commissioner, in accordance with the

procedure prescribed in the notice. The failure of any depositor,

creditor or claimant to receive a notice, or observe the published

notice of the taking of possession by the Commissioner, shall not

relieve such claimant of the obligation to file a claim, if the

amount thereof differs from the amount found by the Commissioner.

If no claim is filed by the claimant in the time specified, then the

determination of the Commissioner shall be final and shall

constitute the claim of that claimant.

G. Disposition of contents of unclaimed safe deposit boxes.

Safe deposit boxes, the contents of which have not been removed

before the date specified, shall be opened by the Commissioner.

Sealed packages containing the contents of such box, with a

certificate of inventory of contents, together with any unclaimed

property held by the bank as bailee and certified inventories

thereof, shall be held by the Commissioner and administered in

accordance with the provisions of the Uniform Unclaimed Property

Act, Section 651 et seq. of Title 60 of the Oklahoma Statutes.

H. Determination of claims - Time therefor - Notification. The

Commissioner shall:

(1) As soon as practical and within one hundred twenty (120)

days from date of first publication of the notice of taking

possession, determine the amount, if any, owing to each known

creditor or depositor and the priority class of his claim under this

title, and file such determination in the court in which notice of

possession was filed;

(2) As soon as practical and within sixty (60) days from the

date of filing, reject any claim if he doubts the validity thereof;

and

(3) Notify each person whose claim has not been allowed in

full, by mailing to his last-known address, as shown on the records

of the bank, a notice of the time when and the place where the

schedule of determinations will be available for inspection and the

date when the Commissioner will file his schedule in court.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 168

I. Disposition of contested claims. Within twenty (20) days

after the filing of the Commissioner's schedule, any creditor,

depositor or stockholder may file an objection to any determination

made which adversely affects such objector. Any objections so filed

shall be heard and determined by the court. The objection shall be,

by the clerk of such district court, entered upon the docket of said

court under the same number as other proceedings in connection with

the liquidation of the insolvent bank. The Commissioner and

interested claimants as the court determines shall be notified of

such objection upon a ten-day notice and the matter shall be tried

de novo. No person having a claim against an insolvent bank shall

maintain action thereon except as herein provided.

J. Partial distribution of allowed claims. After filing his

schedule the Commissioner shall, after establishing proper reserves

for the payment of costs, expenses of liquidation and disputed

claims, pay to any agency of the United States insuring deposits in

the insolvent bank such sum as may be then available but not

exceeding the amount paid out by such agency as such an insurer of

deposits and accounts. The Commissioner may, from time to time,

also make partial distribution to the holders of claims which are

undisputed or have been allowed by the court, in the order of their

priority as herein provided. The court supervising the liquidation

shall direct, as soon as practicable after the establishment of an

adequate and proper reserve for payment of disputed claims, costs

and expenses of liquidation, that the Commissioner make a

substantial partial pro rata distribution as will not interfere with

orderly liquidation, to the holders of undisputed claims and those

allowed by the court in the order of their priority, to the extent

that there remains only the determination and settlement of disputed

claims and the procedures of the final accounting and final

distribution to be made by the Commissioner as herein provided.

K. Priority of claims - Payment - Cancellation - Claims when

barred.

(1) The following claims shall have priority in the order

herein specified:

(a) obligations incurred by the Commissioner, fees and

assessments due to the Department, and all expenses of

liquidation, all of which may be covered by a proper

reserve of funds,

(b) the depositors having an approved claim against the

general liquidating account of the bank,

(c) the general creditors having an approved claim against

the general liquidating account of the bank,

(d) the claims otherwise proper which were not filed

within the time prescribed herein, and

(e) the stockholders of the bank;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 169

For purposes of determining priority of claims, federal funds sold

to the failed institution shall be considered deposits of the

selling bank in the failed institution.

(2) No claim shall be entitled to interest thereon if it be

paid within six (6) months after the first publication of notice of

the taking of possession by the Commissioners; if paid after such

period, then the unpaid balance of the claim shall be credited with

interest at the rate of six percent (6%) per annum from the

expiration of the said six (6) months until paid or finally canceled

by exhaustion of all assets;

(3) All distributions declared in accordance herewith, which

shall not be claimed within one (1) year, shall be canceled upon the

order of the district court having jurisdiction of the liquidation

of such insolvent bank, and the proceeds thereof returned to the

general liquidating account of such insolvent bank. Provided, that

notice of the application of the Commissioner to the district court

for permission to cancel such unclaimed distributions shall be given

by publication for two (2) successive weeks in a newspaper of

general circulation in the county where the insolvent bank is

located. The notice shall describe the unclaimed distributions

sought to be canceled, giving the name and location of the insolvent

bank, the name of the payee and the amount and shall recite the

Commissioner has filed an application in the designated district

court for cancellation of such distributions and shall refer to the

application for further particulars; and

(4) Any assets remaining after all partial distributions, after

all claims have been paid, or ample provisions for reserves are made

for payment thereof by the court, shall be distributed to the

stockholders in accordance with their respective interests.

L. Disposition of unclaimed funds other than distributions.

Unclaimed funds, other than unclaimed distributions, remaining after

completion of the liquidation shall be retained by the Commissioner

who shall administer them in accordance with the Uniform Unclaimed

Property Act, Section 651 et seq. of Title 60 of the Oklahoma

Statutes.

M. Annual reports - Final account - Release of Commissioner -

Cancellation of charter.

(1) During the liquidation procedure the Commissioner and his

agents and employees shall make a verified annual account, giving in

detail a statement of all receipts and disbursements made from the

assets in their possession. A copy of the annual report shall be

filed with the court of the county and a hearing held thereon.

Interested parties and the Board of Directors of the insolvent bank

shall be given such notice as the court directs of the hearing and

shall make such objections as they shall desire to the account;

however, the failure to object at an annual hearing shall not

prejudice the right of any claimant or interested party to object to

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 170

items of expense and proceedings in the liquidation upon the final

account;

(2) When the assets have been distributed in accordance with

this title, except unclaimed funds and content of safe deposit boxes

held by the Commissioner, the Commissioner shall file a final

account with the court. Notice of hearing upon the final account

shall be given of not less than ten (10) days nor more than thirty

(30) days, by registered or certified mail, to all interested

persons and to the board of directors of the insolvent bank and the

notice shall be published for two (2) successive weeks in some

newspaper of general circulation published in the county, showing

the nature of the hearing, the date and time of the hearing and that

such account is for final settlement of liquidating account of such

insolvent bank;

(3) The final account shall reflect all the acts of the

Commissioner as supported by annual reports and such necessary items

to support the account, including distribution of such remaining

cash to the stockholders in accordance with their interests and all

other assets to the board of directors of the bank as liquidating

agents for the stockholders under the Oklahoma General Corporation

Act;

(4) The court shall hear all matters touching upon the final

account, allow, reduce or reject any item of expense, and determine

all matters before it. Any person aggrieved by the judgment of the

court may appeal as in any other civil action; and

(5) Upon approval of the final account as settled by the court,

the Commissioner shall be relieved of liability in connection with

the liquidation and shall cancel the charter upon the record of the

Department.
Okla. Stat. tit. 6, § 6-1736 — OK Code / Title 6 / Section 6-1736
Hiring and compensation of affiliates
Status: in_force

A. Any person acting as a trustee or in any other fiduciary

capacity pursuant to Section 31 of this act may hire and compensate,

as a delegate, an affiliate of such person if:

1. Authorized by a trust or fiduciary instrument;

2. Authorized by court order;

3. Authorized in writing by each affected client; or

4. The standards set forth in Section 31 of this act are

satisfied.

B. Fees paid to an affiliate shall be competitive with fees

charged by nonaffiliates that provide substantially similar

services.
Okla. Stat. tit. 6, § 6-2123 — OK Code / Title 6 / Section 6-2123
Proceeds of sales of checks by agents - Exemption from attachment, levy of execution, or
Status: in_force

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 8attachment, levy of execution, or sequestration - Assignment to

Commissioner.

(a) All funds collected or received from the sale of checks by

an agent shall be impressed with a trust in favor of such licensee

in an amount equal to the amount of the proceeds due the licensee

and shall not be commingled with other funds of the agent.

(b) No proceeds received by any agent or agents of a licensee

from the sale of any check issued by such licensee, while held by

the agent, nor any property impressed with a trust pursuant to this

section shall be subject to attachment, levy of execution, or

sequestration by order of any court, except for the benefit of the

licensee. In the event that a licensee's license is revoked by the

Commissioner, all sales proceeds then held in trust by agents of the

licensee shall be deemed to have been assigned to the Commissioner.
Okla. Stat. tit. 6, § 6-1301 — OK Code / Title 6 / Section 6-1301
Definitions
Status: in_force

As used in this article:

1. "Depositor" means a person delivering property or documents

to a state bank, national banking association, savings and loan

association, credit union or trust company for safekeeping;

2. "Deputy" means a person designated by the lessee to act as

lessee's agent in connection with the safe deposit box;

3. "Lessee" means a person contracting with a lessor for the

use of a safe deposit box;

4. "Lessor" means any state bank, national banking association,

savings and loan association, credit union or trust company engaged

in the business of renting safe deposit facilities; and

5. "Safe deposit box" means a safe deposit box, vault, or other

safe deposit receptacle maintained by a lessor.
Okla. Stat. tit. 6, § 6-902 — OK Code / Title 6 / Section 6-902
Trustee deposit accounts
Status: in_force

A. Whenever any deposit shall be made in a bank by any person

which is in form in trust for another, and no other or further

notice of the existence and terms of a legal and valid trust shall

have been given in writing to the bank, in the event of the death of

the trustee, the same, or any part thereof, together with the

interest thereon, may be paid to the person or persons for whom the

deposit was made. A deposit held in this form shall be deemed to

constitute a Totten Trust. A revocation of such trust may only be

made in writing to the bank and the bank shall not suffer any

liability for payment of funds pursuant to the trust unless and

until it receives written notice of revocation.

B. 1. If a deposit account is opened with a bank by one or

more persons expressly as a trustee for one or more other named

persons and further notice of the existence and terms of a legal and

valid trust is not given in writing to the bank, the bank may accept

and administer the account as set forth in subsection A of this

section.

2. If a deposit account is opened with a bank by one or more

persons expressly as a trustee for one or more other named persons

pursuant to or purporting to be pursuant to a written trust

agreement, the trustee may provide the bank with a certificate of

trust to evidence the trust relationship. The certificate shall be

an affidavit of the trustee and must include the effective date of

the trust, the name of the trustee, the name or method for choosing

successor trustees, the name and address of each beneficiary, the

authority granted to the trustee, the disposition of the account on

the death of the trustee or the survivor of two or more trustees,

other information required by the bank, and an indemnification of

the bank. The bank may accept and administer the account, subject

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 108

to the provisions of Title 58 of the Oklahoma Statutes, in

accordance with the certificate of trust without requiring a copy of

the trust agreement. The bank is not liable for administering the

account as provided by the certificate of trust, even if the

certificate of trust is contrary to the terms of the trust

agreement, unless the bank has actual knowledge of the terms of the

trust agreement.

