reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-216. Standards in regulations, orders and rules.

The Board and the Commissioner, in the exercise of the power to make orders and rules and to issue regulations pursuant to this Code, shall act in the interests of promoting and maintaining a sound banking system and sound trust companies, the security of deposits and depositors and other customers, the preservation of the liquid position of banks and in the interest of preventing injurious credit expansions and contractions.
Added by Laws 1965, c. 161, § 216.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-218. Transfer of stock or controlling interest - Notice to and 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 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.
Added by Laws 1965, c. 161, § 218. Amended by Laws 1995, c. 36, § 8, eff. July 1, 1995; Laws 1997, c. 111, § 18, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-219. Changes in chief executive officer and directors.

Every bank and trust company shall report promptly to the Commissioner any change for whatever reason in the chief executive officer and directors, including in its report a statement of the past and current business and professional affiliations of the new chief executive officer and directors.
Added by Laws 1965, c. 161, § 219. Amended by Laws 1968, c. 93, § 2, emerg. eff. April 1, 1968.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-220. Impairment of capital - Assessments - Limitations.

A. Commissioner may direct assessment - Procedure. The Commissioner may order a bank or trust company to levy an assessment in a designated amount upon the holders of record of common stock to remedy an impairment of capital. Upon receipt of an order to levy an assessment, the directors shall, within three (3) business days, cause to be sent to all holders of common stock, at their addresses on the books of the bank or trust company, a notice of the amount of the assessment, a copy of the order of the Commissioner and a copy of this subsection. If an assessment is not paid within thirty (30) days after the notice is mailed, the bank or trust company shall offer the shares of the defaulting shareholders for sale at public auction at a price which shall not be less than the amount of the assessment and the cost of the sale. Any excess shall be paid to the prior owners. The method of collection provided herein shall be the sole method of collecting assessments.
B. Limitation of bank operations where capital impaired. Whenever the capital or reserve of any bank shall be impaired, the Commissioner may order it to make no new loans or discounts except upon sight bills of exchange drawn against actually existing values.
Added by Laws 1965, c. 161, § 220. Amended by Laws 1984, c. 133, § 3, eff. Oct. 1, 1984.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-301. Certificate of authority.

From and after the passage of the Oklahoma Banking Code no certificate of authority to engage in the banking or trust company business in this state shall be issued, and no bank or trust company or person shall be permitted to engage in such business within Oklahoma except on certificate issued by the Commissioner upon approval of the Board of an application for authority to organize a state bank or trust company. The issuance of such certificate shall be within the sole discretion of the Board.
Added by Laws 1965, c. 161, § 301. Amended by Laws 1982, c. 204, § 2; Laws 1997, c. 111, § 19, eff. July 1, 1997; Laws 2002, c. 67, § 3, eff. Nov. 1, 2002.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-303. Incorporators - Fee.

A. One or more persons eligible by the Oklahoma Banking Code or by federal law to own and control a bank or trust company shall file with the State Banking Commissioner, in a method as required by the Commissioner, an application for authority to organize setting forth the information required by Section 305 of this title.
B. Each organizer shall subscribe and pay in full in cash for stock having a total subscription price of not less than one percent (1%) of the minimum capital required by Section 303.1 of this title.
C. An application fee in an amount prescribed by Board rule shall accompany the application. The fee is payable from the organizational expense fund and is nonrefundable.
Added by Laws 1965, c. 161, § 303. Amended by Laws 1967, c. 258, § 1; Laws 1970, c. 321, § 6; Laws 1971, c. 352, § 6; Laws 1982, c. 204, § 4; Laws 1990, c. 173, § 2, emerg. eff. May 3, 1990; Laws 1997, c. 111, § 20, eff. July 1, 1997; Laws 2000, c. 205, § 11, emerg. eff. May 17, 2000; Laws 2001, c. 55, § 1, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-303.1. Capital structure - Preferred stock.

