Title 6 — Title 6 — Banks and Trust Companies

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 …

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. Su…

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 b…

branch office – Out-of-state banks – Loan and deposit production offices. A. Subject to rules promulgated by the Banking Board, a bank or out-of-state bank may utilize employees or agents of the bank or out-of-state bank to originate loans or originate deposit accounts, or both, …

Unless a state or national bank shall have expressly agreed in writing to assume special or fiduciary duties or obligations, no such duties or obligations will be imposed on the bank with respect to a depositor of the bank or a borrower, guarantor or surety, and no special or fid…

A. Any bank subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for any other bank owned or controlled by the same bank holding company. B. Despite any other pr…

bond issues - Representative trust office. Any bank or trust institution serving as a trustee of a bond issue of a public body in Oklahoma shall have and maintain a representative trust office within this state and shall have a trust officer in such office. Added by Laws 1998, c.…

1988.

Interstate reciprocity – Establishment and acquisition of branch banks. A. Upon application to and approval granted by the State Banking Commissioner or Comptroller of the Currency, an out-of-state bank which engages or has engaged in an interstate merger transaction with a bank …

a branch – Application – Existing branches and detached facilities – Temporary branches – Deposit limitations – Construction with Title 6, Sections 421 and 422. A. No bank shall be permitted to establish and operate a branch, or relocate a branch, except upon a certificate issued…

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 co…

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 subseque…

Nothing contained in this Code shall authorize trust companies, covered by or eligible for insurance coverage by the Federal Deposit Insurance Corporation, to establish branch offices within this state. As used in this section, "branch office" includes, but is not limited to, any…

6 O.S. § 505 Repealed by Laws 1997, c. 111, § 113, eff. July 1, 1997

A. An out-of-state bank holding company, upon approval by the Federal Reserve Board, may acquire an unlimited number of banks, bank holding companies and multibank holding companies. Any acquisition made pursuant to the provisions of this section may include assets and liabilitie…

This act shall be known and may be cited as the “Oklahoma Industrial Loan Company Branch Act of 2006”. Added by Laws 2006, c. 235, § 1, emerg. eff. June 6, 2006.

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 th…

Certificate for establishment or relocation of branch. A. An out-of-state industrial loan company or industrial bank shall not be permitted to establish a de novo branch in this state, nor to acquire a branch bank or savings association branch in this state, unless, on a reciproc…

The provisions of this act are severable and if any part or provision shall be held void, the decision of the court so holding shall not affect or impair any of the remaining parts or provisions of this act. Added by Laws 2006, c. 235, § 4, emerg. eff. June 6, 2006.

A. 1. The days and hours within which a state bank or national bank, credit union, savings association or trust company may be open for business may be set by its board of directors. 2. Any plan so adopted by any such organization may be changed by it from time to time in its dis…

6 O.S. § 602 Repealed by Laws 1997, c. 111, § 113, eff. July 1, 1997

offices and loan production offices - Business days and hours. If a bank, credit union, or savings association has one or more detached facilities or branch offices or deposit production offices or loan production offices, those facilities, branches, or loan production offices ma…

A. Power of the Commissioner. Whenever the Commissioner is of the opinion that an emergency exists or is impending in this state or in any part or parts of this state, he may, by proclamation, authorize institutions located in the affected area or areas to close any or all of the…

6 O.S. § 701 Repealed by Laws 1984, c. 133, § 10, eff. Oct. 1, 1984

Persons holding stock as executors, administrators, guardians or trustees shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person…

The holders of preferred stock shall not be held individually responsible as such holders for any debts, contracts, or engagements of the bank or trust company and shall not be liable for assessments to restore impairment in the capital of such corporation as now provided by law …

6 O.S. § 704 Repealed by Laws 1984, c. 133, § 10, eff. Oct. 1, 1984

Except as otherwise provided for in the Oklahoma General Corporation Act, the transfer of stock and the certificates of stock which represent the stock or uncertificated stock shall be governed by the Uniform Commercial Code - Investment Securities. To the extent that any provisi…

