Oklahoma § 18-381.71 - Definitions

§ 18-381.71. Definitions

As used in this section and Sections 381.72 and 381.73 of this

title:

1. "Acquire" means:

Oklahoma Statutes - Title 18. Corporations

a.

the merger or consolidation of an out-of-state savings

institution with or into an in-state savings

institution,

b.

the acquisition by an out-of-state savings institution

of direct or indirect ownership or control of voting

shares or, in the case of a mutual savings

institution, voting rights of an in-state savings

institution if, after such acquisition, such out-ofstate savings institution directly or indirectly owns

or controls twenty-five percent (25%) or more of any

class of voting shares or voting rights of such instate savings institution, excluding shares or rights

owned or held by the United States or by any

organization wholly owned by the United States,

c.

the acquisition by an out-of-state savings institution

of the direct or indirect ownership of all or

substantially all of the assets, including, if agreed,

the assets of any branches and facilities, of an instate savings institution, or

d.

any other action that would result in the direct or

indirect ownership or control by an out-of-state

savings institution of an in-state savings

institution;

2. "Control" means direct or indirect ownership of or holding

with the power to vote twenty-five percent (25%) or more of the

voting shares, or in the case of a mutual savings institution, the

voting rights, excluding shares or rights owned or held by the

United States or by any organization wholly owned by the United

States, or the power in any manner to elect a majority of the

directors or directly or indirectly to exercise a controlling

influence, as determined by the State Banking Commissioner after

notice and an opportunity for hearing, on the management or policies

of a company;

3. "Holding company" means a company which owns or controls one

or more savings institutions organized under the laws of any state

or the laws of the United States;

4. "Main office" means the office of a savings institution

designated by the Commissioner or the Office of Thrift Supervision

as the main office of the institution and located within the United

States;

5. "In-state savings institution" means a savings institution

organized under the laws of this state or the laws of the United

States whose main office is located in Oklahoma;

6. "Oklahoma holding company" means a holding company organized

under the laws of this state;

Oklahoma Statutes - Title 18. Corporations

7. "Out-of-state savings institution" means any savings

institution organized under the laws of another state or the laws of

the United States whose main office is located in another state;

8. "Savings institution" means any association or federal

association, or as the context requires, any holding company or

subsidiary of such savings institution; and

9. "Subsidiary" means a company which is owned or controlled by

a savings institution.

Added by Laws 1986, c. 219, § 1, emerg. eff. June 9, 1986. Amended

by Laws 1987, c. 61, § 17, emerg. eff. May 4, 1987; Laws 1988, c.

65, § 34, emerg. eff. March 25, 1988; Laws 1993, c. 183, § 66, eff.

July 1, 1993; Laws 2000, c. 81, § 73, eff. Nov. 1, 2000.