A. Except as provided in subsection B of this section, the State Banking Commissioner may not issue a charter to a state bank having required capital of less than the greater of Two Million Dollars ($2,000,000.00) or such amount as may be required by the Federal Deposit Insurance Corporation.
B. The Commissioner may require additional capital for a proposed bank or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed bank, if the Commissioner finds the proposed scope or type of operations of a proposed bank requires additional, or permits reduced, capital, consistent with the safety and soundness of the bank. To the extent determined by the Commissioner to be relevant, the safety and soundness factors to be considered by the Commissioner in the exercise of discretion include but are not limited to:
1. The nature and type of business conducted;
2. The nature and degree of liquidity in assets held in a corporate capacity;
3. The size of population of the proposed market;
4. The existence and type of concentrations of lending or investing, if any, likely for the bank;
5. The geographic size of the proposed market;
6. The competence and experience of management;
7. The extent and adequacy of internal controls;
8. The presence or absence of annual unqualified audits by an independent certified public accountant;
9. The reasonableness of business plans for retaining or acquiring additional capital; and
10. Federal Deposit Insurance Corporation capital requirements.
C. Any trust company hereafter organized shall have paid-in capital totaling Two Million Dollars ($2,000,000.00).
D. The issuance of preferred stock by a newly organized bank or trust company may be authorized by the Commissioner. Preferred stock shall have such preferences, powers and rights as the Commissioner may approve. It shall not be retired without the approval of the Commissioner and the requirement of such approval shall be stated in the stock certificates, but the Commissioner may give advance approval to sinking funds payable exclusively out of earnings available for dividends.
Added by Laws 1965, c. 161, § 302. Amended by Laws 1970, c. 321, § 5; Laws 1982, c. 204, § 3. Renumbered from § 302 of this title by Laws 1982, c. 204, § 16. Amended by Laws 1988, c. 166, § 3, emerg. eff. May 24, 1988; Laws 1997, c. 111, § 21, eff. July 1, 1997; Laws 2000, c. 205, § 12, emerg. eff. May 17, 2000.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-304. Expenses of organization.

A. Each subscriber at the time the subscriber subscribes to the stock of a proposed state bank or trust company shall pay in cash a sum equal to at least five percent (5%) of the sale price of such stock into a fund to be used to pay the expenses of organization. No organizational expense shall be paid out of any other funds of the bank.
B. Upon the issuance of a certificate of authority by the Commissioner any unexpended balance shall be transferred to undivided profits. If the application has been finally denied, any unexpended balance shall be distributed among the contributors in proportion to their respective contributions. The Commissioner may require an accounting of disbursements from the fund and may order the organizers to restore any sum which has been expended for other than proper organizational expenses.
C. No payment shall be made from the organizational expense fund for soliciting subscriptions to stock.
D. Any financial arrangement or transaction involving the proposed bank or trust company and its organizers, directors, officers or principal shareholders shall be disclosed.
Added by Laws 1965, c. 161, § 304. Amended by Laws 1982, c. 204, § 5; Laws 1997, c. 111, § 22, eff. July 1, 1997; Laws 2002, c. 67, § 4, eff. Nov. 1, 2002; Laws 2008, c. 275, § 3, eff. July 1, 2008.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-306.1. Commissioner – Certificate of authority – Recommendation 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.
Added by Laws 1982, c. 204, § 7. Amended by Laws 1983, c. 73, § 2, emerg. eff. April 29, 1983; Laws 1984, c. 133, § 4, eff. Oct. 1, 1984; Laws 1985, c. 168, § 4, emerg. eff. June 18, 1985; Laws 1993, c. 183, § 6, eff. July 1, 1993; Laws 1997, c. 111, § 24, eff. July 1, 1997; Laws 1999, c. 27, § 5, eff. July 1, 1999; Laws 2002, c. 67, § 6, eff. Nov. 1, 2002; Laws 2008, c. 275, § 4, eff. July 1, 2008; Laws 2010, c. 62, § 4, emerg. eff. April 9, 2010.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-306.2. Acceptance of application for filing - Notice.

