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, and approved by the affirmative vote of a majority of the members of the merging credit union present at a meeting of the members duly called for such purpose. After agreement by the directors and approval by the members of the merging credit union, the president and secretary of each credit union shall execute a certificate of merger, which shall set forth all of the following:
(a) The time and place of the meeting of the board of directors at which the plan was agreed upon;
(b) The vote in favor of adoption of the plan; and
(c) A copy of the resolution or other action by which the plan was agreed upon.
The certificate executed by the officers of the merging credit union shall also set forth:
(d) The time and place of the meeting of the members at which the plan agreed upon was approved;
(e) The vote by which the plan was approved by the members; and
(f) The effective date of the merger.
Such certificates and a copy of the plan of merger agreed upon shall be forwarded to the Bank Commissioner who shall, upon approval of the State Credit Union Board, certify and return them to the merging credit union and the surviving credit union within sixty (60) days. The merging credit union shall cause a copy of the certificate of merger, duly certified to by the Bank Commissioner, to be filed in the office of the Secretary of State forthwith. Unless otherwise provided in the certificate of merger, the merger shall be deemed effected upon such filing of the certificate and the merging credit union shall cease to exist.
Upon any such merger so effected, all property, property rights, field of membership and interest of the merged credit union shall vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected.
This section shall be construed, whenever possible, to permit a credit union chartered under any other act to merge with one chartered under this act, or to permit one chartered under this act to merge with one chartered under any other act.
Added by Laws 1968, c. 187, § 7, emerg. eff. April 15, 1968. Amended by Laws 1974, c. 267, § 8; Laws 1981, c. 156, § 3, emerg. eff. May 8, 1981; Laws 1992, c. 90, § 17, eff. July 1, 1992.
Structure Oklahoma Statutes
Title 6. Banks and Trust Companies
§6-201. Establishment - Officers and employees.
§6-201.1. Compensation of Commissioner.
§6-202. Board membership and meetings.
§6-204. Powers of Commissioner – Review of orders.
§6-205. Access of Commissioner and Board to records of Department.
§6-206. Power to subpoena witnesses - Declaratory order - Good faith as a defense.
§6-207. Judicial review of orders of the Board or Commissioner.
§6-208. Records of Department - Public inspection – Confidentiality – Electronic storage.
§6-208.1. Availability of personnel data – Confidentiality - Definitions.
§6-209. Bank and trust companies - Examinations and reports.
§6-210. Removal of officer, director or employee of bank or trust company by Commissioner.
§6-211.1. Revolving fund - Creation.
§6-212. Commissioner's annual report.
§6-213. Interests of department officers or employees in banks or trust companies.
§6-214. Bank and trust company records - Preservation - Reproduction.
§6-215. Limitation of liability.
§6-216. Standards in regulations, orders and rules.
§6-218. Transfer of stock or controlling interest - Notice to and approval by Commissioner.
§6-219. Changes in chief executive officer and directors.
§6-220. Impairment of capital - Assessments - Limitations.
§6-301. Certificate of authority.
§6-303.1. Capital structure - Preferred stock.
§6-304. Expenses of organization.
§6-306.1. Commissioner – Certificate of authority – Recommendation of action.
§6-306.2. Acceptance of application for filing - Notice.
§6-307.1. Objectives of Commissioner and Banking Board - Comments or objections.
§6-308. Hearing before Commissioner.
§6-310. Board hearing on application - Condition - Approval - Notice.
§6-311. Appeal of Board's decision.
§6-401. Organization of new bank or trust company.
§6-402. Powers of banks and trust companies.
§6-402.1. Chartering of banker's bank.
§6-403.1. Membership in Federal Reserve System.
§6-404. Federal Deposit Insurance Corporation Act - Acts permitted for compliance therewith.
§6-405.1. Authorized but unissued stock.
§6-405.2. Employee stock option and stock purchase plans.
§6-407. Amendment - Trust powers.
§6-408. Amendment of existing articles of incorporation with certificate of incorporation.
§6-410. Capital debentures - Rediscounting notes to Federal Reserve.
§6-411. Pledge of assets - Banks.
§6-415. Drive-in or walk-up facilities.
§6-416. Bank service corporations.
§6-421. Military banking facilities.
§6-422. Consumer banking electronic facilities.
§6-425. Fiduciary relationships.
§6-426. Agency relationships between subsidiary banks.
§6-502. Bank holding companies.
§6-503. Trust companies - Branch offices.
§6-506. Out-of-state bank holding companies - Acquisitions.
§6-511. Industrial loan company - Industrial bank - Definition.
§6-601. Business days and hours.
§6-702. Liability of fiduciaries owning stock.
§6-703. Liability of preferred shareholders.
§6-705. Transfer of shares - Law governing.
