Article
I Short Title, Definitions, and Miscellaneous
II Banking Department
III Organization
IV General Powers
V Branch Banking-Bank Holding Companies
VI Closing Days
VII Corporate Functions, Bank and Trust Companies
VIII Regulation of Banks
IX Deposits and Collections-Notary Public-Protests
X Regulation of Trust Companies
XI Merger, Consolidation, Conversion and Sale of Assets
XII Liquidation, Dissolution and Reorganization
XIII Safe Deposit and Safekeeping Facilities
XIV Offenses and Penalties
XV Oklahoma Financial Transaction Reporting Act
XVI International Bank Act
XVII Multi-State Trust Institutions Act
XXI Sale of Checks Act
XXII Financial Privacy Act
XXX Access to Bank Records
Excerpt Oklahoma Open Meeting Law (25 O.S. Section 307)
Excerpt Oklahoma Tax Code on Reporting Property of Decedent (68 O.S. Section 812)
Excerpt Oklahoma Tax Code (68 O.S. Section 2370)
Excerpt Insurance Department (36 O.S. Section 1424.13)
Excerpt Insurance Department (36 O.S. Section 1425.2)
Excerpt Securities Commission (71 O.S. Section 2)
Excerpt Securities Commission (71 O.S. Section 411.1)
Misc. Unsafe and Unsound Banking Practices
Cemetery Perpetual Care Funds (8 O.S. Section 161 et seq.)
Cemetery Establishment of Cemeteries (8 O.S. Section 181 et seq.)
Cemetery Cemetery Merchandise Trust Act (8 O.S. Section 301 et seq.)

 

 

 

 

 

Article I

Short Title, Definitions, and Miscellaneous

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Section
101 Short Title
102 Definitions
103 Repealed by Laws 1997, c. 111, Section 113, eff. July 1, 1997
104 Effect on Existing Banks and Trust Companies- Registration of Bank or Trust- Related Activities

 

 

 

 

 

Article II

Banking Department

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Section
201 Establishment - Officers and Employees
201.1 Compensation of Commissioner
202 Board Membership and Meetings
203 Powers of Board
204 Powers of Commissioner
205 Access of Commissioner and Board to Records of Department
206 Power to Subpoena Witnesses - Declaratory Order - Good Faith as a Defense
207 Judicial review of orders of the Banking Board or the Commissioner
208 Records of banking department-Public inspection-Confidentiality
208.1 Sharing of information with Securities Department and Insurance Department
209 Examinations and reports
210 Removal of officer, director or employee of bank or trust company by Commissioner
211 Fees for examination of banks or trust companies-Disposition of fees
211.1 Revolving Fund for the Banking Department
211.2 Bank Examination Revolving Fund
212 Commissioner's annual report
213 Interests of department officers or employees in banks or trust companies
214 Bank and trust company records-Preservation-Reproduction
215 Limitation of liability
216 Standards in regulations, orders and rule
217 Repealed by Laws 2000, eff. May 17, 2000
218 Transfer of stock or controlling interest-Notice to and approval by Commissioner
219 Changes in chief executive officer and directors
220 Impairment of capital-Assessments-Limitations

 

 

 

 

 

Article III

Organization

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Section
301 Certificate of authority
303 Incorporators- Alternate application by multi-bank holding company
303.1 Capital structure- Preferred stock
304 Expenses of organization
305 Individual seeking authority to engage in banking or trust company business; contents- Certificate of incorporation
306.1 Acceptance of application for filing- Notice- Emergency certificate of authority
306.2 Emergency Certificates
307.1 Objectives of Commissioner and Banking Board- Investigations- Comments or objectives
308 Hearing- Notice- Participation- Presiding officer- Order of presentation- Witnesses- Evidence- Procedural questions- Transcripts- Records
309 Charter Application File- Contents- Availability- Findings and conclusions- Objections
310 Board hearing- Condition- Approval of an Application- Notice
311 Appeal of Board's decision.
311.1 Certificate of Authority
312 Payment of subscribed assets- Subscribing articles of incorporation- Issuance of certificate of authority- Shareholders' meeting- Verified application for certificate of authority; contents
313 Return of defective application or documents- Approval or denial of application- Issuance of certificate of authority- Revocation of powers and cancellation of certificate of incorporation

 

 

 

 

 