A. In the event the Commissioner determines that the organizers have substantially complied with the requirements of Section 305 of this title and an organizational expense fund in a minimum amount approved by the Commissioner has been fully funded, the Commissioner shall accept the application for filing and shall notify the organizers of the acceptance. Prior to acceptance by the Commissioner, an applicant shall have one opportunity to correct deficiencies in an application. Deficiencies that are not corrected adequately when the application is resubmitted may cause the application to be considered withdrawn or disapproved.
B. Within ten (10) days after the Commissioner has accepted an application for filing, the applicant shall publish notice of such acceptance in a legal newspaper of general circulation in the city, town, or county in which the proposed bank or trust company is to be located. The notice shall be published on the same day for two (2) consecutive weeks and shall contain a statement that an application has been submitted, the names of the organizers, the name and location of the proposed bank or trust company and the date on which the application was accepted for filing. The applicant shall promptly furnish the Commissioner an affidavit evidencing such publication.
Added by Laws 1993, c. 183, § 7, eff. July 1, 1993. Amended by Laws 1997, c. 111, § 25, eff. July 1, 1997; Laws 2010, c. 62, § 5, emerg. eff. April 9, 2010.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-307.1. Objectives of Commissioner and Banking Board - Comments or objections.

A. Objectives. The primary objectives of the State Banking Commissioner and the Banking Board shall be to maintain a sound banking system, to encourage a competitive banking environment and to provide convenience to the public.
B. Comments or objections. Within twenty-one (21) days after the first notice by publication as described in Section 306.2 of this title, any interested person may submit to the Commissioner written comments or objections to organization of the proposed bank, or a request for an opportunity to be heard by the Commissioner at a hearing held prior to consideration by the Board of the application for authority to organize. Any request for opportunity to be heard shall set forth reasons justifying the time and expense entailed by such hearing before the Commissioner. In the sole discretion of the Commissioner, the Commissioner may decide to permit such a hearing or may refuse the request for hearing. If the Commissioner refuses the request for hearing, the interested person may be heard at the hearing held by the Board to consider the application. In the absence of a request, the Commissioner may order a hearing to be held before the Commissioner if the Commissioner determines that it is in the public interest.
Added by Laws 1982, c. 204, § 8. Amended by Laws 1997, c. 111, § 26, eff. July 1, 1997; Laws 2002, c. 67, § 7, eff. Nov. 1, 2002; Laws 2010, c. 62, § 6, emerg. eff. April 9, 2010.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-309. Public charter application file - Contents - Availability - Findings and conclusions - Objections.

A. Contents. The charter application file shall consist of the application with supporting data and supplementary information, with the exception of personal financial records of individual applicants and other material deemed by the Commissioner to be confidential. In addition, the charter application file shall contain all data and information submitted by interested persons in opposition to such application.
B. Availability of charter application file. Except for personal financial records of individual applicants and other material deemed by the Commissioner to be confidential, the charter application file shall be available for inspection in the office of the Banking Department upon written request from any person. No documents in the charter application file may be removed from the office of the Banking Department. Photocopies may be made upon request. The charge for such copies shall be determined pursuant to Section 208 of this title.
C. Findings and conclusions. The presiding officer of a hearing permitted under Section 308 of this title shall issue findings of fact and conclusions of law within thirty (30) days after the hearing or additional time as prescribed by the presiding officer based on the material contained in the record and shall mail a copy of the findings and conclusions to each participant. The presiding officer, at the discretion of the presiding officer, may give consideration to the following in arriving at the findings, conclusions and recommendation of the presiding officer:
1. The character, financial responsibility and business experience of the organizers and proposed directors;
2. The adequacy of the existing banking facilities in the proposed market;
3. The economic and competitive conditions in the proposed market;
4. The likelihood of successful operation of the proposed institution;
5. The adequacy of initial capital, proposed earnings and deposit prospects of the proposed institution; and
6. Negative impact on banks serving all or part of proposed market.
D. Objections; Board hearing. Written objections to the presiding officer's findings and conclusions, or procedural objections, if any, shall be submitted to the Commissioner by participants within fourteen (14) days after the issuance of the presiding officer's findings and conclusions. The Commissioner shall schedule a date for consideration of the presiding officer's findings of fact and conclusions of law and recommendations to the Board and for presentation of oral arguments by participants in support of or in opposition to the written objections previously submitted.
The Commissioner shall promptly notify all participants of the date scheduled for hearing before the Board.
Added by Laws 1982, c. 204, § 10. Amended by Laws 1983, c. 73, § 3, emerg. eff. April 29, 1983; Laws 1997, c. 111, § 28, eff. July 1, 1997; Laws 2002, c. 67, § 9, eff. Nov. 1, 2002; Laws 2005, c. 48, § 9, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-311. Appeal of Board's decision.