3. On the death of the trustee or the survivor of two or more

trustees, the bank may pay all or part of the withdrawal value of

the account with interest as provided by the certificate of trust.

If the trustee did not deliver a certificate of trust, the bank's

right to treat the account as owned by a trustee ceases on the death

of the trustee. On the death of the trustee or the survivor of two

or more trustees, the bank shall, unless the certificate of trust

provides otherwise, pay the withdrawal value of the account, with

interest, in equal shares to the persons who survived the trustee,

are named as beneficiaries in the certificate of trust, and can be

located by the bank from its own records. If there is not a

certificate of trust, payment of the withdrawal value and interest

shall be made as provided by Title 58 of the Oklahoma Statutes. Any

payment made under this section for all or part of the withdrawal

value and interest discharges any liability of the bank to the

extent of the payment. The bank may pay all or part of the

withdrawal value and interest in the manner provided by this

section, regardless of whether it has knowledge of a competing

claim, unless the bank receives actual knowledge that payment has

been restrained by order of a court of competent jurisdiction.

4. This section does not obligate a bank to accept a deposit

account from a trustee who does not furnish a copy of the trust

agreementor to search beyond its own records for the location of a

named beneficiary.

5. This section does not affect a contractual provision to the

contrary that otherwise complies with the laws of this state.
Okla. Stat. tit. 6, § 6-414 — OK Code / Title 6 / Section 6-414
Acquisition of real estate - Term held - Equipment,
Status: in_force

furniture and fixtures - Leases of real estate and equipment -

Investment and loans to corporations holding premises - Conveyance

of real estate.

A. 1. A bank or trust company may purchase and hold real

estate, equipment, furniture and fixtures necessary for the

convenient transaction of its business, the cost of which shall not

exceed its capital. This limitation may be exceeded upon written

approval of the State Banking Commissioner.

2. With prior approval of the Commissioner, a bank or trust

company may purchase and hold fixtures, facilities and real estate,

including but not limited to storage facilities, facilities for

civic or public use or facilities for the benefit of employees of

the bank, bank customers or the community. No banking business of

any type shall be engaged in or conducted at such facilities.

3. A bank or trust company may lease out to such tenants as it

deems appropriate any portion of its banking house or premises not

utilized in the conduct of its banking operations.

4. Upon prior written approval of the Commissioner, a bank or

trust company may purchase real estate at a location where the bank

or trust company could lawfully establish an office.

5. A state bank may purchase or construct a municipal building,

such as a school building, or other similar public facility and, as

holder of legal title, lease the same to a municipality or other

public authority having resources sufficient to make payment of all

rentals as they become due. The lease agreement shall provide that

upon its expiration the lessee will become owner of the building or

facility.

6. Subject to prior approval by the Commissioner and such

conditions and limitations as the Commissioner shall prescribe,

which shall be consistent with any rules the State Banking Board may

prescribe, a state bank may purchase real estate for the purpose of

producing income, sale, or for development and improvement,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 64

including the erection of buildings thereon, for sale or rental

purposes.

B. 1. A bank or trust company may purchase and hold real

estate conveyed to it in satisfaction of debts previously contracted

in good faith in the course of business.

2. All such real estate shall be accounted for individually at

the lower of the recorded investment in the loan satisfied or its

fair market value on the date of the transfer. The fair market

value of the real estate must be supported by an appropriate

evaluation of real property collateral that is consistent with safe

and sound banking practices. The recorded value of the property

must be updated from time to time to reflect current market

conditions as well as any other factors that may affect the fair

market value.

3. The recorded investment in the loan satisfied is the unpaid

balance of the loan, increased by accrued and uncollected interest,

unamortized premium, and loan acquisition costs, if any, and

decreased by previous direct write down, finance charges and

unamortized discount, if any.

C. Upon notification by the bank to the Commissioner that such

conditions exist that require the expenditure of funds for the

development and improvement of such real estate, and subject to such

conditions and limitations as the Commissioner shall prescribe, the

bank may expend its funds to enable such bank to recover its total

investment.

D. A bank or trust company may acquire and hold real estate

such as it shall purchase at sale under judgment, decree or mortgage

foreclosure, under securities held by it.

E. 1. Without the written approval of the Commissioner, real

estate acquired in the cases contemplated in subsections B and D of

this section may be held for an initial holding period of no longer

than five (5) years from the date of acquisition. However, a bank

may apply, during the first two (2) years in which the real estateestate and equipment - Investment and loans to corporations holding premises - Conveyance ofnt, decree or mortgage

foreclosure, under securities held by it.

E. 1. Without the written approval of the Commissioner, real

estate acquired in the cases contemplated in subsections B and D of

this section may be held for an initial holding period of no longer

than five (5) years from the date of acquisition. However, a bank

may apply, during the first two (2) years in which the real estate

is acquired by the bank, for approval by the Commissioner to retain

such real estate for the purposes described in paragraph 6 of

subsection A of this section. In the case of approval by the

Commissioner, the rules of this subsection shall not apply to such

property. In the absence of such application, or if the application

is denied by the Commissioner, the rules of this subsection shall

apply to the retention of the real estate by the bank.

2. Following the expiration of the initial holding period, one

additional extension period of up to five (5) years may be granted

upon the written approval of the Commissioner.

3. A bank or trust company must begin to write down the book

value for each property held as other real estate owned a minimum of

ten percent (10%) each year during the additional extension period.

The bank or trust company shall then be required to write off the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 65

remaining balance of the other real-estate-owned property at the end

of the additional extension period.

4. Unless a bank has applied for approval by the Commissioner

during the first two (2) years after the real estate is acquired, to

retain such real estate for the purposes described in paragraph 6 of

subsection A of this section, a bank shall also continue efforts to

dispose of the real estate at the earliest possible opportunity.

5. At the conclusion of the additional extension period, real

estate must be disposed of or, if approved by the Commissioner, must

be transferred to a subsidiary company of the bank.

6. For purposes of this section, ownership interests in oil,

gas and other subsurface mineral rights other than mere leasehold

interests shall be considered real estate. However, notwithstanding

the holding limitation of this section or any other provision

contained herein, any bank or trust company which on October 15,

1982, held, directly or indirectly, any oil, gas and other

subsurface mineral rights, other than mere leasehold interests, that

since December 31, 1979, had not been valued on the books of such

bank or trust company for more than a nominal amount, may continue

to hold such subsurface rights or interest without limitation.

F. Any bank or trust company organized under the laws of this

state may invest its funds in the stocks, bonds, debentures or other

such obligations of any corporation holding the premises of such

bank or trust company, and may make loans to or upon the security of

any such corporation, but the aggregate of all such investments and

loans together with the investments provided for in subsection A of

this section shall not exceed its capital. This limitation may be

exceeded upon the written approval of the Commissioner.

G. Every conveyance of real estate and every lease thereof made

by a bank or trust company shall have the name of such bank or trust

company subscribed thereto, either by an attorney-in-fact,

president, vice-president, chairperson or vice-chairperson of the

board of directors of such corporation.

H. Nothing in this section shall preclude or limit in any

manner investments by a bank permitted under any other section of

this Code.
Okla. Stat. tit. 6, § 6-1740 — OK Code / Title 6 / Section 6-1740
Application of act - Exemptions
Status: in_force

A. A private trust company engaging in the trust business in

this state shall comply with each and every provision of this act

and Sections 101 through 1417 of the Oklahoma Banking Code

applicable to a trust company unless expressly exempted therefrom in

writing by the Commissioner pursuant to this section, by rule

adopted by the Department or under a predecessor statute.

B. A private trust company or proposed private trust company

may request in writing that it be exempted from specified provisions

of this act and Sections 101 through 1417 of the Oklahoma Banking

Code. The Commissioner may grant the exemption in whole or in part

if the Commissioner finds that the private trust company does not

and will not transact business with the general public. For

purposes of this section:

1. "Transact business with the general public" means any sales,

solicitations, arrangements, agreements, or transactions to provide

trust or other business services, whether for a fee, commission or

any other type of remuneration, with any client that is not a family

member or a sole proprietorship, partnership, joint venture,

association, trust, estate, business trust or other company that is

not one hundred percent (100%) owned by one or more family members;

and

2. "Family member" means any individual who is related within

the fourth degree of affinity or consanguinity to an individual or

individuals who control a private trust company or which is

controlled by one or more trusts or charitable organizations

established by such individual or individuals.

C. All individuals who control a private trust company or

establish trusts or charitable organizations controlling such

private trust company must be related within the second degree of

affinity or consanguinity.

D. At the expense of the private trust company, the

Commissioner may examine or investigate the private trust company in

connection with an application for exemption. Unless the

application presents novel or unusual questions, the Commissioner

shall approve the application for exemption or set the application

for hearing not later than the sixty-first day after the date the

Commissioner considers the application complete and accepted for

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 233

filing. The Commissioner may require the submission of additional

information as considered necessary to an informed decision.

E. Any exemption granted under this section may be made subject

to conditions or limitations imposed by the Commissioner consistent

with this act.

F. The Department may adopt rules defining other circumstances

that do not constitute transaction of business with the public,

specifying the provisions of this act and Sections 101 through 1417

of the Oklahoma Banking Code that are subject to an exemption

request, and establishing procedures and requirements for obtaining,

maintaining or revoking exempt status.
Okla. Stat. tit. 6, § 6-218 — OK Code / Title 6 / Section 6-218
Transfer of stock or controlling interest - Notice to and
Status: in_force

approval by Commissioner.

A. Commissioner's approval required where transfer of stock

jeopardizes interest of depositors - Banks and trust companies.

Whenever, in the opinion of the Commissioner, the condition of any

bank or trust company is such that any transfer of the capital stock

of such bank or trust company would jeopardize the interest of its

customers, the Commissioner shall promptly so notify in writing the

board of directors and officers of such bank or trust company of the

determination of the Commissioner and the same shall be forwarded by

certified or registered mail, return receipt requested, and the

Commissioner shall therein require that, when any shares of the

capital stock of the bank or trust company are to be transferred on

the books or records of the bank or trust company, the officer or

officers proposing to make the transfer shall report in writing to

the Commissioner such proposed transfer of stock. After such

notice, no transfer thereof shall be made without first obtaining

the written consent thereto of the Commissioner.

B. Transfer of controlling interest - Banks.

1. Whenever a change occurs or is about to occur in the

outstanding voting stock of any bank or bank holding company which

will result in a change in the control of the bank or the bank

holding company, the president or other chief executive officer of

such bank or bank holding company, immediately upon obtaining such

knowledge of such change in the control of the bank or bank holding

company or such contemplated or consummated sale or transfer of such

stock, shall report such facts to the Commissioner.

