Oklahoma Statutes
Title 6. Banks and Trust Companies
§6-603. Emergency closing.

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 their offices. In addition, if the Commissioner is of the opinion that an emergency exists or is impending, which affects or may affect a particular institution, or a particular office or offices thereof, but not institutions located in the area generally, he may authorize the particular institution or office or offices so affected to close. The office or offices so closed shall remain closed until the Commissioner proclaims that the emergency has ended, or until such earlier time as the officers of the institution determine that one or more offices, theretofore closed because of the emergency, should reopen, and, in either event, for such further time thereafter as may reasonably be required to reopen. If an emergency exists such that, in the opinion of the Commissioner, one or more institutions in the affected area will not be able to resume business at the closed offices within a reasonable period of time, the Commissioner may authorize the affected institutions to open one or more temporary facilities at locations outside of the affected area, including branch facilities, without formal application or fee, after notice to and approval by the Commissioner. Any temporary facility opened under this subsection may remain open until the Commissioner declares that the emergency has passed, at which time the institution shall close the temporary facility or seek approval to remain at the location through filing of a formal application and payment of any required fee.

B. Powers of officers. Whenever the officers of an institution are of the opinion that an emergency exists or is impending, which affects or may affect one or more or all of an institution’s offices, they shall have the authority, in the reasonable and proper exercise of their discretion, to determine not to open any one or more or all of such offices on any business or banking day or, if having opened, to close any one or more or all of such offices during the continuation of such emergency, even if the Commissioner has not issued and does not issue a proclamation of emergency. The office or offices so closed shall remain closed until such time as the officers determine that the emergency has ended, and for such further time thereafter as may reasonably be required to reopen; however, in no case shall such office or offices remain closed for more than forty-eight (48) consecutive hours, excluding other legal holidays, without requesting the approval of the Commissioner.
The officers of an institution may close any one or more or all of the institution’s offices on any day or days designated by proclamation of the President of the United States or the Governor of this state as a day or days of mourning, rejoicing, or other special observance.
C. Notice to Commissioner. An institution closing an office or offices pursuant to the authority granted under subsection B of this section shall give as prompt notice of its action as conditions will permit, and by any means available, to the Commissioner or, in the case of a national bank, to the Comptroller of the Currency.
D. Effect of closing. Any day on which an institution, or any one or more of its offices, is closed during all or any part of its normal banking hours pursuant to the authorization granted under this section shall be, with respect to such institution or, if not all of its offices are closed, then with respect to any office or offices which are closed, a legal holiday for all purposes with respect to any banking business of any character. No liability, or loss of rights of any kind, on the part of any institution, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by this section.
The provisions of this section shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this state or of the United States, authorizing the closing of an institution or excusing the delay by an institution in the performance of its duties and obligations because of emergencies or conditions beyond the institution’s control or otherwise.
E. National banks. This section shall apply to national banks only with the approval of the Comptroller of the Currency.
F. As used in this section, the term “institution” means banks, credit unions, and savings associations chartered under the laws of this state. The term also includes banks, credit unions, and savings associations chartered under the laws of another state that have branch offices in this state unless the laws of the other state provide a more restrictive rule in the case of emergencies.
Added by Laws 1971, c. 352, § 8. Amended by Laws 2007, c. 80, § 4, eff. Jan. 1, 2008.

Structure Oklahoma Statutes

Oklahoma Statutes

Title 6. Banks and Trust Companies

§6-101. Short title.

§6-102. Definitions.

§6-104. Effect on existing banks and trust companies - Registration of bank or trust-related activities.

§6-201. Establishment - Officers and employees.

§6-201.1. Compensation of Commissioner.

§6-202. Board membership and meetings.

§6-203. Powers of Board.

§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. Fees and assessments.

§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. Incorporators - Fee.

§6-303.1. Capital structure - Preferred stock.

§6-304. Expenses of organization.

§6-305. Application for authority to engage in banking or trust company business - Contents - Oath - Proposed certificate of incorporation.

§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.

§6-309. Public charter application file - Contents - Availability - Findings and conclusions - Objections.

§6-310. Board hearing on application - Condition - Approval - Notice.

§6-311. Appeal of Board's decision.

§6-311.1. Existing certificate of incorporation for which no certificate of authority is outstanding.

§6-312. Issuance of certificate of incorporation - Shareholders meeting – Filing of verified application for certificate - Contents.

§6-313. 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.

§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. Increase or decrease of capital stock - Procedure - Reduction of capital stock - Surrender of certificate.

§6-405.1. Authorized but unissued stock.

§6-405.2. Employee stock option and stock purchase plans.

§6-406. Amendments - Change of name - Change in location - Change in number and par value of shares - Bank's abandonment of trust powers - Right of dissent.

§6-407. Amendment - Trust powers.

§6-408. Amendment of existing articles of incorporation with certificate of incorporation.

§6-409. Dividends.

§6-410. Capital debentures - Rediscounting notes to Federal Reserve.

§6-411. Pledge of assets - Banks.

§6-412. Signature guaranty.