The decision of the Board may be appealed to the Oklahoma Supreme Court by any party directly affected and showing 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.
Added by Laws 1982, c. 204, § 12. Amended by Laws 1997, c. 111, § 30, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-311.1. Existing certificate of incorporation for which no certificate of authority is outstanding.

In the case of an existing certificate of incorporation for which no certificate of authority is currently outstanding, a holder of such certificate of incorporation shall follow the procedure and obtain the approvals as set forth in Sections 312 and 313 of this title.
Added by Laws 1997, c. 111, § 31, eff. July 1, 1997. Amended by Laws 2002, c. 67, § 11, eff. Nov. 1, 2002.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-312. Issuance of certificate of incorporation - Shareholders 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.
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.
Added by Laws 1982, c. 204, § 13. Amended by Laws 1983, c. 73, § 5, emerg. eff. April 29, 1983; Laws 1997, c. 111, § 32, eff. July 1, 1997; Laws 2002, c. 67, § 12, eff. Nov. 1, 2002.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-401. Organization of new bank or trust company.

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.
Added by Laws 1965, c. 161, § 401. Amended by Laws 1997, c. 111, § 34, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-402.1. Chartering of banker's bank.

A banker's bank may be chartered pursuant to Sections 301 through 313 of Title 6 of the Oklahoma Statutes and shall have the powers set forth in Section 402 of Title 6 of the Oklahoma Statutes, subject to the following limitations and restrictions:
1. The stock of the bank shall be owned exclusively by other banks, or if the stock of such bank is owned by a holding company, then the stock of the holding company is owned exclusively by other banks;
2. The bank or the bank holding company owning such bank, including all subsidiaries, shall engage primarily in providing service to or for other depository institutions or their holding companies, and the directors, officers, or employees of such institutions;
3. The bank shall have federal deposit insurance by the Federal Deposit Insurance Corporation; and
4. The bank shall provide correspondent banking services at the request of other depository institutions, their subsidiaries or their holding companies and subsidiaries of such holding companies.
Added by Laws 1997, c. 111, § 36, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-403.1. Membership in Federal Reserve System.

A. Any bank incorporated under the laws of this state may subscribe to the capital stock and become a member of the Federal Reserve System.
B. Any bank incorporated under the laws of this state which becomes a member of the Federal Reserve System is by this Code vested with all powers conferred upon member banks of the Federal Reserve System by the terms of the Federal Reserve Act as fully and completely as if such powers were specifically enumerated and described in this Code. All such powers shall be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Federal Reserve Board made pursuant thereto.
C. Compliance on the part of any such bank with the reserve requirements of the Federal Reserve Act is full compliance with those provisions of the laws of this state which require banks to maintain cash balances in their vaults or with other banks, and no such bank shall be required to carry or maintain reserve other than such as is required under the terms of the Federal Reserve Act.
D. Any such bank shall continue to be subject to the supervision and examination required by the laws of this state, except that the Board of Governors of the Federal Reserve System has the right, if it deems necessary, to make examinations. The authorities of this state having supervision over such bank may disclose to the Board of Governors of the Federal Reserve System, or to examiners duly appointed by it, all information in reference to the affairs of any bank which has become or desires to become a member of the Federal Reserve System.
E. The provisions of this section shall be deemed to apply to any bank electing to become a member of the Federal Reserve System prior to the effective date of this act.
Added by Laws 1998, c. 70, § 1, emerg. eff. April 8, 1998.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-404. Federal Deposit Insurance Corporation Act - Acts permitted for compliance therewith.