Article IV

General Powers

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Section
401 Organization of new bank or trust company
402 Powers of banks and trust companies
402.1 Banker's Bank
403 Repealed by ENR. H.B. 2665, Eff. 4-8-98.
403.1 Membership and Federal Reserve System
404 Federal Deposit Insurance Corporation Act- Acts permitted for compliance therewith
405 Increase or decrease of capital stock; procedure- Reduction of capital stock; surrender of certificate
405.1 Common Stock
405.2 Stock-Scope and Application- Source of Shares
406 Amendments- Change in name- Change in location- Change in number and par value of shares- Bank's abandonment of trust powers- Other amendments- Right of dissent
407 Amendment- Fiduciary powers- Change in name
408 Amendment- Perpetual certificate of incorporation
409 Dividends
410 Borrowing- Debentures- Rediscounting
411 Pledge of assets- Banks
412 Signature guaranty
414 Acquisition of real estate- Term held- Equipment, furniture and fixtures- Leases of real estate and equipment- Investment and loans to corporation holding premises- Conveyance of real estate
415 Drive-in, walk- up facility
416 Bank service corporations
421 Military banking facilities
422 Consumer banking electronic facilities
423 Operations centers
424 Origination of loans at locations other than main office or branch office
425 Special or Fiduciary Duties
426 Banks Acting as Agent
427 Trustees of Certain Bond Issues

 

 

 

 

 

Article V

Branch Banking-Bank Holding Companies

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Section
501.1 Interstate Mergers, Aquisitions, and Branching
501.2 Branch Banking
502 Bank holding companies
502.1 Interim state banks- Application- Prefiling meeting- Acceptance of application- Merger or consolidation
503 Trust companies- Branch offices
506 Out-of-state bank holding companies- Acquisition of control
510 Oklahoma Industrial Loan Company Branch Act
511 Definition of industrial loan company and industrial bank
512 Interstate branching by industrial loan company and industrial bank
513 Severability

 

 

 

 

 

Article VI

Closing Days

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Section
601 Closing on one business day weekly in addition to holidays
602.1 Closing of location other than main office
603 Emergency closing

 

 

 

 

 

Article VII

Corporate Functions, Bank and Trust Companies

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Section
701 Repealed by Laws 1984, c. 133, º 10, eff. Oct. 1, 1984
702 Liability of fiduciaries owning stock
703 Liability of preferred shareholders
704 Repealed by Laws 1984, c. 133, º 10, eff. Oct. 1, 1984
705 Transfer of shares
706 Stock as personalty- Transfer on books- Shareholders indebted to bank or trust company- Lending on stock prohibited- Purchases of treasury stock
707 Issuance of preferred stock; classes; procedure- Reduction of common stock and issuance of preferred stock; one meeting- Preferred stock as capital
708 Common stock dividend on retirement of preferred stock
709 Rights of preferred shareholders- Dividends- Voting and conversion rights
710 Stockholders' meetings of banks and trust companies- Proxies- Cumulative voting- Voting trusts- Preemptive right- Stockbook available for inspection
711 Directors and officers- Banks and trust companies
711.1 Transfer of bank personnel- purchase of residence
712 Liability of directors, officers, and other persons- Overdrafts
712.1 Indemnification- Personal Liability
713 Fidelity bonds and other insurance
714 Directors- Meetings and duties
715 Applicability of Oklahoma General Corporation Act

 

 

 

 

 

Article VIII

Regulation of Banks

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Section
801 Reserves
802 Limitations on maximum indebtedness to bank- Exceptions
803 Real estate loans
805 Buying or selling goods- Stock transactions- Restrictions- Leasing of personal property- Limitation on term and amount- Acquisition of leased personal property
806 Investments- Limitations- Assets shall not be carried above cost
807 Participation- Limitations- Purchase of partial loan
808 Banks prohibited from making political contributions- Penalties
809 Preference to depositors or creditors through pledge of assets prohibited-Penalties

 

 

 

 

 

Article IX

Deposits and Collections-Notary Public-Protests

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Section
901 Deposits in name of two or more persons- Payment of deposit or interest thereon- Change in designation of beneficiary- Release and discharge of bank- Forms of deposit accounts included
902 Deposits in form of trust for another
903.1 Minor accounts
904 Stockholder, director, officer or employee of bank as notary public- Administration of oaths- Protests
905 Adverse claims to deposits- Restraining order or injunction- Indemnity bond
906 Deposits in name of sole individual without designation of beneficiary- Transfer to known heirs- Affidavit- Release and discharge- Submission of false affidavit- Penalties
907 Sole Proprietorships

 

 

 

 

