Oklahoma Statutes
Title 6. Banks and Trust Companies
§6-2006. Succession - Powers.

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, buildings, fixtures, equipment, furniture and furnishings necessary, incidental and convenient to the operation of the credit union, the aggregate book value of which shall not exceed seven percent (7%) of the total assets of the credit union, unless otherwise specifically approved by the State Credit Union Board. A credit union may lease to any tenants as the credit union deems appropriate any portion of the facilities or premises of the credit union which are not utilized in the conduct of the business of the credit union;
5. To make loans to its members for provident or productive purposes, the maturities of which shall not exceed fifteen (15) years, except as otherwise provided herein and except as otherwise approved by the State Credit Union Board, and extend lines of credit to its members, to other credit unions and to credit union organizations and to participate with other credit unions, credit union organizations or financial organizations in making loans to credit union members, other credit unions and credit union organizations in accordance with the following:
6. To receive from its members, and other credit unions, state and federal, doing business in the United States, payments on shares and deposits, and to require such notice for withdrawal of shares and deposits as the bylaws may provide;
7. To amend its bylaws in the manner provided by the bylaws, but all amendments to the bylaws must be submitted to and approved by the State Credit Union Board before they become operative;
8. To invest its funds in accordance with the following:
9. To make deposits in national banks and in state banks, trust companies, savings and loan associations, and credit unions organized under the laws of this state, any other state, or the United States, operating in accordance with the laws of the State of Oklahoma, or of the laws of the United States and approved by State Credit Union Board as depositories;
10. To borrow, from any source, in an aggregate amount not exceeding fifty percent (50%) of its shares, deposits and undivided earnings; such borrowed money may be borrowed either by means of bills payable or through rediscounts of its negotiable instruments, and credit unions may pledge their assets as collateral securities therefor;
11. To fine members, in accordance with the bylaws, for failure to meet their obligations promptly to their credit union;
12. To impress and enforce a lien upon the shares, deposits, dividends, and interest of any member to the extent of any loan made to the member or endorsed by the member and any interest or fines payable by the member;
13. To charge an entrance fee as provided in the bylaws;
14. To hire clerical help;
15. To become the owner and lessor of personal property upon the specific request of and for the use of a member. A credit union may only purchase the personal property to be leased after it has completed a leasing arrangement with a member. Except upon the written approval of the Commissioner, the term of the lease shall in no event exceed ten (10) years and all such leases shall provide for the payment of regularly scheduled periodic payments, the total of which shall at least equal the cost to the credit union of the personal property so leased. The total investment by a credit union for benefit of any member, combined with all other obligations of such member to the credit union, shall at no time exceed six percent (6%) of the greater of either (i) the paid-in and unimpaired capital and surplus of the credit union or (ii) an amount which is six percent (6%) of the total assets of the credit union; and
16. To exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated.
Added by Laws 1941, p. 12, § 6, emerg. eff. June 4, 1941. Transferred from 6 O.S. 1961, § 395.6. Amended by Laws 1965, c. 496, § 4, emerg. eff. July 19, 1965; Laws 1968, c. 187, § 1, emerg. eff. April 15, 1968; Laws 1974, c. 267, § 3; Laws 1992, c. 90, § 7, eff. July 1, 1992; Laws 1995, c. 151, § 3, emerg. eff. May 2, 1995; Laws 1999, c. 141, § 2, eff. Nov. 1, 1999; Laws 2000, c. 76, § 1, emerg. eff. April 14, 2000; Laws 2001, c. 59, § 2, eff. Nov. 1, 2001; Laws 2005, c. 209, § 2, eff. Nov. 1, 2005; Laws 2007, c. 80, § 7, eff. Jan. 1, 2008.
NOTE: Laws 1974, c. 66, § 1 repealed by Laws 1974, c. 267, § 12.

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