§6-414. Acquisition of real estate - Term held - Equipment, furniture and fixtures - Leases of real estate and equipment - Investment and loans to corporations holding premises - Conveyance of real estate.

§6-415. Drive-in or walk-up facilities.

§6-416. Bank service corporations.

§6-421. Military banking facilities.

§6-422. Consumer banking electronic facilities.

§6-423. Operations centers.

§6-424. Origination of loans at locations other than main office or branch office – Out-of-state banks – Loan and deposit production offices.

§6-425. Fiduciary relationships.

§6-426. Agency relationships between subsidiary banks.

§6-427. Bank or trust institution serving as trustee of certain bond issues - Representative trust office.

§6-501.1. Interstate mergers and acquisitions – De novo branches – Interstate reciprocity – Establishment and acquisition of branch banks.

§6-501.2. Certificate to establish and operate a branch or relocate a branch – Application – Existing branches and detached facilities – Temporary branches – Deposit limitations – Construction with Title 6, Sections 421 and 422.

§6-502. Bank holding companies.

§6-502.1. Interim state banks - Application - Prefiling meeting - Acceptance of application - Merger or consolidation.

§6-503. Trust companies - Branch offices.

§6-506. Out-of-state bank holding companies - Acquisitions.

§6-510. Short title.

§6-511. Industrial loan company - Industrial bank - Definition.

§6-512. Out-of-state companies or banks - Reciprocity requirement - Certificate for establishment or relocation of branch.

§6-513. Severability.

§6-601. Business days and hours.

§6-602.1. Detached facilities, branch offices, deposit production offices and loan production offices - Business days and hours.

§6-603. Emergency closing.

§6-702. Liability of fiduciaries owning stock.

§6-703. Liability of preferred shareholders.

§6-705. Transfer of shares - Law governing.

§6-706. Stock as personalty - Transfer on books - Shareholders indebted to bank or trust company - Lending on stock prohibited - Purchase of treasury stock.

§6-707. Issuance of preferred stock - Classes - Procedure - Reduction of common stock and issuance of preferred stock - One meeting - Preferred stock as capital.

§6-708. Common stock dividend on retirement of preferred stock.

§6-709. Rights of preferred shareholders - Dividends - Voting and conversion rights.

§6-710. Stockholders' meetings - Cumulative voting - Proxies - Voting trusts - Preemptive rights - Examination of stockbook.

§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.

§6-801. Reserves.

§6-802. Limitations on maximum indebtedness to bank - Exceptions.

§6-803. Real estate loans.

§6-805. Prohibition on bank employing funds in trade or commerce - Sale of personal property - Leasing of personal property - Acquisition of leased personal property.

§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.

§6-901. Deposits in name of two or more persons – "Payable on Death" deposit accounts - Forms of deposit accounts included.

§6-902. Trustee deposit accounts.

§6-903.1. Deposit accounts for minors.

§6-904. Stockholder, director, officer or employee of bank as notary public - Administration of oaths - Protests - Notary fee.

§6-905. Adverse claims to deposits - Restraining order or injunction - Indemnity bond.

§6-906. Transfer to known heirs of deceased without designated beneficiary — Affidavit — Release and discharge — False affidavit.

§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.

§6-1005. Banks having trust powers and trust companies not required to give security as trustee, etc.

§6-1006. Separation of books and accounts - Labeling securities - Prohibited operations of banks and trust companies having trust powers.

§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.

§6-1010. Common trust funds.

§6-1011. Loans of trust funds to officers and employees prohibited.

§6-1012. Banks having trust powers and trust companies subject to examination and supervision of Commissioner.

§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.

§6-1022. Banks, trust companies and national banking associations - Registration in name of nominee securities held in fiduciary capacity.

§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.

§6-1103. Approval by Board.

§6-1104. Stockholder approval - Notice requirements - Rights of dissenters - Appraisal expense - Valuation and payment of dissenting shares.

§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. Sale or purchase of all assets of bank, trust company or savings association or of department or branch thereof.

§6-1109.1. Sale of assets other than in the ordinary course of business.

§6-1110. Book value of assets.

§6-1111. Merger with parent bank holding company, nonbank subsidiary of parent bank holding company or subsidiary.

§6-1201. Voluntary liquidation and dissolution.

§6-1202. Involuntary liquidation by Commissioner - Reorganization.

§6-1203. Reorganization.

§6-1204. Liquidation by Commissioner - Procedure.

§6-1205. Federal Deposit Insurance Corporation as liquidator.

§6-1206. Conservator.

§6-1207. Transfer or conveyance of title to mineral interests or leases.

§6-1301. Definitions.

§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.

§6-1305. Lease to minor.

§6-1306. Lease to corporation, general or limited partnership, or limited liability company.

§6-1307. Assumed names.

§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.

§6-1401. Transaction of banking business not authorized by law - Unauthorized use of words bank, trust, etc. - Injunction and appointment of receiver - Acceptance of filings by Secretary of State.

§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.

§6-1408. Unlawful service as Commissioner, Deputy Commissioner, Administrative Assistant, Assistant Commissioner.