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…

Reduction of common stock and issuance of preferred stock - One meeting - Preferred stock as capital. A. Issuance of preferred stock - Classes - Procedure. Subject to the provisions of subsection C of Section 303.1 of this title relating to newly organized banks, any bank or trus…

The certificate of incorporation, or as the same may be amended, of any such bank or trust company may provide that upon retirement of any preferred stock of such bank or trust company issued pursuant to the provisions of this Code, the board of directors may, without further act…

conversion rights. A. Dividends. Notwithstanding any other provision of law, whether related to restrictions upon payment of dividends upon capital stock or otherwise, the holders of preferred stock shall be entitled to receive cumulative dividends only if provided for in the ban…

Voting trusts - Preemptive rights - Examination of stockbook. A. Stockholders' meetings. 1. An annual meeting of shareholders shall be held for the election of directors on a date and at a time designated by or in the manner provided for in the bylaws. Any other proper business m…

A. The affairs of a bank or trust company shall be managed by a board of directors which shall exercise its powers and be responsible for the discharge of its duties. The number of directors, which shall not be less than five, shall be fixed by the bylaws and the number so fixed …

bank. As a legitimate part of a program for the development and efficient utilization of bank personnel, a state bank may, subject to board approval, purchase the residence of an employee who has been transferred or required by his or her employment with the bank to move to anoth…

Overdrafts. A. Liability for violation of bank and trust laws. Any director, officer or other person who shall knowingly participate in any violation of the laws of this state, relative to banks and banking and trust companies, shall be liable for all damages which the corporatio…

liability eliminated or limited. A. The bylaws of a bank or trust company, as adopted or amended by the stockholders, may provide that it shall indemnify every officer, director, and employee, heirs, executors and administrators of the officer, director or employee, against judgm…

A. Directors must require fidelity bonds. The directors of a bank or trust company shall require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank or trust…

A. The board of directors of a bank shall meet at least once every month and the board of directors of a trust company shall meet at least once every quarter. However, the Commissioner may prescribe circumstances, which if satisfied by a bank, will permit the bank's board of dire…

The provisions of the Oklahoma General Corporation Act, shall, insofar as the same are not inconsistent herewith, govern corporations operating under the provisions of this Code. Added by Laws 1965, c. 161, § 715. Amended by Laws 1986, c. 292, § 144, eff. Nov. 1, 1986.

1994.

6 O.S. § 716.1 Repealed by Laws 1997, c. 111, § 113, eff. July 1, 1997

A. Member banks of Federal Reserve System. Every state bank that is a member of the Federal Reserve System shall maintain such reserves against deposits as may be required by the Federal Reserve Act, as amended, or by the Board of Governors of the Federal Reserve System. B. Banks…

A. 1. The total obligations to any bank or trust company of any person, copartnership, association or corporation shall at no time exceed thirty percent (30%) of the capital, less intangible assets, of the bank or trust company. For purposes of this section, the calculation of ca…

Any bank may make, arrange, purchase, sell in whole or in part real estate loans or extension of credit secured by liens on interests in real estate, subject to such terms, conditions and limitations as may be prescribed by the Commission or by order, rule or regulation. Added by…

6 O.S. § 804 Repealed by Laws 1997, c. 111, § 113, eff. July 1, 1997

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 trad…

A. A bank may purchase and sell equity and investment securities without recourse, solely on the order and for the account of a customer, and may not underwrite an issue of securities except as otherwise provided by the Banking Code or rules adopted thereunder. B. Except as other…

Subject to its legal loan limits, a bank may sell or purchase obligations which satisfy the Banking Code for loans and may sell and acquire such loans in full or in part. Added by Laws 1965, c. 161, § 807. Amended by Laws 1982, c. 223, § 12; Laws 1997, c. 111, § 74, eff. July 1, …

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 candida…