 

Article X

Regulation of Trust Companies

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Section
1001 Powers of trust companies
1001.1 Sell of assets
1002 Restrictions on acting in certain fiduciary capacities- Reciprocity All corporations except:
1003 Advertising performance of legal services prohibited
1004 Deposits of securities with Commissioner
1005 Banks having trust powers and trust companies not required to give securities as trustee, etc.
1006 Separation of books and accounts- Labeling securities- Prohibited operations of banks and trust companies having trust powers
1007 Lien and claim upon bank failure
1008 Investments- Acceptance as securities by public officials of this state
1009 Official's oath or affidavit
1010 Common trust funds
1011 Loans of trust funds to officers and employees prohibited
1012 Banks having trust powers and trust companies subject to examination and supervision of Commissioner
1013 Disclosure of communications and writings prohibited- Exceptions
1014 Closing of trust unduly delayed
1015 Banks authorized to engage in trust business- Powers- Restrictions
1016 Service charges not part of interest on loans
1017 Voluntary relinquishment of trust powers
1018 Voluntary or involuntary liquidation
1019 Merger, consolidation and sale of assets
1020 Existing trust powers of religious, charitable, etc. corporations not denied
1021 Liquidation, dissolution and reorganization of trust companies
1022 Banks, trust companies and national banking associations
1023 Deposit of securities in clearing corporation or Federal Reserve Bank
1024 Acquisition of control of trust company- Notice- Approval- Review- Penalties

 

 

 

 

 

Article XI

Merger, Consolidation, Conversion and Sale of Assets

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Section
1101 Merger or conversion
1102 Approval of merger by directors and merger agreement
1103 Approval by Board
1104 Approval by stockholders- Rights of dissenters- Notice and value of dissent shares
1105 Effective date of merger, filing of approved agreement, certificate of merger as evidence
1106 Continuation of corporate entity
1107 Conversion from state bank to national and of national to state bank, and trust powers
1108 Nonconforming assets or business
1109 Sale or purchase of all assets of bank, trust company or national banking association or savings association or of department or branch thereof
1109.1 Sale of Assets
1110 Book value of assets
1111 Bank Holding Company Mergers

 

 

 

 

 

Article XII

Liquidation, Dissolution and Reorganization

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Section
1201 Voluntary liquidation and dissolution
1202 Involuntary liquidation by Commissioner- Reorganization
1203 Reorganization
1204 Liquidation by Commissioner- Procedure
1205 Federal Deposit Insurance Corporation as liquidator
1206 Conservator
1207 Conveyance by Commissioner

 

 

 

 

 

Article XIII

Safe Deposit and Safekeeping Facilities

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Section
1301 Definitions
1301.1 Appointment of Deputy
1301.2 Safe Deposit Box Authorization
1302 Authority to lease safe deposit boxes
1303 Access by fiduciaries
1304 Effect of lessee's death or incompetence
1305 Lease to minor
1306 Lease to corporation
1307 Assumed names
1308 Search procedure on death
1309 Adverse claims to contents of safe deposit box
1310 Lien of lessor, special remedies and proceedings for nonpayment of rent
1311 Limitation of liability and regulations
1312 Garnishment- Proceedings in aid of execution
1313 Estate taxes or rights of state or tax commission not affected

 

 

 

 

 

Article XIV

Offenses and Penalties

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Section
1401 Transaction of banking business not authorized by law- Unauthorized use of words bank, bankers, etc.- Unlawful use of trust or trust company- Injunction- Appointment of receiver- Secretary of State- Filing requirements
1403 Unlawful use of words "safe deposit"
1405 Unlawful gratuity or compensation- Transactions of persons connected with bank
1406 Receipt of deposit after notification of insolvency
1407 Unlawful service as officer or director
1408 Unlawful service as Commissioner, Deputy Commissioner, Administrative Assistant, Assistant Bank Commissioner
1409 Unlawful concealment of transactions
1410 Improper maintenance of accounts- False or deceptive entries and statements
1411 Unlawful payment of penalties and judgments against others, including directors and officers
1412 Embezzlement or misapplication of funds
1413 Libel and slander
1414 Criminal sanctions, violations of rules and orders- Nonapplicability where criminal sanctions imposed in other sections of Code
1415 Injunction
1416 Prohibitions relating to control of banks- Remedies
1417 Advertisement of confusingly similar names or shortened names- Use of former name of acquired institution or office- Commissioner's remedies- Injunctions- Nonconforming previous use or advertisement
1418 Unlawful use of lender’s name by third party