§6-1409. Unlawful concealment of transactions.

§6-1410. Improper maintenance of accounts - False or deceptive entries and statements.

§6-1411. Unlawful payment of penalties and judgments against others, including directors and officers.

§6-1412. Embezzlement or misapplication of funds.

§6-1413. Libel and slander.

§6-1414. Criminal sanctions, violations of rules and orders - Nonapplicability where criminal sanctions imposed in other sections of Code.

§6-1415. Injunction.

§6-1416. Prohibitions relating to control of banks - Remedies.

§6-1417. 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.

§6-1418. Use of lender’s name, trade name or trademark – Use of loan number, loan amount or other information – Reference to lender – Injunction – Exemptions.

§6-1511. Short title.

§6-1512. Definitions

§6-1513. Registration application - License - List of persons given money transmitter equipment - Fees - Violation and punishment

§6-1514. Information-sharing agreements - Records.

§6-1515. Rules - Interpretive statements and opinions.

§6-1600. International Bank Act - Short title.

§6-1601. Definitions.

§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.

§6-1610. Lending limits.

§6-1611. Reports and records.

§6-1612. Conversion from a federal agency to a state chartered agency and the reverse.

§6-1613. Dissolution.

§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.

§6-1702. Definitions.

§6-1703. Rules.

§6-1704. Severability.

§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.

§6-1711. Engaging in trust business at branch locations permitted - Certain business at representative trust offices prohibited - Limitations on business at out-of-state offices.

§6-1712. Principal office.

§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.

§6-1721. Out-of-state institutions prohibited from acting as fiduciaries - Engaging in trust business at representative trust office permitted.

§6-1722. Establishment or acquisition of representative trust offices.

§6-1723. Examination of out-of-state trust institutions.

§6-1724. Enforcement actions.

§6-1725. Notice of change of control, substantial transfer of trust assets or closure.

§6-1730. Short title - Purpose.

§6-1731. Definitions.

§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.

§6-1741. Application for exemption - Maintenance of exempt status - Change of control - Revocation of exempt status - Enforcement proceedings.

§6-1755. Conversion to public trust company.

§6-2001. Definitions.

§6-2001.1. Oklahoma State Credit Union Board - Creation.

§6-2001.2. Powers of Board - Administrator - Powers and duties - Failure to comply with Commissioner's orders or requirements.

§6-2001.3. Meetings of Board - Quorum.

§6-2001.4. Civil liability of State Credit Union Board members.

§6-2002. Necessity of certificate - Application for certificate - Organization certificate and bylaws.

§6-2003. Investigation and report by Bank Commissioner - Certificate of approval - Certificate of incorporation.

§6-2004.1. Out-of-state credit union - Requirements to conduct business in state - Revocation of approval - Cancellation of certificate.

§6-2005. Unlawful transaction of business - Enforcement by Attorney General - Injunction and receiver.

§6-2006. Succession - Powers.

§6-2007. Membership - Central credit unions.

§6-2008. Examinations - Reports - Access to information - Alternative examination or report - Failure to make and transmit or publish report - Certificate and bylaw forms - Annual financial report.

§6-2009. Fiscal year - Meetings - Voting.

§6-2010. Board of directors - Credit committee or credit manager - Supervisory committee - Officers.

§6-2012. Expulsions and withdrawals.

§6-2013. Dividends.

§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.

§6-2016. Credit unions composed of public employees, retirees and family members - Space in public buildings.

§6-2017. Fiscal agency for state.

§6-2018. Voluntary dissolution.

§6-2018.1. Suspension of operation of credit union - Revocation of certificate - Liquidation - Disposition of assets.

§6-2018.2. Appointment of conservator and agents - Judicial relief - Term of conservatorship - Expenses - Commissioner's authority.

§6-2019.1. Maintenance of books, records, accounting systems and procedures - Destruction of records - Records as evidence.

§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.

§6-2026. Trust shares.

§6-2027. Certain records designated as public records - Confidential records - Disclosure of confidential information.

§6-2041. Power to make and purchase obligations representing insured loans and credit advances.

§6-2042. Investments by fiduciaries, political subdivisions, corporations, etc. - Investment of public funds.

§6-2043. Inconsistent laws inapplicable to loans or investments authorized.

§6-2101. Citation.

§6-2102. Definitions.

§6-2103. Licenses - Requirement - Exceptions - Penalty.

§6-2104. Exempt transactions

§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.

§6-2110. Minimum net worth.

§6-2111. Semi-annual reports.

§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.

§6-2118. Judicial review.

§6-2119. Giving of notice.

§6-2120. Rules and regulations.

§6-2121. Penalties.

§6-2123. Proceeds of sales of checks by agents - Exemption from attachment, levy of execution, or sequestration - Assignment to Commissioner.

§6-2124. Acts required of licensees - Deadline - Exception.

§6-2201. Short title.

§6-2202. Definitions.

§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.

§6-2207. Search warrants.

§6-2208. Certification of compliance by government authorities - Immunity from liability for good faith reliance upon certificate.

§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.

§6-3010. Definition - Form - Fees - Rules.