Title 6 — Title 6 — Banks and Trust Companies

A. A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the Comm…

As used in this chapter: 1. "Credit union" means a cooperative nonprofit society incorporated for the purpose of promoting thrift among its members, and creating a source of credit for them at legitimate rates of interest for provident or productive purposes; and 2. "Paid-in and …

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 me…

Failure to comply with Commissioner's orders or requirements. A. In addition to any other powers conferred by law, the State Credit Union Board shall have the power to: 1. Regulate its own procedures and practice, except as may be hereafter provided by law; 2. Define any term not…

The State Credit Union Board may meet as often as necessary to carry out its duties, but it shall not fail to meet at least once in any calendar year. The Bank Commissioner may call additional meetings of the State Credit Union Board upon at least twenty-four (24) hours' notice a…

No member of the State Credit Union Board shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his office. Added by Laws 1983, c. 32, § 1, emerg. eff. April 20, 1983.

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 est…

Certificate of approval - Certificate of incorporation. After receipt of an application such as referred to in Section 2002 of this title, the Bank Commissioner shall cause an appropriate investigation to be made for the purpose of determining whether the application, the certifi…

6 O.S. § 2004 Repealed by Laws 1992, c. 90, § 19, eff. July 1, 1992

business in state - Revocation of approval - Cancellation of certificate. (A) A credit union not organized under the laws of this state or of the United States may conduct business as a credit union in this state only with the approval of the State Credit Union Board and upon rec…

General - Injunction and receiver. It shall be unlawful for any individual, firm, association, or corporation to transact a Credit Union business except as authorized by the laws of the State of Oklahoma or the United States, or to use or advertise in connection with any business…

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, b…

A. Credit union membership shall consist of the incorporators, and such other persons and incorporated and unincorporated organizations and their employees, as may be elected to membership. Each member shall subscribe to at least one share of the credit union’s stock and pay the …

Alternative examination or report - Failure to make and transmit or publish report - Certificate and bylaw forms - Annual financial report. A. A regular examination of credit unions organized under the laws of this state shall be made by or under the supervision of the Administra…

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…

A. There shall be a Banking Department, with a main office located at 2900 North Lincoln Boulevard, Oklahoma City, Oklahoma, which shall be a separate department of the state government charged with supervision of the activities in this state as provided in the Oklahoma Banking C…

A. The annual compensation, payable monthly, of the Commissioner, shall be fixed by the Banking Board. Unless otherwise disapproved by the Legislature, and notwithstanding any other prescription of salary limits including the ranges set forth in Section 3601.2 of Title 74 of the …

Supervisory committee - Officers. A. 1. The business affairs of a credit union shall be managed by a board of not less than seven (7) members, elected by the members of the credit union, from their number, at their annual meeting, the organizational meeting being the first annual…

2000.

(A) A member may be expelled by a two-thirds (2/3) vote of the members present at the annual or a special meeting called to consider the matter, but only after an opportunity has been given to the member to be heard at said meeting. Any member may withdraw from the credit union a…

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 undiv…

to stock transfer tax. When any shares shall be purchased by or deposits made in the name of any minor, the same shall be held for the exclusive right and benefit of such minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together …

repeal. (A) If any provision of this act, or the application thereof to any person or circumstance, is held invalid, the remainder of the act, and the application of such provisions to other persons or circumstances, shall not be affected thereby. (B) The right to alter, amend, o…

family 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. Add…

Each credit union organized under this act when requested by the Treasurer of the State of Oklahoma, shall act as fiscal agent of the State of Oklahoma, and shall perform such services as the Treasurer may require in connection with the collection of taxes and other obligations o…

A credit union may elect to dissolve voluntarily and liquidate its affairs. The process of voluntary dissolution shall be as follows: (A) The board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily, and directing that the question of dis…

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 …

- Term of conservatorship - Expenses - Commissioner's authority. (A) The Bank Commissioner may, with the approval of the State Credit Union Board and without advance notice, self-appoint or appoint an insuring organization or any other person as conservator to immediately take po…

6 O.S. § 2019 Repealed by Laws 1992, c. 90, § 19, eff. July 1, 1992

procedures - Destruction of records - Records as evidence. (A) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with such regulations as the State Credit Union Board from time to time prescribes. In prescribing such regulations, t…

A. The Board shall consist of seven (7) members. The Commissioner shall be Chairman and vote only in case of a tie on any question requiring action by the Board. B. Board - Qualifications. Other than the Commissioner, five members of the Board shall be active officers of state ba…

Any money deposited to a member's account which has not matured to at least an amount equal to the par value of shares as established by the credit union's certificate of incorporation within a three-year period may be transferred to a Special Reserve for Dormant Accounts if the …

A credit union chartered under the laws of the State of Oklahoma may be converted to a state credit union under the laws of any other state, or to a federal credit union either within or without the State of Oklahoma. A credit union chartered under the laws of the United States o…

Any credit union may, with the approval of the State Credit Union Board, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger, an…

Exceptions. A credit union chartered under the laws of the State of Oklahoma, the member accounts of which are insured under Title II of the Federal Credit Union Act, may exercise any of the powers of a federally chartered credit union doing business in this state, until otherwis…

When shares are owned or a deposit is made in the joint names of a member and one or more persons, payable to any of them or the survivor, such shares or deposit, or any part thereof, or any dividends or interest thereon, may be paid to any of the persons, whether one of those pe…

A. Share and deposit account proceeds that are payable to a beneficiary upon the death of the account owner shall be offered pursuant to the following provisions: 1. When shares are owned or a deposit has been made or shall hereafter be made in any credit union using the terms "P…

Shares or deposits may be held in the name of a member in trust for a beneficiary, or in the name of a nonmember in trust for a beneficiary who is a member. Payment of all or part of such trust funds to the person in whose name the shares or deposits are held shall, to the extent…

Confidential records - Disclosure of confidential information. (A) The following records of the State Credit Union Board, the Bank Commissioner, Administrator and State Banking Department are designated as public records: (1) All applications for credit union charters and support…

In addition to other powers conferred by the Oklahoma Banking Code, the Board shall have power to: 1. Regulate its own procedures and practice, except as may be hereafter provided by law; 2. Define any term not defined in the Oklahoma Banking Code; 3. Adopt and promulgate reasona…

A. In addition to other powers conferred by this Code, the State Banking Commissioner shall have the power to require a bank, bank holding company or trust company or shareholder, officer, director, or bank employee to: 1. Maintain its accounting system in accordance with such re…

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 loan associations, trustees, guardians, executor…

corporations, etc. - Investment of public funds. (a) It shall be lawful for banks, savings banks, trust companies, life insurance companies, fire insurance companies, mutual casualty insurance companies, and other insurance companies and investment companies, building and loan as…

authorized. No law of this state requiring security upon which loans or investments may be made, or prescribing the nature, amount or form of such security, or prescribing or limiting interest rates upon loans or investments, or prescribing or limiting the period for which loans …

The Commissioner, Deputy Commissioner and the Board shall have access to any record of the Department. Added by Laws 1965, c. 161, § 205.

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 dut…

1983.

1983.

1983.

1983.