2. As used in this section, the term "control" means the

possession, directly or indirectly, of the power to direct or cause

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 38

the direction of the management and policy of a bank or bank holding

company. If there is any doubt as to whether a change in the

ownership of the outstanding voting stock in any insured bank or

bank holding company is sufficient to effect a change in the control

thereof, such doubt shall be resolved in favor of reporting the

facts to the Commissioner.

3. Notwithstanding paragraph 1 of subsection B of this section,

a change in ownership of ten percent (10%) of the voting stock of a

bank or bank holding company shall be reported as a change of

control to the Commissioner.

C. Reporting transfers required. No officer of any bank or

trust company shall fail to report any transfer of stock to the

Commissioner at the time the same is made, as required by this

section.
Okla. Stat. tit. 6, § 6-1109.1 — OK Code / Title 6 / Section 6-1109.1
Sale of assets other than in the ordinary course of
Status: in_force

business.

In any circumstance other than in the ordinary course of

business, a bank may sell any asset with the prior approval of the

Commissioner. The sale of all, or substantially all, of the assets

of a bank or of a department thereof shall be governed by Section

1109 of Title 6 of the Oklahoma Statutes.
Okla. Stat. tit. 6, § 6-908 — OK Code / Title 6 / Section 6-908
Banks and credit unions authorized to offer savings
Status: in_force

promotion raffles.

A. As used in this section, the term "savings promotion raffle"

means a contest in which the sole consideration required for a

chance of winning designated prizes is obtained by the deposit of a

specified amount of money in a savings account or other savings

program and each ticket or entry has an equal chance of being drawn,

with such contest being subject to regulations that may from time to

time be promulgated by the bank's or credit union's primary

regulator.

B. Oklahoma banks and credit unions are authorized to offer

savings promotion raffles.
Okla. Stat. tit. 6, § 6-2009 — OK Code / Title 6 / Section 6-2009
Fiscal year - Meetings - Voting
Status: in_force

The fiscal year of all credit unions shall end December thirty-

first (31st). The annual meeting of each credit union shall be held

at such time and at such place as its bylaws shall prescribe.

Special meetings may be held in the manner indicated in the bylaws.

No member shall be entitled to vote by proxy but a member other than

a natural person may vote through an agent designated for that

purpose. Irrespective of the number of shares held by any one

member, no one member shall have more than one vote.
Okla. Stat. tit. 6, § 6-2116 — OK Code / Title 6 / Section 6-2116
Revocation of license - Hearing - Grounds
Status: in_force

(a) The Commissioner may, upon ten (10) days' notice to the

licensee, stating the contemplated action and in general the grounds

therefor, hold a hearing at which the licensee shall have a

reasonable opportunity to be heard, for the purpose of determining

whether a license should be revoked, for failure of the licensee to

comply with the provisions of this act and the regulations

hereunder. After such hearing the Commissioner may revoke any

license issued hereunder if he finds that:

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 279

1. The licensee has failed to pay the annual license fee or to

maintain the bond or the deposit or securities required by this act;

or

2. The licensee has failed to comply with any order, decision

or finding of the Commissioner made pursuant to this act; or

3. The licensee has violated any provision of this act; or

4. Any fact or condition exists which, if it had existed at the

time of the original application for a license, would have warranted

the Commissioner in refusing its issuance.

(b) A licensee may surrender any license by delivering to the

Commissioner written notice that he surrenders such license, but

such surrender shall not affect such licensee's civil or criminal

liability on any bond, or entitle such licensee to a return of any

part of any license fee.
Okla. Stat. tit. 6, § 6-1012 — OK Code / Title 6 / Section 6-1012
Banks having trust powers and trust companies subject to
Status: in_force

examination and supervision of Commissioner.

All corporations mentioned in Section 1001 of this article,

whether now existing or hereinafter organized and created, are

subject to the examination, supervision and regulation by the

Commissioner and to the regulations of the Board. The Board is

authorized and empowered to promulgate such regulations as it may

deem necessary to enforce compliance with the provisions of this

article and the proper exercise of the powers granted therein.
Okla. Stat. tit. 6, § 6-706 — OK Code / Title 6 / Section 6-706
Stock as personalty - Transfer on books - Shareholders
Status: in_force

indebted to bank or trust company - Lending on stock prohibited -

Purchase of treasury stock.

A. Transfer of shares. The shares of stock of a bank or trust

company shall be deemed personal property and shall be transferred

on the books of the bank or trust company, in such manner as the

bylaws may prescribe but no stock shall be transferred on the books

of any bank or trust company where the registered holder thereof is

indebted to the bank or trust company for any matured and unpaid

obligations. The shares of stock of a stockholder indebted to the

bank or trust company, as provided herein, may be transferred or any

claims of the bank or trust company, as herein defined, may be

waived at any time by written consent of the bank or trust company,

executed by an officer other than the borrowing stockholder.

B. Lending on stock prohibited. It shall be unlawful for any

bank or trust company to loan its funds to any stockholder, on its

stock or its holding company stock as collateral security; provided,

that any bank or trust company may hold its stock to secure the

indebtedness previously in good faith contracted.

C. Purchase of treasury stock. With the approval of the

Commissioner and subject to the conditions as the Commissioner may

prescribe, a bank may purchase its own stock as treasury stock.
Okla. Stat. tit. 6, § 6-1722 — OK Code / Title 6 / Section 6-1722
Establishment or acquisition of representative trust
Status: in_force

offices.

A. An out-of-state trust institution may establish or acquire

and maintain a representative trust office in this state. An out-

of-state trust institution desiring to establish or acquire and

maintain a representative trust office shall file a notice on a form

prescribed by the Commissioner which shall set forth the name of the

out-of-state trust institution, the location of the proposed office,

and satisfactory evidence that the notificant is a trust

institution. The out-of-state trust institution shall also furnish

a copy of the resolution adopted by the board authorizing the

representative trust office, and pay a fee equal to that for bank

loan production offices.

B. The notificant may commence business at the representative

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 out-of-state

trust institution may establish the representative trust office only

on prior written approval by the Commissioner.

D. The Commissioner may deny approval of the representative

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 interests. In

acting on the notice, the Commissioner shall consider the views of

the appropriate bank supervisory agencies.
Okla. Stat. tit. 6, § 6-306.1 — OK Code / Title 6 / Section 6-306.1
Commissioner – Certificate of authority – Recommendation
Status: in_force

of action.

A. Once the Commissioner determines that a bank or savings

association is in danger of failing and all or part of the deposit

liability of such bank or savings association is to be assumed by a

bank being organized for that purpose, the Board at a meeting closed

to the public may approve of the organization of the acquiring bank

and the Commissioner may grant a certificate of authority to the

acquiring bank, and shall not be bound by the provisions,

restrictions, and requirements contained in Article III of this

title. The Commissioner is further empowered in such event to grant

authority to organize a state savings association and issue a

certificate of authority without notice or hearing and without

action of the Board.

B. If the Commissioner has determined that a bank is in danger

of failing and the Commissioner must take possession of the bank

pursuant to Article XII of this title, the Board at a meeting closed

to the public may approve of the actions of the Commissioner and

order the Commissioner to tender to the Federal Deposit Insurance

Corporation the appointment as liquidator of the bank.

C. If the Commissioner determines that a bank or other company

under the Department’s supervision is in danger of failing or is

subject to other conditions or circumstances which, if made public,

could result in deterioration of the bank or other company, the

Board, at a meeting closed to the public, may consider any action

recommended by the Commissioner directed at resolving or improving

upon the conditions or circumstances to which the bank or other

company is subject.
Okla. Stat. tit. 6, § 6-3002 — OK Code / Title 6 / Section 6-3002
Compliance review documents - Confidentiality - Discovery
Status: in_force

or admissibility.

A. For purposes of this section:

1. "Depository institution" means a state-chartered or

federally chartered financial institution located in this state that

is authorized to maintain deposit or share accounts;

2. "Compliance review committee" means:

a. an audit, loan review or compliance committee

appointed by the board of directors of a depository

institution, or

b. any other person to the extent the person acts in an

investigatory capacity at the direction of a

compliance review committee;

3. "Compliance review documents" means documents prepared for

or created by a compliance review committee;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 287

4. "Loan review committee" means a person or group of persons

who, on behalf of a depository institution, reviews loans held by

the institution for the purpose of assessing the credit quality of

the loans, compliance with the loan policies of the institution, and

compliance with the applicable laws and regulations; and

5. "Person" means an individual, group of individuals, board,

committee, partnership, firm, association, corporation, or other

entity.

B. This section applies to a compliance review committee whose

functions are to evaluate and seek to improve:

1. Loan underwriting standards;

2. Asset quality;

3. Financial reporting to federal or state regulatory agencies;

or

4. Compliance with federal or state statutory or regulatory

requirements.

C. Except as provided in subsection D of this section:

1. Compliance review documents are confidential and are not

discoverable or admissible in evidence in any civil action arising

out of matters evaluated by the compliance review committee; and

2. Compliance review documents delivered to a federal or state

governmental agency remain confidential and are not discoverable or

admissible in evidence in any civil action arising out of matters

evaluated by the compliance review committee.

D. Subsection C of this section does not apply to any

information required by statute or regulation to be maintained by or

provided to a governmental agency while the information is in the

possession of the governmental agency to the extent applicable law

expressly authorizes its disclosure.

E. This section may not be construed to limit the discovery or

admissibility in any civil action of any documents that are not

compliance review documents, nor may it be construed to limit the

discovery or admissibility of any relevant documents which reflect

evidence of fraud committed by an insider of a depository

institution, to the extent those documents are otherwise

discoverable or admissible.
Okla. Stat. tit. 6, § 6-2119 — OK Code / Title 6 / Section 6-2119
Giving of notice
Status: in_force

Except as otherwise provided in this act, whenever the

Commissioner is required to give notice to any applicant or

licensee, such requirement shall be complied with if, within the

time fixed herein, such notice shall be enclosed in an envelope

plainly addressed to such applicant or licensee, at the address set

forth in the application or license, United States postage fully

prepaid, and deposited registered or certified in the United States

mail.
Okla. Stat. tit. 6, § 6-1417 — OK Code / Title 6 / Section 6-1417
Advertisement of confusingly similar names or shortened
Status: in_force

names - Use of former name of acquired institution or office -

Commissioner's remedies - Injunctions - Nonconforming previous use

or advertisement.

A. It is unlawful and deemed a Class D1 felony offense for any

bank or out-of-state bank having a confusingly similar name to

advertise its name in Oklahoma, including without limitation by

means of outdoor signage, newspaper, radio, television, billboards,

bulk mailings, and other solicitations to persons who are not

customers of the bank, unless the advertising also conspicuously

identifies the city or town where that bank has its main office.

This subsection shall not apply to a bank's advertising through

local media. Any person who violates the provisions of this

subsection shall, upon conviction, be punished by imprisonment as

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 187

provided for in subsections B through F of Section 20N of Title 21

of the Oklahoma Statutes.