§6-708. Common stock dividend on retirement of preferred stock.
§6-709. Rights of preferred shareholders - Dividends - Voting and conversion rights.
§6-711. Directors and officers - Banks and trust companies.
§6-711.1. Transferred employees - Purchase of former residence by bank.
§6-712. Liability of directors, officers, and other persons - Overdrafts.
§6-712.1. Indemnification for defending suits - Directors' personal liability eliminated or limited.
§6-713. Fidelity bonds and other insurance.
§6-714. Directors - Meetings and duties.
§6-715. Applicability of Oklahoma General Corporation Act.
§6-802. Limitations on maximum indebtedness to bank - Exceptions.
§6-806. Investments - Underwriting - Limitations.
§6-807. Sale and purchase of loans.
§6-808. Banks prohibited from making political contributions - Penalties.
§6-809. Prohibited acts - Penalties - Injunctions.
§6-902. Trustee deposit accounts.
§6-903.1. Deposit accounts for minors.
§6-905. Adverse claims to deposits - Restraining order or injunction - Indemnity bond.
§6-907. Husband and wife deposit for business purpose - Sole proprietorship account.
§6-908. Banks and credit unions authorized to offer savings promotion raffles.
§6-909. Powers of authorized signer.
§6-1001. Powers of trust companies.
§6-1001.1. Temporary borrowing powers of trust companies.
§6-1002. Restrictions on acting in certain fiduciary capacities - Reciprocity.
§6-1003. Advertising performance of legal services prohibited.
§6-1004. Deposits of securities with Commissioner.
§6-1007. Lien and claim upon bank failure.
§6-1008. Investments - Acceptance as securities by public officials of this state.
§6-1009. Official's oath or affidavit.
§6-1011. Loans of trust funds to officers and employees prohibited.
§6-1013. Disclosure of communications and writings prohibited - Exceptions.
§6-1014. Closing of trust unduly delayed.
§6-1015. Banks authorized to engage in trust business - Powers - Restrictions.
§6-1016. Service charges not part of interest on loans.
§6-1017. Voluntary relinquishment of trust powers.
§6-1018. Voluntary or involuntary liquidation or receivership.
§6-1019. Merger, consolidation and sale of assets.
§6-1020. Existing trust powers of religious, charitable, etc. corporations not denied.
§6-1021. Liquidation, dissolution and reorganization of trust companies.
§6-1023. Deposit of securities in clearing corporation or Federal Reserve Bank.
§6-1024. Acquisition of control of trust company - Notice - Approval - Review - Penalties.
§6-1101. Merger or conversion.
§6-1102. Approval of merger by directors and merger agreement.
§6-1105. Effective date of merger, filing of approved agreement, certificate of merger as evidence.
§6-1106. Continuation of corporate entity.
§6-1107. Conversion from state bank to national and of national to state bank, and trust powers.
§6-1108. Nonconforming assets of business.
§6-1109.1. Sale of assets other than in the ordinary course of business.
§6-1110. Book value of assets.
§6-1201. Voluntary liquidation and dissolution.
§6-1202. Involuntary liquidation by Commissioner - Reorganization.
§6-1204. Liquidation by Commissioner - Procedure.
§6-1205. Federal Deposit Insurance Corporation as liquidator.
§6-1207. Transfer or conveyance of title to mineral interests or leases.
§6-1301.1. Appointment of deputy.
§6-1301.2. Authorization for access to safe deposit box upon death of lessee.
§6-1302. Authority to lease safe deposit boxes.
§6-1303. Access by fiduciaries.
§6-1304. Effect of lessee's death or incompetence.
§6-1306. Lease to corporation, general or limited partnership, or limited liability company.
§6-1308. Search procedure on death - Removal of certain contents.
§6-1309. Adverse claims to contents of safe deposit box.
§6-1310. Lien of lessor, special remedies and proceedings for nonpayment of rent.
§6-1311. Limitation of liability - Requirements or policies.
§6-1312. Garnishment - Proceedings in aid of execution.
§6-1313. Estate taxes or rights of state or tax commission not affected.
§6-1403. Unlawful use of words "safe deposit".
§6-1405. Unlawful gratuity or compensation - Transactions of persons connected with bank.
§6-1406. Receipt of deposit after notification of insolvency.
§6-1407. Unlawful service as officer or director.
§6-1409. Unlawful concealment of transactions.
§6-1410. Improper maintenance of accounts - False or deceptive entries and statements.
§6-1412. Embezzlement or misapplication of funds.
§6-1416. Prohibitions relating to control of banks - Remedies.
§6-1514. Information-sharing agreements - Records.
§6-1515. Rules - Interpretive statements and opinions.
§6-1600. International Bank Act - Short title.
§6-1602. Applicability of state banking laws.
