Title 6, Title 6 — Banks and Trust Companies
0 chapters · 331 sections in this title.
6 O.S. § 1001 Powers of trust companies
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All corporate trust companies now existing or hereafter created shall have the power to: 1. Receive deposits of trust moneys; to receive upon deposit for safekeeping personal property of every description; to guarantee special deposits; and to own or control safety vaults and ren…
6 O.S. § 1001.1 Temporary borrowing powers of trust companies
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Any trust company may rediscount or sell any of its assets for temporary purposes, with or without guaranty or endorsement. Added by Laws 1997, c. 111, § 82, eff. July 1, 1997.
6 O.S. § 1002 Restrictions on acting in certain fiduciary capacities -
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Reciprocity. All corporations except: (1) state banks in Oklahoma having trust powers, national banking associations located in this state and having trust powers and trust companies incorporated under the laws of this state and having trust powers; (2) corporations which are rec…
6 O.S. § 1003 Advertising performance of legal services prohibited
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A. No trust company shall advertise to furnish to the public legal services pertaining to the execution of trusts set forth in Section 1001 of this Code, or to the issuance of securities. No trust company shall advertise to furnish or furnish to the public legal advice or practic…
6 O.S. § 1004 Deposits of securities with Commissioner
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A. Deposit requirement - As pledge for faithful performance. (1) Before any bank or trust company, including national banking associations, shall transact any fiduciary business within this state it shall deposit with the Commissioner, as security and as a pledge for the faithful…
6 O.S. § 1005 Banks having trust powers and trust companies not required
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to give security as trustee, etc. Banks having trust powers and trust companies of this state having deposited securities with the Commissioner or purchased a bond as provided in Section 1004 of this Code, and authorized to act as assignee, receiver, administrator, executor, guar…
6 O.S. § 1006 Separation of books and accounts - Labeling securities -
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Prohibited operations of banks and trust companies having trust powers. A. Separation of books and accounts. Every bank having trust powers and every trust company shall establish and maintain in its office a trust department, in which shall be kept separate and apart from its ot…
6 O.S. § 1007 Lien and claim upon bank failure
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In the event of the failure of a bank having trust powers the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank. Added by Laws 1965, c. 161, § 1007.
6 O.S. § 1008 Investments - Acceptance as securities by public officials
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of this state. A. Securities authorized by Oklahoma Trust Act and Oklahoma Uniform Prudent Investor Act. Banks having trust powers and trust companies shall have the power of investing the moneys placed in their charge through various trust accounts in such loans and securities a…
6 O.S. § 1009 Official's oath or affidavit
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In any case in which the laws of a state require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this article shall take an oath or make an affidavit, the president, vice-president, cashier, or trust officer of such bank or trust com…
6 O.S. § 101 Short title
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This act may be cited as the "Oklahoma Banking Code". Added by Laws 1965, c. 161, § 101. Amended by Laws 1997, c. 111, § 1, eff. July 1, 1997; Laws 2000, c. 205, § 1, emerg. eff. May 17, 2000.
6 O.S. § 1010 Common trust funds
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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…
6 O.S. § 1011 Loans of trust funds to officers and employees prohibited
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It shall be unlawful for any bank or trust company to lend any officer, director or employee any funds held in trust under the powers conferred by this article. Added by Laws 1965, c. 161, § 1011.