 

 

 

 

Article XV

Oklahoma Financial Transaction Reporting Act

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Section
1511 Oklahoma Financial Transaction Reporting Act
1512 Definitions
1513 Registration Requirement
1514 Information-Sharing
1515 Rules and Interpretive Statements

 

 

 

 

 

Article XVI

International Bank Act

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Section
1601 Definitions As used in the International Bank Act
1602 Applicability of state banking laws.
1603 Applicability of Oklahoma General Corporation Act
1604 Requirements for carrying on banking business.
1605 Application for license; approval or disapproval.
1606 Licenses; permissible activities
1607 International administrative offices.
1608 Asset Maintenance or Capital Equivalency.
1609 Certification of capital accounts.
1610 Lending limits.
1611 Reports and records.
1612 Conversion from a federal agency to a state chartered agency and the reverse.
1613 Dissolution.
1614 Representative offices; limitations; licenses; fees.
1615 Rules; exemption from economic impact statement requirements.
1616 Foreign travel expenses.
1621 Task Force for the Study of State Banking Services

 

 

 

 

 

Article XVII

Multi-State Trust Institutions Act

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Section
1701 Title and Purposes.
1702 Definitions
1703 Regulations.
1704 Severability.
1705 Companies Authorized to Act as a Fiduciary.
1706 Activities Not Requiring a Charter, etc.
1707 Trust Business of a State Trust Institution.
1708 Trust Business of Out-of-State Trust Institution.
1709 Name of Trust Institution.
1710 Trust Business.
1711 Branches and Offices of State Trust Institutions.
1712 State Trust Company Principal Office.
1713 Trust Office; Representative Trust Office.
1714 Out-of-State Offices.
1715 Trust Business at a Branch or Trust Office.
1716 Establishing an Interstate Trust Office.
1717 Acquiring an Interstate Trust Office.
1718 Requirement of Notice.
1719 Conditions for Approval.
1720 Additional Trust Offices.
1721 Representative Trust Office Business.
1722 Registration of Representative Trust Office.
1723 Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees.
1724 Enforcement.
1725 Notice of Subsequent Merger, Closing, etc.
1730 Title and Purposes.
1731 Definitions.
1732 Designation of Trustee.
1733 Choice of Law Governing Trusts.
1734 Choice of Law Governing Fiduciary Investments.
1735 Designation and Fiduciary Responsibility.
1736 Affiliates.
1737 Fee Determination.
1738 Disclosure of Potential Conflicts of Interest.
1739 Purchase of Assets of Another Trust Institution.
1740 Private Trust Company.
1741 Requirements to Apply For and Maintain Status as a Private Trust Company.
1755 Conversion to Public Trust Company.

 

 

 

 

 

Article XXI

Sale of Checks Act

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Section
2101 Citation
2102 Definitions
2103 Licenses- Requirements- Exceptions- Penalty
2104 Exempt transactions
2105 Application for license
2106 Investigation of applicants
2107 Annual license fees- Renewals- Display of license certificate- Exception
2108 Surety bond or irrevocable letter of credit
2109 Additional bond- Deposit of securities in lieu of bond
2110 Minimum net worth
2111 Semi-annual reports
2112 Books, accounts and records- Current financial statements
2113 Examination of books and records- Audits
2114 Investigation upon noncompliance with act
2115 Conduct of business- Location- Agents- Conditions
2116 Revocation of license- Hearing- Grounds
2117 Power of subpoena- Designation of hearing officer
2118 Judicial review
2119 Giving of notice
2120 Rules and regulations
2121 Penalties
2122 Repealed by Laws 1980, c. 68, º 1, eff. April 10, 1980
2123 Proceeds of sales of checks by agents- Exemption from attachment, levy of execution, or sequestration- Assignment to commissioner
2124 Acts required of licensees- Deadline-Exception

 

 

 

 

 

Article XXII

Financial Privacy Act

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Section
2201 Short title
2202 Definitions
2203 Financial institutions prohibited from disclosing financial records unless
2204 Subpoena of financial records
2205 Disclosures or releases authorized
2206 Costs of assembling, reproducing or providing financial records
2207 Search Warrant
2208 Certificate of Compliance

 

 

 

 

 

Article XXX

Access to Bank Records

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Section
3001 Records-Microphotographic reproduction-Evidence
3002 Compliance Review
3003 Interest income not valuable consideration
3010 Statutory Support Trust