Every bank may do and perform any act and thing necessary or required under the terms of the Federal Deposit Insurance Corporation Act, and any amendments thereto or any act substituted therefor, to secure the benefits of the deposit insurance and other advantages provided by such act, and any amendments thereto or any act substituted therefor applicable to state banks and trust companies.
Added by Laws 1965, c. 161, § 404.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-405. Increase or decrease of capital stock - Procedure - 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 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.
Added by Laws 1965, c. 161, § 405. Amended by Laws 1982, c. 223, § 6; Laws 1983, c. 73, § 6, emerg. eff. April 29, 1983; Laws 1997, c. 111, § 38, eff. July 1, 1997; Laws 2005, c. 48, § 11, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-405.1. Authorized but unissued stock.

Any bank or trust company, with the written approval of the Commissioner and by majority vote of the outstanding voting stock, may by proper amendment to its certificate of incorporation authorize an increase in the common stock of the bank in the category of authorized but unissued stock. Such authorized but unissued stock may be issued from time to time to employees of the bank pursuant to a stock option or stock purchase plan adopted in accordance with the provisions of Section 40 of this act or in exchange for convertible preferred stock or convertible capital debentures in accordance with the terms and provisions of such securities. Authorized but unissued stock may also be issued from time to time for such other purposes and considerations as may be approved by the board of directors of the bank and by the written approval of the Commissioner.
Added by Laws 1997, c. 111, § 39, eff. July 1, 1997. Amended by Laws 1997, c. 374, § 2, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-405.2. Employee stock option and stock purchase plans.

A. Scope and application. Any bank or trust company may grant options to purchase, sell or enter into agreements to sell shares of its capital stock to its employees, for a consideration of not less than one hundred percent (100%) of the fair market value of the shares on the date the option is granted, or, if pursuant to a stock purchase plan, one hundred percent (100%) of the fair market value on the date the purchase price is fixed, pursuant to the terms of an employee stock option plan or employee stock purchase plan which has been adopted by the board of directors of the bank and approved by the holders of at least a majority of the outstanding shares of the bank entitled to vote and by the Commissioner. Stock options issued hereunder shall not extend beyond a period of ten (10) years from date of issuance and shall otherwise qualify as stock options under the provisions of the Internal Revenue Code of 1954, as it may be amended from time to time.
B. Source of shares. Shares issued to employees pursuant to this section may be authorized but unissued stock which has been authorized by stockholders in accordance with the procedures outlined in Section 39 of this act.
Added by Laws 1997, c. 111, § 40, eff. July 1, 1997. Amended by Laws 1997, c. 374, § 3, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-407. Amendment - Trust powers.

Any bank heretofore organized not authorized by its certificate of incorporation to exercise trust powers may file an application with the State Banking Commissioner requesting such authority.
1. The application must be approved by majority vote of the outstanding voting stock and the resolution so adopted must be duly verified by the president or cashier of the bank.
2. In passing upon the application, the Commissioner will give consideration to the following matters and to any other facts and circumstances the Commissioner deems proper:
a.
whether the bank has sufficient capital to exercise the fiduciary powers applied for, which capital shall be no less than Two Million Dollars ($2,000,000.00),
b.
the proposed market for fiduciary services and the probable volume of such fiduciary business available to the bank,
c.
the general condition of the bank, including the adequacy of its capital in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities, including the exercise of fiduciary powers,
d.
the general character and ability of the management of the bank,
e.
the nature of the supervision to be given to the fiduciary activities, including the qualifications, experience and character of the proposed officer or officers of the trust department, and
f.
whether the bank has available legal counsel to advise and pass upon fiduciary matters whenever necessary.
3. The qualifying bank may, by appropriate amendment to its certificate of incorporation, change its name by adding thereto, "& Trust Company" or "and Trust Company".
4. An application for authority to exercise trust powers shall be accompanied by a fee as set by rule of the Banking Board.
Added by Laws 1965, c. 161, § 407. Amended by Laws 1975, c. 109, § 9, emerg. eff. May 7, 1975; Laws 1982, c. 223, § 8; Laws 1990, c. 173, § 3, emerg. eff. May 3, 1990; Laws 1997, c. 111, § 42, eff. July 1, 1997; Laws 2000, c. 205, § 14, emerg. eff. May 17, 2000.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-408. Amendment of existing articles of incorporation with certificate of incorporation.