6 O.S. § 1012 Banks having trust powers and trust companies subject to
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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. …
6 O.S. § 1013 Disclosure of communications and writings prohibited -
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Exceptions. Every bank exercising trust powers and every trust company shall, except as otherwise provided in this section, keep inviolate all communications and writings made to or by such trustee touching the existence, condition, management and administration of any private tr…
6 O.S. § 1014 Closing of trust unduly delayed
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Whenever, in the opinion of the Commissioner as a result of a regular or special examination made at his discretion, the closing of any trust in process of administration by any bank or trust company as executor, administrator, guardian, conservator or other trustee is found to b…
6 O.S. § 1015 Banks authorized to engage in trust business - Powers -
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Restrictions. Any bank now or hereafter authorized to engage in the trust business and exercise trust powers shall have and enjoy all the powers granted in this article, save those granted in paragraph (20) of subsection A of Section 1001, and they, their directors, officers and …
6 O.S. § 1016 Service charges not part of interest on loans
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The charges or service fees made by the trust department of any bank having trust powers and of any trust company organized and existing under the laws of this state, for any services performed or under any powers granted to such company, under the laws of this state, shall not b…
6 O.S. § 1017 Voluntary relinquishment of trust powers
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A. 1. Banks. Any bank desiring to surrender its right to exercise the powers granted pursuant to this article in order to relieve itself of the necessity of complying with the requirements of this article, or to have cancelled or returned to it any security pledged or purchased p…
6 O.S. § 1018 Voluntary or involuntary liquidation or receivership
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A. Successor trustee upon liquidation or receivership; appointment and qualification; petition by Commissioner. Whenever any bank or national banking association doing a trust business or trust company goes into voluntary or involuntary liquidation or receivership, successor trus…
6 O.S. § 1019 Merger, consolidation and sale of assets
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A trust company may merge, consolidate with another trust company or bank or make a sale of assets in the form and manner as set forth in Article XI of this act. Added by Laws 1965, c. 161, § 1019.
6 O.S. § 102 Definitions
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As used in the Banking Code unless the context otherwise requires: 1. "Acquisition" or "acquire" means any act or action with respect to the ownership or control of a bank or the purchase of its assets and the assumption of its liabilities which would require the approval of the …
6 O.S. § 1020 Existing trust powers of religious, charitable, etc
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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. Added by Laws 1965, c. 473,…
6 O.S. § 1021 Liquidation, dissolution and reorganization of trust
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companies. A. A trust company may be liquidated, dissolved and reorganized, for the reasons, in the manner and with the procedures as set forth in Article XII of this act, as such article would be applicable to trust companies, as if trust company were included in the article, wi…
6 O.S. § 1022 Banks, trust companies and national banking associations -
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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, whethe…
6 O.S. § 1023 Deposit of securities in clearing corporation or Federal
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Reserve Bank. A. Notwithstanding any other provisions of law, any bank, trust company, or national banking association holding securities in its fiduciary capacity, any bank, trust company, or national banking association holding securities as custodian or managing agent, and any…
6 O.S. § 1024 Acquisition of control of trust company - Notice -
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Approval - Review - Penalties. A. For purposes of this section: 1. "Control" means the power, directly or indirectly, to direct the management or policies of a trust company or to vote twenty-five percent (25%) or more of any class of voting securities of a trust company; 2. "Per…
6 O.S. § 104 Effect on existing banks and trust companies - Registration
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of bank or trust-related activities. A. The certificates, permits and charters of state banks and trust companies heretofore organized under the laws of the state and existing before August 31, 1965, shall continue in full force and effect. All such state banks and trust companie…
6 O.S. § 1101 Merger or conversion
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A. Resulting State Bank. Upon approval of the Board, banks or savings associations may be merged with or converted into a resulting state bank as hereafter prescribed, except that the action by a constituent national bank or federal savings association shall be taken in the manne…
6 O.S. § 1102 Approval of merger by directors and merger agreement
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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 locati…
6 O.S. § 1103 Approval by Board
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A. After approval by the board of directors of each constituent bank or savings association, the merger agreement shall be submitted to the Banking Board for approval, together with a fee for review of the merger as required by rule of the Banking Board which shall be deposited i…
6 O.S. § 1104 Stockholder approval - Notice requirements - Rights of