B. It is unlawful and deemed a Class D1 felony offense for any

bank having a full legal name which is not a confusingly similar

name to use a shortened name for purposes of advertising within

Oklahoma, including without limitation on outdoor signage,

newspaper, radio, television, billboards, bulk mailings, and other

solicitations to persons who are not customers of the bank, if that

shortened name would be a confusingly similar name and if such

advertising does not also conspicuously identify the city or town

where that bank has its main office. This subsection shall not

apply to a bank's advertising through local media. Any person who

violates the provisions of this subsection shall, upon conviction,

be punished by imprisonment as provided for in subsections B through

F of Section 20N of Title 21 of the Oklahoma Statutes.

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

for any bank which acquires another bank or other financial

institution for one or more of its offices or branches, by merger,

purchase and assumption or otherwise, to continue to use the former

name of the acquired institution or office, or similar name, for

more than six (6) months after the date of acquisition, either on

outdoor signage or in other advertising, unless such name is the

legal name of the resulting bank. Nothing contained in this

subsection shall prohibit an acquiring bank from using a variation

of the former name as a branch title if such variation is at all

times used only in combination with the name of the acquiring bank,

including the town or city where that bank has its main office, and

the word "branch" on any outdoor signage or in other advertising.

Any person who violates the provisions of this subsection shall,

upon conviction, be punished by imprisonment as provided for in

subsections B through F of Section 20N of Title 21 of the Oklahoma

Statutes.

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

for any person which is not a bank to use or advertise a confusingly

similar name within the State of Oklahoma. Any person who violates

the provisions of this subsection shall, upon conviction, be

punished by imprisonment as provided for in subsections B through F

of Section 20N of Title 21 of the Oklahoma Statutes.

E. The Commissioner may issue an order in accordance with

Section 204 of this title to any Oklahoma chartered bank or bank

registered pursuant to Section 104 of this title, ordering such bank

to cease violating the provisions of this section. This remedy

shall be in addition to and not exclusive of the remedy provided in

subsection F of this section.

F. Whenever any bank or other person shall use or advertise a

name in violation of this section, the district court from which

lawful service is obtained shall, upon suit by the Commissioner or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 188

any injured person, issue an injunction restraining such use oracquired institution or office - Commissioner's remedies - Injunctions - Nonconforming previousnd not exclusive of the remedy provided in

subsection F of this section.

F. Whenever any bank or other person shall use or advertise a

name in violation of this section, the district court from which

lawful service is obtained shall, upon suit by the Commissioner or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 188

any injured person, issue an injunction restraining such use or

advertisement. Provided, that the Commissioner shall be deemed to

be a necessary party to any suit brought pursuant to this section

and any suit brought by the Commissioner pursuant to this section

shall be properly brought as to both jurisdiction and venue, when

brought in a county where the office of the Commissioner is located.

G. Advertisements which were in conformance with this section

prior to April 29, 1991, but are not now in conformance with

subsections A and B of this section will not be considered to be in

violation of the law. This subsection shall not be interpreted to

allow any bank to begin the advertisement of a confusingly similar

name which it had not previously used or advertised prior to April

29, 1991, but shall only serve to protect the advertisement of such

names as are in lawful use as of April 29, 1991.
Okla. Stat. tit. 6, § 6-2006 — OK Code / Title 6 / Section 6-2006
Succession - Powers
Status: in_force

A credit union shall have succession in its corporate name

during its existence and shall have power:

1. To make contracts;

2. To sue and be sued;

3. To adopt and use a common seal and alter the same at

pleasure;

4. To purchase, lease, own, hold, and dispose of any real

estate, buildings, fixtures, equipment, furniture and furnishings

necessary, incidental and convenient to the operation of the credit

union, the aggregate book value of which shall not exceed seven

percent (7%) of the total assets of the credit union, unless

otherwise specifically approved by the State Credit Union Board. A

credit union may lease to any tenants as the credit union deems

appropriate any portion of the facilities or premises of the credit

union which are not utilized in the conduct of the business of the

credit union;

5. To make loans to its members for provident or productive

purposes, the maturities of which shall not exceed fifteen (15)

years, except as otherwise provided herein and except as otherwise

approved by the State Credit Union Board, and extend lines of credit

to its members, to other credit unions and to credit union

organizations and to participate with other credit unions, credit

union organizations or financial organizations in making loans to

credit union members, other credit unions and credit union

organizations in accordance with the following:

a. loans to credit union members shall be made in

conformity with criteria established by the board of

directors of the lending credit union; provided that:

(1) a real estate loan secured by a first mortgage

lien may have a maturity not exceeding thirty

(30) years or any longer term which may be

authorized by the State Credit Union Board,

(2) a loan to finance a manufactured home, which

shall be secured by a first lien on such

manufactured home, or a second mortgage loan

secured by a dwelling, shall have a maturity not

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 246

exceeding fifteen (15) years or any longer term

which may be allowed by the State Credit Union

Board,

(3) a loan secured by the insurance or guarantee of,

or with advance commitment to purchase the loan

by, a state or federal governmental agency may be

made for the maturity and under the terms and

conditions specified in the state or federal law

under which such insurance, guarantee or

commitment is provided,

(4) a loan or aggregate of loans to a director or to

a member of the supervisory committee or the

credit committee or the credit manager of the

lending credit union which exceeds Sixty Thousand

Dollars ($60,000.00) plus the amount of any

pledged shares, shall be approved by the board of

directors of the lending credit union, and

(5) loans to credit union members for which any

director of the lending credit union or any

member of the supervisory committee or credit

committee or the credit manager of the lending

credit union acts as a guarantor or endorser

shall be approved by the board of directors of

the lending credit union when such loan, either

standing alone or when added to any outstanding

loan or loans of the guarantor or endorser,

exceeds Sixty Thousand Dollars ($60,000.00) plus

the amount of any pledged shares,

b. loans to credit union members and other eligible

borrowers shall be made in accordance with and shall

be paid or amortized in accordance with any rules or

regulations as may be prescribed and adopted from time

to time by the State Credit Union Board, after taking

into account the needs or conditions of the borrowers,

the amounts and duration of the loans, the interests

of the members and the credit unions and such other

factors as the State Credit Union Board may deem

relevant,

c. unless approval by the board of directors of the

lending credit union is otherwise expressly required

herein, loans to credit union members and other

eligible borrowers shall be approved by the credit

committee or by a loan officer of the lending credit

union in accordance with criteria established by the

board of directors,

d. no loan or line of credit may be made to or

established for a credit union member if the amount of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 247

such loan or line of credit, when aggregated with all

other outstanding loans and lines of credit made to or

established for such credit union member, will cause

the credit union member to be indebted to the lending

credit union in an amount exceeding six percent (6%)

of the greater of either (i) the paid-in and

unimpaired capital and surplus of the lending credit

union or (ii) an amount which is six percent (6%) of

the total assets of the lending credit union,

e. a self-replenishing line of credit may be established

by a credit union for any eligible borrower to a

stated maximum amount on terms and conditions which

may differ from the terms and conditions established

for other eligible borrowers,

f. loans to other credit unions shall be approved by the

board of directors of the lending credit union and

shall not exceed twenty-five percent (25%) of the

paid-in and unimpaired capital and surplus of the

lending credit union,

g. loans to credit union organizations shall be approved

by the board of directors of the lending credit union

and shall not exceed one percent (1%) of the paid-in

and unimpaired capital and surplus of the lending

credit union, except as otherwise approved by the

State Credit Union Board. A "credit union

organization" means any organization which is

established primarily to serve the needs of credit

unions and whose business relates to the daily

operations of the credit unions served by such credit

union organization,

h. participation loans with other credit unions, credit

union organizations or other financial organizations

shall be in accordance with written policies adopted

by the board of directors of the lending credit union

and shall be approved by the board of directors of the

lending credit union. However, a credit union which

originates a loan for which participation arrangements

are made in accordance with this subsection shall

retain an interest of at least ten percent (10%) of

the face amount of such loan,

i. a credit union may participate in any guaranteed loan

program of the federal government or of this state

under the terms and conditions specified in the laws

under which such program is provided,

j. a credit union may finance for any person, whether or

not such person is a member of the credit union, the

purchase from the credit union of any real or personal

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 248

property owned and held by the credit union, including

any property obtained by the credit union as a result

of defaults in obligations owed to the credit union,

and

k. a credit union may make loans to its officers and

directors and to members of its supervisory and credit

committees. However, such loans shall not be made on

terms more favorable than those extended to other

members of the credit union. A credit union may

permit officers, directors and members of its

supervisory and credit committees to act as co-makers,

guarantors or endorsers of loans to other credit union

members;

6. To receive from its members, and other credit unions, state

and federal, doing business in the United States, payments on shares

and deposits, and to require such notice for withdrawal of shares

and deposits as the bylaws may provide;

7. To amend its bylaws in the manner provided by the bylaws,

but all amendments to the bylaws must be submitted to and approved

by the State Credit Union Board before they become operative;

8. To invest its funds in accordance with the following:

a. investments shall be made in conformity with criteria

established by the board of directors of the credit

union and in accordance with any rules or regulations

as may be prescribed and adopted from time to time by

the State Credit Union Board, and

b. the following investments shall be authorized for

credit unions:

(1) loans to credit union members and other loans

authorized for credit unions under the laws of

this state,

(2) obligations of the United States of America and

obligations fully guaranteed as to principal and

interest by any instrumentality or agency of the

United States of America,

(3) general obligations and revenue obligations of

any state or any political subdivision thereof;

provided the aggregate of such investments shall

not exceed ten percent (10%) of the paid-in and

unimpaired capital and surplus of the credit

union; and provided that such investments shall

be limited to obligations rated among the three

highest rating categories established by one or

more national rating services for governmental

obligations,

(4) obligations issued by banks for cooperatives,

federal land banks, federal intermediate credit

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 249

banks, federal home loan banks, the Federal Home

Loan Bank Board or any corporation designated by

federal law as a wholly owned government

corporation, or obligations, participations or

other instruments of or issued by, or fully

guaranteed as to principal and interest by, the

Federal National Mortgage Association or the

Government National Mortgage Association, or in

mortgages, obligations or other securities which

are or ever have been sold by the Federal Home

Loan Mortgage Corporation pursuant to the Federal

Home Loan Mortgage Corporation Act, or in other

obligations or other instruments or securities of

the Student Loan Marketing Association, or

obligations, participations, securities or other

instruments of or issued by or fully guaranteed

as to principal and interest by any other agency

of the United States of America,

(5) shares of, deposits with or loans to other

federally insured credit unions in a total

amount, in either case, not exceeding twenty-five

percent (25%) of the paid-in and unimpaired

capital and surplus of the investing credit

union,

(6) shares of, or accounts or deposits with any state

or federal banks, mutual savings banks and

savings and loan associations, the accounts of

which are insured by an agency of the federal

government,

(7) shares of, deposits with or loans to any Federal

Reserve Bank or any central liquidity facility

established under state or federal law,

(8) shares of, deposits with or loans to any central

credit union or corporate credit union organized

under state or federal law,

(9) shares of, deposits with or loans to any

organization, corporation or association

providing services associated with the general

purposes of the investing credit union or

engaging in activities incidental to the

operations of any credit union; provided that

such investments in the aggregate may not exceed

one percent (1%) of the unimpaired capital and

surplus of the investing credit union,

(10) any obligations or securities authorized for

investment by federal credit unions under the

laws of the United States of America. However,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 250

such investments shall be in compliance with any

restrictions or limitations pertaining thereto

under the laws of the United States of America or

under the regulations of the National Credit

Union Administration,

(11) money market funds rated among the three highest

rating categories established by one or more

national rating services for corporate or

governmental securities,

(12) shares of mutual funds if the investments and

investment transactions of the fund are

authorized for credit unions under the laws of

this state, or

(13) such other investments or types of investments as

may be authorized from time to time by the State

Credit Union Board; provided that the State

Credit Union Board shall not be permitted under

this specific grant of authority to authorize a

credit union to purchase or own real estate

solely for investment purposes;