Each bank or trust company having articles of incorporation on file with the Secretary of State shall amend the articles with a certificate of incorporation as identified by Section 1005 of Title 18 of the Oklahoma Statutes using a form as prescribed by the Commissioner no later than November 1, 1997.
Added by Laws 1965, c. 161, § 408. Amended by Laws 1997, c. 111, § 43, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-410. Capital debentures - Rediscounting notes to Federal Reserve.

A. Borrowing - Capital debentures. A bank may borrow money and issue evidence of indebtedness and may issue convertible or nonconvertible capital notes or debentures subject to such terms, conditions or limitations as may be prescribed by the Board by order, rule or regulation. Capital notes or debentures which are by their terms expressly subordinated to the prior payment in full of all deposit liabilities of the bank shall be considered as part of the unimpaired capital funds of the bank for the purpose of the computation of the bank's loan and investment limit.
B. Rediscounting notes to Federal Reserve. Any bank may rediscount with and sell to a Federal Reserve Bank any notes, drafts, bills of exchange, acceptances and other securities, with no restrictions, and as fully and to the same extent as this privilege is given to national bank members under the terms of the Federal Reserve Act, or by regulations of the Federal Reserve Board made pursuant thereto.
Added by Laws 1965, c. 161, § 410. Amended by Laws 1977, c. 208, § 5, emerg. eff. June 14, 1977; Laws 1983, c. 73, § 8, emerg. eff. April 29, 1983; Laws 1997, c. 111, § 45, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-411. Pledge of assets - Banks.

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.
Added by Laws 1965, c. 161, § 411. Amended by Laws 1992, c. 157, § 1, emerg. eff. May 5, 1992; Laws 1993, c. 38, § 1, eff. Sept. 1, 1993; Laws 1997, c. 111, § 46, eff. July 1, 1997; Laws 2000, c. 59, § 1, emerg. eff. April 14, 2000.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-412. Signature guaranty.

(1) A bank may become guarantor of the genuineness of a signature.
(2) A bank guaranteeing the signature of a person on any document warrants to any person relying on such guaranty only that:
(a) the signature is that of the person signing; and
(b) the signer is the holder, or the signer has purported authority to sign in the name of the holder; provided that if the holder purports to act as a fiduciary either as "fiduciary" as defined in this Code or his name is signed by a person purporting to act on the holder's behalf as a fiduciary, the bank warrants that such holder or such person so signing as such fiduciary is in fact the fiduciary he purports to be and warrants that the bank has no actual knowledge that such fiduciary is committing a breach of his obligation as such fiduciary in signing such document and that it has no knowledge of such facts that its action in guaranteeing the signature amounts to bad faith; and
(c) the signer has legal capacity to sign.
(3) A bank may disclaim in its guaranty all or any part of the obligations set forth in subsection (2)(b) of this section.
Added by Laws 1965, c. 161, § 412.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-415. Drive-in or walk-up facilities.