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dissenters - Appraisal expense - Valuation and payment of dissenting shares. A. Stockholder approval. To be effective, a merger must be approved by the stockholders of each constituent state bank or savings association by a majority vote of the outstanding voting stock at a meeti…
6 O.S. § 1105 Effective date of merger, filing of approved agreement
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certificate of merger as evidence. A. A merger shall, unless a later date is specified in the agreement, become effective upon the filing with the Board of the executed agreement together with copies of the resolutions of the stockholders of each constituent bank or savings assoc…
6 O.S. § 1106 Continuation of corporate entity
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A. The resulting state bank shall be considered the same business and corporate entity as each constituent bank or savings association with all of the rights, powers, and duties of each constituent bank or savings association, except as limited by the charter and bylaws of the re…
6 O.S. § 1107 Conversion from state bank to national and of national to
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state bank, and trust powers. A. State bank conversion to national bank. Nothing in the law of this state shall restrict the right of a state bank to convert into a national bank upon compliance with the laws of the United States, and upon completion of such conversion it shall s…
6 O.S. § 1108 Nonconforming assets of business
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If a constituent bank or savings association has assets which do not conform to the requirements of state law for the resulting bank, or if a converting national bank has assets which do not conform to the requirements of state law for the converted state bank, or in either case …
6 O.S. § 1109 Sale or purchase of all assets of bank, trust company or
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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…
6 O.S. § 1109.1 Sale of assets other than in the ordinary course of
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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 O.S. § 1110 Book value of assets
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Without approval by the Commissioner no asset shall be carried on the books of the resulting bank or purchasing bank at a valuation higher than that on the books of a merging, converting bank or selling bank at the time of its last examination by a state or national bank examiner…
6 O.S. § 1111 Merger with parent bank holding company, nonbank
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subsidiary of parent bank holding company or subsidiary. A. Upon approval by the Banking Board, and subject to satisfying each of the criteria contained in subsection B of this section and complying with the procedures required by subsection C of this section, a state bank may me…
6 O.S. § 1201 Voluntary liquidation and dissolution
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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 that the proposal to liquidate and dissolve has been approved by a majority vote of th…
6 O.S. § 1202 Involuntary liquidation by Commissioner - Reorganization
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A. Possession of Commissioner - Hearing. Except as otherwise provided in this Code, only the State Banking Commissioner may take possession of a bank, if, after a hearing before the Banking Board, the Board shall find: 1. That it is insolvent; 2. The bank's capital is impaired, a…
6 O.S. § 1203 Reorganization
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A. Standards of plan of reorganization. A plan of reorganization shall not be prescribed under this Code unless: (1) the plan is feasible and fair to all classes of depositors, creditors and stockholders. (2) the aggregate face amount of the interest accorded to any class of depo…
6 O.S. § 1204 Liquidation by Commissioner - Procedure
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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 exc…
6 O.S. § 1205 Federal Deposit Insurance Corporation as liquidator
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A. Liquidation by F.D.I.C. The Federal Deposit Insurance Corporation is hereby authorized and empowered to be and act without bond as liquidating agent of any banking institution closed by the State Banking Commissioner, the deposits in which are to any extent insured by the Corp…
6 O.S. § 1206 Conservator
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A. Whenever the State Banking Commissioner shall deem it necessary in order to conserve the assets of any bank or trust company for the benefit of the depositors and other creditors thereof, the Commissioner may appoint a conservator for the bank and require such bond and securit…
6 O.S. § 1207 Transfer or conveyance of title to mineral interests or
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leases. The Commissioner shall have authority to transfer or convey title to any mineral interests or mineral leases the Department or the Commissioner acquired prior to the effective date of this act, from a state-chartered bank or trust company not insured by the Federal Deposi…
6 O.S. § 1301 Definitions
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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…
6 O.S. § 1301.1 Appointment of deputy
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A lessee on a safe deposit box may appoint a deputy, with or without the consent of or notice to any other joint lessees on the box. A deputy shall have the power to enter the box, remove contents therefrom or add contents, and the appointment of the deputy shall not be affected …
6 O.S. § 1301.2 Authorization for access to safe deposit box upon death
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of lessee. A. A lessee of a safe deposit box may grant authorization for one or more persons to have access to that safe deposit box upon the death of the lessee, and the financial institution in which the safe deposit box is located shall grant such access, subject to the provis…