9. To make deposits in national banks and in state banks, trust

companies, savings and loan associations, and credit unions

organized under the laws of this state, any other state, or the

United States, operating in accordance with the laws of the State of

Oklahoma, or of the laws of the United States and approved by State

Credit Union Board as depositories;

10. To borrow, from any source, in an aggregate amount not

exceeding fifty percent (50%) of its shares, deposits and undivided

earnings; such borrowed money may be borrowed either by means of

bills payable or through rediscounts of its negotiable instruments,

and credit unions may pledge their assets as collateral securities

therefor;

11. To fine members, in accordance with the bylaws, for failure

to meet their obligations promptly to their credit union;

12. To impress and enforce a lien upon the shares, deposits,

dividends, and interest of any member to the extent of any loan made

to the member or endorsed by the member and any interest or fines

payable by the member;

13. To charge an entrance fee as provided in the bylaws;

14. To hire clerical help;

15. To become the owner and lessor of personal property upon

the specific request of and for the use of a member. A credit union

may only purchase the personal property to be leased after it has

completed a leasing arrangement with a member. Except upon the

written approval of the Commissioner, the term of the lease shall in

no event exceed ten (10) years and all such leases shall provide for

the payment of regularly scheduled periodic payments, the total of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 251

which shall at least equal the cost to the credit union of the

personal property so leased. The total investment by a credit union

for benefit of any member, combined with all other obligations of

such member to the credit union, shall at no time exceed six percent

(6%) of the greater of either (i) the paid-in and unimpaired capital

and surplus of the credit union or (ii) an amount which is six

percent (6%) of the total assets of the credit union; and

16. To exercise such incidental powers as shall be necessary or

requisite to enable it to carry on effectively the business for

which it is incorporated.
Okla. Stat. tit. 6, § 6-1022 — OK Code / Title 6 / Section 6-1022
Banks, trust companies and national banking associations -
Status: in_force

Registration in name of nominee securities held in fiduciary

capacity.

Every bank, trust company and national banking association is

authorized to cause securities held as a fiduciary, custodian or

managing agent by such bank, trust company or national banking

association, whether alone or jointly with an individual, with the

consent of the individual fiduciary, if any, (who is hereby

authorized to give such consent) to be registered and held in the

name of a nominee of such bank, trust company or national banking

association without disclosure of the fiduciary relationship. Any

such bank, trust company or national banking association shall be

liable for any loss occasioned by the acts of its nominee with

respect to the securities so registered. The records of the bank,

trust company or national banking association shall at all times

show the ownership of such securities and of those held in bearer

form. Such securities and those held in bearer form shall at all

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 142

times be kept separate from the assets of the bank, trust company or

national banking association and may be maintained as follows:

(1) in a manner such that all certificates representing the

securities from time to time constituting the assets of a particular

estate, trust or other fiduciary account are held separate from

those of all other estates, trusts or accounts; or

(2) in a manner such that, without certification as to ownership

attached, certificates representing securities of the same class of

the same issuer and from time to time constituting assets of

particular estates, trusts or other fiduciary accounts are held in

bulk, including, to the extent feasible, the merging of certificates

of small denomination into one or more certificates of large

denomination, provided that the bank, trust company or national

banking association when operating under the method of safekeeping

security certificates described in this subparagraph (2), shall be

subject to such rules and regulations as, in the case of a state

chartered bank or trust company, the Commissioner and, in the case

of a national banking association, the Comptroller of the Currency,

may from time to time issue.Oklahoma Statutes - Title 6. Banks and Trust Companies Page 4
Okla. Stat. tit. 6, § 6-2018.1 — OK Code / Title 6 / Section 6-2018.1
Suspension of operation of credit union - Revocation of
Status: in_force

certificate - Liquidation - Disposition of assets.

(A) If it appears that any credit union organized under the

laws of this state is bankrupt or insolvent, or that it has

willfully violated the laws of this state relating to credit unions,

or is operating in an unsafe or unsound manner, the Bank

Commissioner, upon approval of the State Credit Union Board, may

issue an order temporarily suspending all or part of a credit

union's operations for not more than sixty (60) days. The board of

directors shall be given notice by registered mail of such

suspension, which notice shall include a list of the reasons for

such suspension, and shall include a list of the specific violations

of law, if any, and the operations suspended. The Bank Commissioner

shall also notify the insuring organization of any suspension.

(B) Upon receipt of such suspension notice, the credit union

shall cease those operations identified by the Bank Commissioner in

the notice. The board of directors shall then file with the Bank

Commissioner a reply to the suspension notice, and may request a

hearing to present a plan of corrective actions proposed if the

board desires to continue operations. The board may request that

the credit union be declared insolvent and a liquidating agent be

appointed.

(C) Upon receipt from the suspended credit union of evidence

that the conditions causing the order of suspension have been

corrected, the Bank Commissioner may revoke the suspension notice,

permit the credit union to resume normal operations, and notify the

insuring organization and the State Credit Union Board of such

actions.

(D) If the Bank Commissioner, after issuing notice of

suspension and providing an opportunity for a hearing, rejects the

credit union's plan to continue operations, the Bank Commissioner

may issue a notice of involuntary liquidation and appoint a

liquidating agent. The credit union may request the appropriate

court to stay execution of such action. Involuntary liquidation may

not be ordered prior to the conclusion of suspension procedures

outlined in this section.

(E) If, within the suspension period, the credit union fails to

answer the suspension notice or request a hearing, the Bank

Commissioner may then revoke the credit union's certificate, appoint

a liquidating agent and liquidate the credit union.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 261

(F) In the event of liquidation, the assets of the credit union

or the proceeds from any disposition of the assets shall be applied

and distributed in the following sequence:

(1) Secured creditors up to the value of their collateral;

(2) Costs and expenses of liquidation;

(3) Wages due the employees of the credit union;

(4) Costs and expenses incurred by creditors in successfully

opposing the release of the credit union from certain debts as

allowed by the Bank Commissioner;

(5) Taxes owed to the United States or any other governmental

unit;

(6) Debts owed to the United States;

(7) General creditors, secured creditors to the extent their

claims exceed the value of their collateral and owners of deposit

accounts to the extent such accounts are uninsured;

(8) Members, to the extent of uninsured share accounts and the

organization that insured the accounts of the credit union; and

(9) Members, to the extent of membership shares.
Okla. Stat. tit. 6, § 6-1102 — OK Code / Title 6 / Section 6-1102
Approval of merger by directors and merger agreement
Status: in_force

Where there is to be a resulting state bank, the board of

directors of each constituent bank or savings association shall, by

a majority of the entire board, approve a merger agreement which

shall contain:

1. The name of each constituent bank or savings association and

the location of each office;

2. With respect to the resulting bank the name and the location

of each proposed office; the name and residence of each director to

serve until the next annual meeting of the stockholders; the name

and residence of each officer; the amount of capital, the number of

shares and the par value of each share; whether preferred stock is

to be issued and the amount, terms and preferences; the amendments

to the charter and bylaws;

3. The terms for the exchange of shares of the constituent

banks or savings associations for those of the resulting bank;

4. A statement that the merger and the merger agreement are

subject to approval by the Board and by the stockholders of each

constituent bank or savings association;

5. Provisions governing the manner of disposing of the shares

of the resulting state bank not taken by dissenting shareholders of

constituent banks or savings associations; and

6. Such other provisions as the Board requires to enable it to

discharge its duties with respect to the merger.
Okla. Stat. tit. 6, § 6-910.1 — OK Code / Title 6 / Section 6-910.1
Definitions
Status: in_force

As used in this act:

1. “Account agreement” means an agreement that:

a. is in a record between a bank and one or more

depositors,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 114

b. may have one or more beneficiaries as additional

parties, and

c. states the intention of the parties to establish a

special deposit pursuant to this act;

2. “Bank” means a person engaged in the business of banking

including, but not limited to, a savings bank, savings and loan

association, credit union, trust company, or bank as defined in

Section 102 of Title 6 of the Oklahoma Statutes. Each branch or

separate office of a bank is a separate bank for the purpose of this

act;

3. “Beneficiary” means a person that:

a. is identified as a beneficiary in an account

agreement, or

b. if not identified as a beneficiary in an account

agreement, may be entitled to payment from a special

deposit:

(1) under the account agreement, or

(2) on termination of the special deposit;

4. “Contingency” means an event or circumstance stated in an

account agreement that is not certain to occur but shall occur

before the bank is obligated to pay a beneficiary;

5. “Creditor process” means attachment, garnishment, levy,

notice of lien, sequestration, or a similar process issued by or on

behalf of a creditor or other claimant;

6. “Depositor” means a person that establishes or funds a

special deposit;

7. “Good faith” means honesty in fact and observance of

reasonable commercial standards of fair dealing;

8. “Knowledge of a fact” means:

a. with respect to a beneficiary, actual knowledge of the

fact, or

b. with respect to a bank holding a special deposit:

(1) if the bank:

(a) has established a reasonable routine for

communicating material information to an

individual to whom the bank has assigned

responsibility for the special deposit, and

(b) maintains reasonable compliance with the

routine, actual knowledge of the fact by

that individual, or

(2) if the bank has not established and maintained

reasonable compliance with a routine described in

division (1) of this subparagraph or otherwise

exercised due diligence, implied knowledge of the

fact that would have come to the attention of an

individual to whom the bank has assigned

responsibility for the special deposit;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 115

9. “Obligated to pay a beneficiary” means a beneficiary is

entitled under the account agreement to receive from the bank a

payment when:

a. a contingency has occurred, and

b. the bank has knowledge the contingency has occurred.