§6-1603. Applicability of Oklahoma General Corporation Act.
§6-1604. Requirements for carrying on banking business.
§6-1605. Application for license - Approval or disapproval.
§6-1606. Licenses - Permissible activities.
§6-1607. International administrative offices.
§6-1608. Asset maintenance or capital equivalency.
§6-1609. Certification of capital accounts.
§6-1612. Conversion from a federal agency to a state chartered agency and the reverse.
§6-1614. Representative offices - Limitations - Licenses - Fees.
§6-1615. Rules - Exemption from economic impact statement requirements.
§6-1616. Foreign travel expenses.
§6-1621. Task Force for the Study of State Banking Services.
§6-1701. Short title - Intent.
§6-1705. Companies authorized to act as fiduciary.
§6-1706. Certain activities not requiring charter.
§6-1707. State trust institutions - Business locations.
§6-1708. Out-of-state trust institutions - Business locations.
§6-1709. Registration of name.
§6-1710. Authority to operate trust business.
§6-1713. Establishment of additional offices in this state.
§6-1714. Establishment of additional offices outside of this state.
§6-1715. Out-of-state trust institutions permitted to engage in trust business.
§6-1716. Establishment of new trust offices by out-of-state institutions permitted.
§6-1717. Acquisition of trust offices by out-of-state trust institutions permitted.
§6-1718. Notice of intent to establish or acquire trust office by out-of-state trust institution.
§6-1719. Approval of establishment or acquisition of office by out-of-state institution.
§6-1720. Establishment of additional offices by out-of-state institutions.
§6-1722. Establishment or acquisition of representative trust offices.
§6-1723. Examination of out-of-state trust institutions.
§6-1725. Notice of change of control, substantial transfer of trust assets or closure.
§6-1730. Short title - Purpose.
§6-1732. Designation of trust institution as fiduciary.
§6-1733. Written agreements or instruments - Designation of law governing.
§6-1734. Fiduciary investment standards - Designation of law governing.
§6-1735. Delegation of fiduciary functions.
§6-1736. Hiring and compensation of affiliates.
§6-1737. Compensation arrangements between clients and fiduciaries.
§6-1738. Disclosure of conflicts of interest.
§6-1739. Acquisition of state trust company or trust institution.
§6-1740. Application of act - Exemptions.
§6-1755. Conversion to public trust company.
§6-2001.1. Oklahoma State Credit Union Board - Creation.
§6-2001.3. Meetings of Board - Quorum.
§6-2001.4. Civil liability of State Credit Union Board members.
§6-2007. Membership - Central credit unions.
§6-2009. Fiscal year - Meetings - Voting.
§6-2010. Board of directors - Credit committee or credit manager - Supervisory committee - Officers.
§6-2012. Expulsions and withdrawals.
§6-2014. Shares and deposits in name of minors - Shares not subject to stock transfer tax.
§6-2015. Partial invalidity - Right of alteration, amendment or repeal.
§6-2017. Fiscal agency for state.
§6-2018. Voluntary dissolution.
§6-2020. Special Reserve for Dormant Accounts.
§6-2021. Conversion of credit unions.
§6-2022. Merger of credit unions.
§6-2023. Exercising power of federally chartered credit union - Exceptions.
§6-2024. Joint tenancy shares and deposits.
§6-2025. Share or deposit account payable on death – Application.
§6-2041. Power to make and purchase obligations representing insured loans and credit advances.
§6-2043. Inconsistent laws inapplicable to loans or investments authorized.
§6-2103. Licenses - Requirement - Exceptions - Penalty.
§6-2105. Application for license.
§6-2106. Investigation of applicants.
§6-2107. Annual license fees - Renewals - Display of license certificate - Exception.
§6-2108. Surety bond or irrevocable letter of credit.
§6-2109. Additional bond - Deposit of securities in lieu of bond.
§6-2112. Books, accounts and records - Current financial statements.
§6-2113. Examination of books and records - Audits.
§6-2114. Investigation upon noncompliance with act.
§6-2115. Conduct of business - Location - Agents - Conditions.
§6-2116. Revocation of license - Hearing - Grounds.
§6-2117. Power of subpoena - Designation of hearing officer.
§6-2120. Rules and regulations.
§6-2124. Acts required of licensees - Deadline - Exception.
§6-2203. Financial institutions prohibited from disclosing financial records unless.
§6-2204. Subpoena of financial records.
§6-2205. Disclosures or releases authorized.
§6-2206. Costs of assembling, reproducing or providing financial records.
§6-3001. Records - Electronic or microphotographic reproduction - Evidence.
§6-3002. Compliance review documents - Confidentiality - Discovery or admissibility.
§6-3003. Negotiation services - Interest income as valuable consideration.