A. 1. Any bank chartered pursuant to the laws of this state may maintain and operate outside attached facilities, and, subject to the approval of the Banking Board as evidenced by its certificate, detached facilities on real property owned or leased by the bank having one or more tellers' windows for drive-in or walk-up service or both.
2. Any branch may maintain and operate outside attached facilities having one or more tellers' windows for drive-in or walk-up service or both on property owned or leased by the bank.
3. For the purposes of this section the date of approval of a bank charter or the date of approval of a branch by the appropriate state or federal authority shall be the date of existence of such bank, branch, or facility.
B. 1. No bank shall be permitted to maintain and operate such additional outside facilities except upon certificate issued by the Board.
2. The application for a certificate to maintain and operate a detached facility shall comply with the regulations of the Board. An application fee in an amount prescribed by Board rule shall accompany the application. Within twenty (20) days after the conclusion of the hearing the Board, in its sole discretion, shall approve or deny the application and shall notify the applicant of its decision.
3. Any banking function may be performed at a detached facility except that of making loans. Upon the recommendation of the State Banking Commissioner, the Attorney General shall bring an appropriate action to enjoin a bank from conducting the making of loans at such facilities.
4. Any facility authorized pursuant to the laws of this state prior to October 1, 1983, shall not be rendered unlawful by any provision of this section.
5. The provisions of this section shall not be construed in derogation or denial of the right to operate and maintain facilities as provided for in Sections 421 and 422 of this title.
C. Notwithstanding paragraph 1 of subsection A of this section and paragraphs 1 and 2 of subsection B of this section, the Board may by rule establish a procedure whereby the Commissioner may grant approval and issue the certificate to establish and operate or relocate a detached facility without a hearing before the Board. The procedure shall include criteria set by the Board to be applied by the Commissioner in the consideration of the application.
Added by Laws 1965, c. 161, § 415. Amended by Laws 1968, c. 93, § 6; Laws 1970, c. 321, § 7; Laws 1971, p. 1033, S.J.R. No. 33, § 1, emerg. eff. June 17, 1971; Laws 1983, c. 221, § 1, operative Oct. 1, 1983; Laws 1990, c. 173, § 5, emerg. eff. May 3, 1990; Laws 1995, c. 36, § 11, eff. July 1, 1995; Laws 1997, c. 22, § 1, eff. Nov. 1, 1997; Laws 1997, c. 111, § 48, eff. July 1, 1997; Laws 2000, c. 205, § 16, emerg. eff. May 17, 2000.
NOTE: Laws 1971, c. 132, § 1 and Laws 1971, c. 352, § 11 repealed by Laws 1983, c. 221, § 4, operative Oct. 1, 1983.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-421. Military banking facilities.

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.
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.
Added by Laws 1965, c. 244, § 1. Amended by Laws 1968, c. 93, § 17, emerg. eff. April 1, 1968; Laws 1996, c. 92, § 5, eff. June 1, 1996; Laws 1997, c. 111, § 50, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-422. Consumer banking electronic facilities.

A. Any bank, savings and loan association or credit union located within the State of Oklahoma may install, operate or utilize consumer banking electronic facilities, provided written notice is given to the Commissioner prior to the commencement of operations of each facility. Such notice shall contain any reasonable descriptive information pertaining to the facility as shall be required by the rules or regulations of the Board.
B. A consumer banking electronic facility, when located other than at a bank's principal office or detached facility, may be operated exclusively by customers or transactions may be performed through the assistance of any person provided that person is not employed, either directly or indirectly, by any bank, bank holding company or subsidiary, savings and loan association or credit union. Such assistance shall not be deemed to be engaging in the business of banking. Persons assisting bank customers at the site of a consumer banking electronic facility may be trained by bank employees and nothing in this section shall be construed to prohibit periodic servicing of a consumer banking electronic facility by a bank, savings and loan association or credit union employee. Under no circumstances may an employee of a bank, bank holding company, affiliate or subsidiary thereof, savings and loan association or credit union perform transactions for others at the consumer banking electronic facility. However, a consumer banking electronic facility located on the business premises of a person engaged in the sale of goods or services may be used to perform internal nonbanking functions for such persons.
C. Consumer banking electronic facility transactions shall be considered as the conduct of banking transactions at the headquarters' location of the bank, savings and loan association or credit union for which the data is transmitted.
D. A person not holding a certificate of authority to operate as a bank, credit union, or savings association may install, operate and utilize consumer banking electronic facilities only after filing a registration statement with the Banking Department pursuant to the requirements of Section 104 of this title and any rules promulgated thereunder by the State Banking Board. Provided however, a person filing a registration statement solely in connection with bank or trust-related activities involving consumer banking electronic facilities shall pay to the Department a fee no greater than Fifty Dollars ($50.00) per facility, up to a maximum of Five Hundred Dollars ($500.00), notwithstanding any rule by the Board that may establish a higher fee.
Added by Laws 1976, c. 31, § 2, emerg. eff. March 17, 1976. Amended by Laws 1993, c. 183, § 8, eff. July 1, 1993; Laws 1997, c. 111, § 51, eff. July 1, 1997; Laws 2009, c. 3, § 2, eff. July 1, 2009.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-423. Operations centers.

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.
Added by Laws 1989, c. 293, § 8, emerg. eff. May 24, 1989. Amended by Laws 1997, c. 111, § 52, eff. July 1, 1997.