An “obligation to pay a beneficiary” shall mean the same;

10. “Permissible purpose” means a governmental, regulatory,

commercial, charitable, or testamentary objective of the parties

stated in an account agreement. The term includes an objective to:

a. hold funds:

(1) in escrow, including for a purchase and sale,

lease, buyback, or other transaction,

(2) as a security deposit of a tenant,

(3) that may be distributed to a person as

remuneration, retirement, or other benefit, or

compensation under a judgment, consent decree,

court order, or other decision of a tribunal, or

(4) for distribution to a defined class of persons

after identification of the class members and

their interest in the funds,

b. provide assurance with respect to an obligation

created by contract, such as earnest money to ensure a

transaction closes,

c. settle an obligation that arises in the operation of a

payment system, securities settlement system, or other

financial market infrastructure,

d. provide assurance with respect to an obligation that

arises in the operation of a payment system,

securities settlement system, or other financial

market infrastructure, or

e. hold margin, other cash collateral, or funds that

support the orderly functioning of financial market

infrastructure or the performance of an obligation

with respect to the infrastructure;

11. “Person” means an individual, estate, business, or

nonprofit entity, government or governmental subdivision, agency, or

instrumentality, or other legal entity. The term may include a

protected series, however denominated, of an entity if the protected

series is established under law that limits, or limits if conditions

specified under law are satisfied, the ability of a creditor of the

entity or of any other protected series of the entity to satisfy a

claim from assets of the protected series;

12. “Record” means information:

a. inscribed on a tangible medium, or

b. stored in an electronic or other medium and

retrievable in perceivable form;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 116

13. “Special deposit” means a deposit as specified in Section 5

of this act; and

14. “State” means a state of the United States, the District of

Columbia, Puerto Rico, the U.S. Virgin Islands, or any other

territory or possession subject to the jurisdiction of the United

States, including an agency or instrumentality of the state.
Okla. Stat. tit. 6, § 6-405 — OK Code / Title 6 / Section 6-405
Increase or decrease of capital stock - Procedure -
Status: in_force

Reduction of capital stock - Surrender of certificate.

A. Increase or decrease of capital stock; procedure. Any bank

or trust company authorized to conduct a banking business under the

laws of the State of Oklahoma may at any time increase or reduce its

capital stock, after such change has been approved by the

Commissioner and by a majority vote of the outstanding voting stock.

1. After the increase or decrease of capital stock has been

authorized at a regular shareholders' meeting or a special

shareholders' meeting called for that purpose, the president or

secretary of the bank or trust company shall prepare a certificate

in the form prescribed by the Commissioner containing a copy of the

resolution, as passed by a majority vote of the outstanding voting

stock, authorizing the increase or decrease of capital stock. Such

certificate shall be verified by oath of the president or secretary

of the corporation and forthwith transmitted to the Commissioner.

2. Upon receipt of such certificate, the Commissioner may, in

the discretion of the Commissioner, authorize the increase or

decrease of the capital stock of the corporation. The Commissioner,

after such increase or decrease has been authorized and approved,

shall thereupon issue a certificate showing the amount to which the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 56

capital stock has been increased or decreased by authority of the

resolution, as certified by the Commissioner.

3. No bank or trust company shall issue any certificate of

stock under any increase of capital until the whole amount of such

increase has been fully paid either in cash or by transfer from

undivided profits.

B. Reduction of capital stock; surrender of certificate.

Whenever the capital stock of any bank or trust company is reduced,

every shareholder, owner or holder of any stock certificate shall

surrender the same for cancellation and shall be entitled to receive

a new certificate for that portion of the stock remaining in force

after the reduction has been made. Any stock certificate which is

not surrendered for cancellation and reissue, under any decrease of

capital stock, shall be null and void as to the amount represented

by the decrease. No dividends shall be paid to any shareholder

until the old certificate has been surrendered and canceled.
Okla. Stat. tit. 6, § 6-910.14 — OK Code / Title 6 / Section 6-910.14
Promotion of uniformity
Status: in_force

In applying and construing this uniform act, a court shall

consider the promotion of uniformity of the law among jurisdictions

that enact it.
Okla. Stat. tit. 6, § 6-511 — OK Code / Title 6 / Section 6-511
Industrial loan company - Industrial bank - Definition
Status: in_force

As used in this act, an “industrial loan company” or “industrial

bank” means a company that is chartered by another state to make

consumer loans or commercial loans or to accept deposits insured by

the Federal Deposit Insurance Corporation but not to accept demand

deposits and that is not subject to the Bank Holding Company Act of

1987 or to supervision by the Federal Reserve System.
Okla. Stat. tit. 6, § 6-2013 — OK Code / Title 6 / Section 6-2013
Dividends
Status: in_force

As the bylaws may provide and, pursuant to such regulations as

may be issued by the Oklahoma State Credit Union Board, the board of

directors of a credit union may declare a dividend to be paid at

different rates on different types of accounts from any available

balances in undivided earnings. If undivided earnings are depleted,

dividends can only be paid upon prior written approval of the

Commissioner.
Okla. Stat. tit. 6, § 6-1701 — OK Code / Title 6 / Section 6-1701
Short title - Intent
Status: in_force

A. This act shall be known and may be cited as the "Multistate

Trust Institutions Act".

B. It is the express intent of this act to permit banks and

other depository institutions, foreign banks and trust companies to

engage in the trust business on a multistate and international basis

to the extent consistent with the safety and soundness of the trust

institutions engaged in a trust business in this state and the

protection of consumers, clients and other customers of such trust

institutions.
Okla. Stat. tit. 6, § 6-1303 — OK Code / Title 6 / Section 6-1303
Access by fiduciaries
Status: in_force

A. Where access to a safe deposit box is requested by one or

more persons acting as fiduciaries, the lessor may, except as

otherwise expressly provided in the lease or the writings pursuant

to which such fiduciaries are acting, allow access thereto and

removal of the contents of the safe deposit box upon obtaining

proper receipt from:

1. Any one or more of the persons acting as executors or

administrators;

2. Any one or more of the persons otherwise acting as

fiduciaries when authorized in writing signed by all other persons

so acting; or

3. Any agent authorized in writing signed by all of the persons

acting as fiduciaries.

B. No lessor shall be liable for damages for allowing or

refusing access or removal of the contents of the safety deposit box

under the provisions of subsection A of this section.

C. For purposes of this article, the term "fiduciaries" shall

be deemed to include, in addition to those entities and individuals

set forth in Section 102 of this title, a duly appointed and

authorized attorney in fact under a power of attorney.
Okla. Stat. tit. 6, § 6-1416 — OK Code / Title 6 / Section 6-1416
Prohibitions relating to control of banks - Remedies
Status: in_force

A. No bank holding company shall control a bank unless the bank

is one such as is defined in Section 2(c) of the federal Bank

Holding Company Act of 1956, as amended.

B. No company that is not a bank holding company shall control

a bank.

C. In addition to other remedies provided for by law, the

Commissioner may enforce the provisions of this section by:

1. Injunction; or

2. Cease and desist order; or

3. Fine.
Okla. Stat. tit. 6, § 6-1201 — OK Code / Title 6 / Section 6-1201
Voluntary liquidation and dissolution
Status: in_force

A. Voluntary liquidation - Approval of stockholders and Banking

Board. With the approval of the Board, a state bank may liquidate

and dissolve. The Board shall grant such approval if it appears

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 158

that the proposal to liquidate and dissolve has been approved by a

majority vote of the outstanding voting stock at a meeting called

for that purpose, or if all shareholders entitled to vote thereon

shall consent in writing, and that after giving effect to any

proposed purchase of the assets of the bank and assumption of its

liabilities as provided for in Section 1109 of this title the state

bank will be solvent and will have sufficient liquid assets to pay

off any remaining depositors and creditors immediately.

B. Cessation of business - Notice of liquidation - Safe deposit

boxes - Distribution.

1. Upon approval by the Board, the bank shall forthwith cease

to do business, shall have only the powers necessary to effect an

orderly liquidation and shall proceed to pay its remaining

depositors and creditors and to wind up its affairs.

2. Within thirty (30) days of the approval, the state bank

shall send a notice of liquidation by mail to each depositor,

creditor, person interested in funds held as a fiduciary, lessee of

a safe deposit box and bailor of property at the address of such

person as shown on the books of the bank; provided, however, in the

case of all depositors, creditors, loan customers or lessees of safe

deposit boxes whose deposits, accounts or other contractual

arrangements with the state bank have been purchased or assumed as

provided for in Section 1109 of this title, a notice of purchase and

assumption shall be sent by the purchasing and assuming bank in lieu

of a notice of liquidation by the liquidating state bank. The

notice prepared by the state bank shall also be posted conspicuously

on the premises of the bank and shall be given such publication as

the Commissioner may require. The purchasing and assuming bank or

the liquidating bank, as applicable, shall send with each notice a

statement of the amount shown on the books to be the claim or

liability of the depositor, creditor or other customer. Each such

notice shall demand that claims of depositors and creditors, or

corrected statements of amounts owed by the customer, if the amount

claimed or owed differs from that stated in the notice, be filed

with the notifying bank before a specified date not earlier than

sixty (60) days thereafter in accordance with the procedure

prescribed in the notice. The notice prepared by the liquidating

bank shall also demand that property held by the bank as bailee or

in a safe deposit box not taken over by a purchasing and assuming

bank be withdrawn by the person entitled thereto.

3. As soon after approval as may be practicable the state bank

shall resign all fiduciary positions and take such action as may be

necessary to settle its fiduciary accounts, and the manner of

succession of trust powers and successor trustees shall follow the

same procedure as set out in Section 1018 of this Code.

4. Any safe deposit boxes which have not been taken over by a

purchasing and assuming bank, and the contents of which have not

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 159

been removed within thirty (30) days after demand, shall be opened.

Sealed packages containing the contents of such box, with a

certificate of inventory of contents, together with any other

unclaimed property held by the bank as bailee and certified

inventories thereof, shall be transferred to the Commissioner, who

shall administer them in accordance with the provisions of the

Uniform Unclaimed Property Act (1981).

5. The approval of an application for liquidation shall not

impair the right of a depositor or creditor whose account has not

been unconditionally assumed by a purchasing and assuming bank to be

paid in full by the liquidating bank, and all lawful claims of

remaining creditors and depositors of the liquidating bank shall

promptly be paid. The unearned portion of the rental of a safe

deposit box not taken over by a purchasing and assuming bank shall

be returned to the lessee.

6. Any assets remaining after the discharge of or adequate

provision for all obligations shall be distributed to the

stockholders in accordance with their respective interests. No such

distribution shall be made before all claims of depositors and

creditors have been:

a. assumed as provided for in Section 1109 of this title,

b. provided for by the establishment of a reserve fund in

an amount approved by the Commissioner,

c. paid by the liquidating bank, or

d. in the case of any disputed claim, provided for by

transmittal to the Commissioner of a sum adequate to

meet any liability that may be judicially determined.

C. Unclaimed funds. Any unclaimed distribution to a

stockholder or depositor shall be held until ninety (90) days after

the final distribution and then transmitted to the Commissioner who

shall administer them in accordance with the provisions of the

Uniform Unclaimed Property Act (1981).

D. Possession and liquidation by Commissioner. If the

Commissioner finds that assets will be insufficient for the full

discharge of all obligations or that completion of the liquidation

has been unduly delayed, the Commissioner may take possession and

complete the liquidation in the manner provided in this Code for

involuntary liquidations.

E. Cancellation. The Commissioner may require reports of the

progress of liquidation. Whenever the Commissioner is satisfied

that the liquidation has been properly completed, the Commissioner

shall enter an order of dissolution and recommend to the Secretary

of State the bank's certificate of incorporation be canceled, upon

receipt of which the Secretary of State shall cancel such

certificate.
Okla. Stat. tit. 6, § 6-2002 — OK Code / Title 6 / Section 6-2002
Necessity of certificate - Application for certificate -
Status: in_force

Organization certificate and bylaws.

(A) No credit union organized under the laws of this state or

any other state shall be permitted to engage in business except on

certificate issued by the Bank Commissioner upon authority of the

State Credit Union Board.

(B) The request to establish a credit union under the laws of

this state shall be set forth in application form and filed with the

Bank Commissioner. The form of such application shall be prescribed

by the State Credit Union Board and furnished by the Bank

Commissioner and shall contain such information as the State Credit

Union Board may require. Any seven or more residents of this state

who desire to form a credit union under the laws of this state shall

subscribe before some person, competent to administer oath, an

organization certificate in triplicate, which shall specifically

state: (1) the name of the credit union; (2) the location of the

proposed credit union and the territory in which it will operate;

(3) the purpose for which it is formed; (4) the term for which it is

to exist, which may be perpetual or limited in term; (5) the number

of its directors or trustees and the names and addresses of such of

them as shall serve until the election of directors or trustees; (6)

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 242

the par value of the shares, which shall not exceed One Hundred

Dollars ($100.00) each, and the authorized stock which shall not

exceed the amount which it is contemplated to be provided for in its

certificate of incorporation.

(C) With the application, applicants shall file a proposed

certificate of incorporation with the Bank Commissioner prepared in

accordance with the provisions of the Oklahoma General Corporation

Act.

(D) In addition said applicants shall prepare and adopt bylaws

consistent with the provisions of this act and shall certify to the

same in triplicate. The bylaws of the credit union may provide for

the amendment of the certificate of incorporation of the credit

union upon a vote of two-thirds (2/3) of the members of the board of

directors and the approval of the State Credit Union Board.

(E) The request of a credit union organized under the laws of a

state other than this state to do business in Oklahoma shall be made

in accordance with the provisions of Section 6 of this act.
Okla. Stat. tit. 6, § 6-2041 — OK Code / Title 6 / Section 6-2041
Power to make and purchase obligations representing
Status: in_force

insured loans and credit advances.

Banks, savings banks, trust companies, life insurance companies,

fire insurance companies, mutual casualty insurance companies, and

other insurance companies and investment companies, building and

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 269

loan associations, trustees, guardians, executors, administrators,

and other fiduciaries, the State of Oklahoma, and cities, villages,

school districts, and other political subdivisions, and all other

corporations, associations and persons, subject to the laws of this

State,

(a) May make such loans and advances of credit and purchases of

obligations representing loans and advances of credit as are

eligible for insurance by the Federal Housing Administrator, and may

obtain such insurance, and

(b) May make such loans, secured by real property or leasehold,

as the Federal Housing Administrator insures or makes a commitment

to insure, and may obtain such insurance.
Okla. Stat. tit. 6, § 6-2112 — OK Code / Title 6 / Section 6-2112
Books, accounts and records - Current financial
Status: in_force

statements.

Each licensee shall keep such books, accounts and records as

will enable the Commissioner to determine the proper amount of the

bond and license fee to be required of such licensee. Each licensee

who does not maintain in force a bond in the maximum amount required

by Section 2108 of this title or keep on deposit securities equal to

such amount as provided in subsection (b) of Section 2109 of this

title shall submit to the Commissioner on a monthly basis a report

which shall include a statement of the gross sales of money orders

from the previous month.
Okla. Stat. tit. 6, § 6-808 — OK Code / Title 6 / Section 6-808
Banks prohibited from making political contributions -
Status: in_force

Penalties.

A. Prohibition against political expenditures. It is unlawful

for any bank to make a contribution or expenditure in connection

with any election to any political office, or in connection with any

primary election or political convention or caucus held to select

candidates for any political office, or for any candidate, political

committee, or for any other person to accept or receive any

contribution prohibited by this section .

B. Penalties. Every bank which makes any contribution or

expenditure in violation of subsection A of this section shall be

fined not more than Five Thousand Dollars ($5,000.00); and every

officer or director of any bank who consents to any such

contribution or expenditure by the bank, and any person who accepts

or receives any such contribution, shall be fined not more than One

Thousand Dollars ($1,000.00) or imprisoned not more than one (1)

year, or both; and if the violation was willful shall be guilty of a

Class D3 felony offense and shall be fined not more than Ten

Thousand Dollars ($10,000.00), or imprisoned as provided for in

subsections B through F of Section 20P of Title 21 of the Oklahoma

Statutes, or both.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 104
Okla. Stat. tit. 6, § 6-1109 — OK Code / Title 6 / Section 6-1109
Sale or purchase of all assets of bank, trust company or
Status: in_force

savings association or of department or branch thereof.

A. 1. Any bank or savings association may sell to any other

bank or savings association all, or substantially all, of the

selling institution's assets and business; or all, or substantially

all, of the assets and business of any department or branch of the

selling institution.

2. Any trust company, bank, or savings association may sell to

any other trust company, bank, or savings association all, or

substantially all, of the assets and trust business of such trust

company, bank, or savings association, or all, or substantially all,

of the assets and business of any department or branch of the

selling trust company, bank, or savings association.

B. 1. Any bank or savings association may, upon assuming the

liabilities relating thereto, purchase all, or substantially all, of

the assets and business of another bank or savings association, or

all, or substantially all, of the assets and business of any

department or branch of another bank or savings association.

2. Any trust company, bank, or savings association may, subject

to the requirements of subsection E of this section, purchase all,

or substantially all, of the assets and business of another trust

company, bank, or savings association, or all, or substantially all,

of the assets and business of any department or branch of another

trust company, bank, or savings association. If the purchasing or

selling institution is an out-of-state institution, the agreement of

purchase and sale shall be authorized and approved by the board of

directors of the institution in accordance with such laws as shall

be applicable.

C. The agreement of purchase and sale shall be authorized and

approved by the boards of directors of the purchasing and selling

banks, trust companies, or savings associations. If the agreement

of purchase and sale includes the transfer of a majority of the

assets or the transfer of a majority of the deposits of a selling

institution, the agreement of purchase and sale shall be authorized

and approved by the vote of a majority of the outstanding shares of

the selling institution at a meeting called for the purpose in like

manner as meetings to approve mergers are called pursuant to Section

1104 of this title and the stockholders shall be entitled to dissent

in the same manner as provided in Section 1104 of this title. If

the agreement of purchase and sale includes the purchase of assets

which are greater than fifty percent (50%) of the purchasing

institution's assets prior to the purchase, or includes the

assumption of deposits which are greater than fifty percent (50%) of

the purchasing institution's deposits prior to the purchase, the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 153

agreement of purchase and sale shall be authorized and approved by

the vote of a majority of the outstanding shares of the purchasing

institution at a meeting called for the purpose in like manner as

meetings to approve mergers are called pursuant to Section 1104 of

this title and the stockholders shall be entitled to dissent in the

same manner as provided in Section 1104 of this title. If the

stockholders of an institution are hereby entitled to dissent, they

shall receive notice of their right to dissent along with notice of

the stockholders' meeting which is to consider the agreement of

purchase and sale, in the same manner as provided in Section 1104 of

this title with respect to mergers. Copies of the agreement of

purchase and sale shall be filed with and subject to the approval of

the State Banking Commissioner, together with a fee for review of

the transaction as required by rule of the Banking Board, and shall

be accompanied by evidence of such stockholders' approval thereof in

like manner as agreements of merger are filed.

D. After the approval required by subsection C of this section

is given by the stockholders, a notice of such purchase and sale

shall be published once a week for two (2) successive weeks in a

newspaper of general circulation in the county in which the assets

of the selling bank, trust company, or savings association are

located if the entity is an Oklahoma institution, and if not, shall

be published as required by the law of the state where the selling

institution is located. Proof of such publication shall be filed

with the Oklahoma State Banking Department. The Commissioner may

permit the requirement for publication of notice to be satisfied

after the purchase and sale becomes effective if the Commissioner

determines that:

1. The selling bank, trust company, or savings association is

solvent, but either is close to insolvency or is experiencing a run

on deposits;

2. The terms of the agreement of purchase and sale are

essentially fair to the selling bank, trust company, or savings

association; and

3. The selling bank, trust company, or savings association will

remain solvent after the purchase and sale.

E. Any deposit account or certificate of deposit which is

unconditionally assumed by the purchasing institution pursuant to an

agreement approved by the Commissioner, and which, after a

depositor's preexisting accounts at the purchasing institution are

added to the accounts assumed from the selling institution, is fully

covered by the FDIC insurance limits at the purchasing institution,

shall cease to be an obligation of the selling institution after the

purchase and sale becomes effective. Notwithstanding any term of

the purchase and sale agreement or of the contract of deposit, a

deposit account, certificate of deposit or other creditor's account

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 154

shall be deemed to be only conditionally assumed by the purchasing

institution if:

1. The amount of the preexisting accounts of the depositor at

the purchasing institution, together with the accounts of such

depositor which are assumed from the selling institution, would

exceed the FDIC insurance limits of the purchasing institution; or

2. The claims of a depositor or other creditor against a

selling institution and the loans of the depositor or other creditor

from the selling institution are not simultaneously assumed by the

purchasing institution so as to preserve a right of set-off. Any

depositor or creditor of the selling institution whose business is

conditionally sold has the right, after such sale:

a. upon payment of any indebtedness owing by the

depositor or creditor to the selling institution, to

withdraw the deposit of the depositor or creditor in

full from the selling institution on demand, or

b. to exercise the right of set-off of such depositor or

creditor.

3. Notwithstanding the preceding language of paragraphs 1 and 2

of this subsection, after a person deals with the purchasing

institution with knowledge of the purchase, such person's deposit or

account shall no longer be deemed to be only conditionally assumed.

F. 1. The agreement of sale may provide for the transfer to

the purchasing institution of all fiduciary positions held by the

selling institution. The purchasing institution shall enjoy all

such positions and all rights, property, franchises, and interests,

including any and all fiduciary positions to and for which the

selling institution may have been appointed, nominated, or

designated by any will, agreement, conveyance, or otherwise, whether

or not such position is in effect at the time of the substitution,

in the same manner and to the same extent as all such positions were

held and enjoyed by the selling institution.

2. The selling and purchasing institutions shall jointly file a

petition with the district court of the county in which the main

office of the selling institution is situated requesting that the

purchasing institution be substituted, except as may be expressly

excluded in such petition, in every fiduciary position of the

selling institution. Such petition need not designate the fiduciary

positions in which the requested substitution is to be made.

3. Upon the filing of such petition, the court shall enter an

order setting the petition for hearing and shall direct that notice

of the hearing be given in the manner provided in this subsection or

in the manner required by the law of the state where the selling

institution is located if it is an out-of-state institution.

4. A copy of the order provided for in paragraph 3 of this

subsection shall be published once a week for two (2) successive

weeks in a newspaper of general circulation to be designated by the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 155

court and published in the county in which the petition was filed.

If there is no newspaper published in such county, publication shall

be made in a newspaper of general circulation in the State of

Oklahoma designated by the court. Proof of publication shall be

made in the same manner as proof of publication of summons is made.

5. The filing of such petition and the making and entering of

such order and the giving of notice of such order as required by

this subsection gives the court full jurisdiction of the trusts and

all parties interested therein. The court having jurisdiction in

such matter shall require the selling institution to mail, by

registered mail postage prepaid, a copy of such order to each living

trustor of all private trusts in which such institution is trustee

or to the then directly participating beneficiaries of all private

trusts in which there is no living trustor. Such notice shall be

mailed to the last-known address of each such trustor or

participating beneficiary as shown by or as may be ascertained by

reasonably diligent efforts from the records of such institution.

Proof of mailing shall be in such form as the court shall require.

6. The district court shall enter a single order substituting

the purchasing institution in every fiduciary position to and for

which the selling institution may have been appointed, nominated, or

designated by any will, agreement, conveyance, or otherwise, whether

or not such position is in effect at the time of the substitution,

except as may be otherwise specified in such order, upon its finding

as follows:

a. notice of hearing the petition has been given as

required by this subsection,

b. the purchasing institution is duly authorized to

exercise trust and fiduciary powers in Oklahoma,

c. the selling and purchasing institutions are not

directly or indirectly owned or controlled by the same

holding company or multibank holding company, or, if

the selling and purchasing institutions are directly

or indirectly owned or controlled by the same holding

company or multibank holding company, then the

purchasing institution shall assume all trust

liabilities of the selling institution, and

d. such sale or transfer was not made in order to avoid

any liability incurred by the selling institution.

7. Upon entry of such order, the purchasing institution shall,

without further act, be substituted in every such fiduciary

position, and such substitution may be evidenced by filing a

certified copy of the order with the clerk of any district court in

this state.

8. Notwithstanding the foregoing provisions of this subsection,

the provisions of the instrument creating each fiduciary position

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 156

subject to the agreement of sale shall control such succession, if

such instrument so provides.

G. Except as provided for in subsection E of this section, no

right against or obligation of the selling institution in respect of

the assets or business sold shall be released or impaired by the

sale until one (1) year from the last date of publication of the

notice pursuant to subsection D or F of this section, but after the

expiration of such year no action can be brought against the selling

institution on account of any deposit, obligation, trust or asset

transferred to or liability assumed by the purchasing institution.

H. This section shall be applicable to any bank, trust company,

or savings association, regardless of whether its main office or

charter is located within this state or elsewhere.
Okla. Stat. tit. 6, § 6-2111 — OK Code / Title 6 / Section 6-2111
Semi-annual reports
Status: in_force

Unless a licensee shall have on file in the office of the

Commissioner a bond in the maximum amount required under Section

2108 of this title, or shall have deposited securities equal to such

amount as provided in subsection (b) of Section 2109 of this title,

such licensee shall on or before the first day of September and the

first day of March each year file a report with the Commissioner for

the preceding one-half (1/2) calendar year. Such report shall, if

the Commissioner requests, list the name and address of each agent,

subagent or representative authorized by the licensee, as of the

close of business on the last day of the one-half (1/2) calendar

year preceding such report, to engage in the sale of checks of which

the licensee is the issuer. The Commissioner may require that such

report include the dollar amount of checks sold by the licensee in

this state during the preceding one-half (1/2) calendar year or the

average amount of outstanding liabilities of such licensee from

business for which the licensee is licensed hereunder or both

amounts. The report shall be subscribed and sworn to by the

licensee or an officer of the licensee. No reports shall be

required pursuant to this section unless specifically requested by

the Commissioner.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 277
Okla. Stat. tit. 6, § 6-211 — OK Code / Title 6 / Section 6-211
Fees and assessments
Status: in_force

A. 1. The Banking Board shall charge and collect from each

bank and trust company under its supervision an annual fee of One

Thousand Dollars ($1,000.00) which shall be deposited in the

Oklahoma State Banking Department revolving fund pursuant to Section

211.1 of this title.

2. The Board shall charge and collect assessments from each

bank or trust company under its supervision on each One Thousand

Dollars ($1,000.00) of assets, or major fraction thereof, at rates

established by the Board. Assessments shall be deposited in the

Oklahoma State Banking Department revolving fund created by Section

211.1 of this title.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 33

3. Effective January 1, 2007, and each year thereafter, ten

percent (10%) of all assessments collected from state-chartered

banks existing as of December 31 of the previous year shall be

deposited to the General Revenue Fund of the State Treasury. The

Board may charge and collect assessments on an annual basis and may,

in addition to any annual assessment, charge and collect a special

assessment from each bank or trust company, at rates established by

the Board. The annual assessments shall be paid to the Oklahoma

State Banking Department no later than the fifth day of February in

each year. The Board may order refunds of a portion of collected

assessments on a pro rata basis. Refunds shall be paid from the

Oklahoma State Banking Department revolving fund created by Section

211.1 of this title.

4. The fee for bank trust departments, which shall be in

addition to the assessment collected pursuant to paragraph 2 of this

subsection, shall be One Thousand Dollars ($1,000.00). The fees due

under this paragraph shall be paid annually to the Banking

Department no later than the fifth day of February in each year and

shall be deposited in the Oklahoma State Banking Department

revolving fund pursuant to Section 211.1 of this title. Failure to

pay any assessment or fee imposed pursuant to this section by its

due date will result in a penalty of Fifty Dollars ($50.00) per day

for each day it is in violation of this section, which penalty,

together with the amount due under the foregoing provisions of this

section, may be recovered in a civil action in the name of the

state.

5. All fees not otherwise directed shall be deposited in the

Department revolving fund pursuant to Section 211.1 of this title.

B. Whenever it is deemed advisable by the State Banking

Commissioner, special examinations of banks, trust companies and any

other person under, subject to or proposed to become under or

subject to the supervision of the Commissioner shall be conducted.

The expenses of the Department necessarily incurred in a special

examination, and the expenses of the Department necessarily incurred

in a regular examination of a trust company, shall be chargeable to

the bank, trust company or person examined at the rate not to exceed

Seventy-five Dollars ($75.00) per hour plus travel expenses as

provided by subsection B of Section 201.1 of this title for each of

the examining personnel. Payments received pursuant to this

subsection shall be deposited in the Department revolving fund

pursuant to Section 211.1 of this title.

C. Section 211 of Title 62 of the Oklahoma Statutes shall not

apply to the Oklahoma State Banking Department, the Banking Board,

the Credit Union Board nor the Banking Commissioner.
Okla. Stat. tit. 6, § 6-1415 — OK Code / Title 6 / Section 6-1415
Injunction
Status: in_force

A. Whenever a violation of this Code by a bank or an officer,

director or employee thereof is threatened or impending and will

cause substantial injury to the institution or to the depositors,

creditors, or stockholders thereof, the district court of the county

in which the bank is located shall, upon the suit of the

Commissioner, issue an injunction restraining such violation.

B. Whenever any corporation, not authorized to carry on a trust

business under this Code, shall falsely act as a trust company, or

shall use an artificial or corporate name implying or inferring it

is a trust company, the district court of the county in which lawful

service is obtained shall, upon suit of the Commissioner, issue an

injunction restraining such act.

C. All orders of the Commissioner and the Board shall be

enforced by the district court of the district of domicile of the

person or persons to whom the order is directed.
Okla. Stat. tit. 6, § 6-910.10 — OK Code / Title 6 / Section 6-910.10
Right of recoupment or set off
Status: in_force

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

bank may not exercise a right of recoupment or set off against a

special deposit.

B. An account agreement may authorize the bank to debit the

special deposit:

1. When the bank becomes obligated to pay a beneficiary, in an

amount that does not exceed the amount necessary to discharge the

obligation;

2. For a fee assessed by the bank that relates to an overdraft

in the special deposit;

3. For costs incurred by the bank that relate directly to the

special deposit; or

4. To reverse an earlier credit posted by the bank to the

balance of the special deposit, if the reversal occurs under an

event or circumstance warranted under other law of this state

governing mistake and restitution.

C. The bank holding a special deposit may exercise a right of

recoupment or set off against an obligation to pay a beneficiary,

even if the bank funds payment from the special deposit.
Okla. Stat. tit. 6, § 6-2001.1 — OK Code / Title 6 / Section 6-2001.1
Oklahoma State Credit Union Board - Creation
Status: in_force

A. There is hereby created the Oklahoma State Credit Union

Board, which shall consist of five (5) members appointed by the

Governor. The State Bank Commissioner shall be one of the members,

and he shall preside as Chairman of the State Credit Union Board.

One of the other four members shall be a member of a credit union

organized under the laws of this state, and each of the other three

members shall be the officer in charge of operations or a director

of a credit union organized under the laws of this state; provided,

however, one of those three may be from a federal credit union.

Said four members shall be selected by the Governor, with advice and

consent of the Senate, from a list of not less than five (5) names

for each member to be appointed submitted by the Oklahoma Credit

Union League. The members appointed by the Governor shall serve for

terms of four (4), three (3), two (2) and one (1) year,

respectively. Upon the expiration of the terms of the four members

previously appointed by the Governor pursuant to the provisions of

this section, their successors shall be appointed for terms of four

(4) years. If a member of the Oklahoma State Credit Union Board

ceases to hold the qualifications required for the appointment of

such member, then the remaining members shall immediately declare

the office of such member vacant and such member shall cease to be a

member of the Oklahoma State Credit Union Board. Any vacancy in the

membership of the State Credit Union Board, caused by other than the

expiration of a term, shall be filled only for the balance of the

term of the member in whose position the vacancy occurs.

Appointment made to fill a vacancy shall be made by the Governor,

with advice and consent of the Senate, from a list of not less than

five (5) names submitted by the Oklahoma Credit Union League.

Except as otherwise provided in this section, members shall serve

until their terms expire or until their successors are appointed and

qualified.

B. Each member of the State Credit Union Board shall be

entitled to be reimbursed for necessary travel expenses pursuant to

the State Travel Reimbursement Act.

C. The State Banking Department shall provide such clerical,

technical and legal assistance as the State Credit Union Board may

require.