Oklahoma § 6-1017 - Voluntary relinquishment of trust powers

§ 6-1017. Voluntary relinquishment of trust powers

A. 1. Banks. Any bank desiring to surrender its right to

exercise the powers granted pursuant to this article in order to

relieve itself of the necessity of complying with the requirements

of this article, or to have cancelled or returned to it any security

pledged or purchased pursuant to Section 1004 of this title, may

file with the Commissioner a certified copy of a resolution of its

board of directors signifying such desire.

2. Upon receipt of such resolution, the Commissioner, upon

satisfaction that such bank has been relieved in accordance with

state law of all duties as trustee, executor, administrator,

registrar of stocks and bonds, guardian of estates, assignee,

receiver, or other fiduciary, under court, private or other

appointment previously accepted under authority of this article, may

issue to such bank a certificate certifying that such bank is no

longer authorized to exercise the powers granted by this article.

3. Upon the issuance of such a certificate by the Commissioner,

such banks:

a.

shall no longer be subject to the provisions of this

article or the regulations of the Board made pursuant

thereto,

b.

shall be entitled to cancel or have returned to it any

security pledged or purchased pursuant to the

provisions of Section 1004 of this title, and

c.

shall not exercise thereafter any of the powers

granted by this article without first applying for and

obtaining a new permit to exercise such powers

pursuant to the provisions of this Code.

B. Trust companies. Any trust company desiring to retire from

business specified in this article shall furnish to the Commissioner

satisfactory evidence of its release and discharge from all

obligations and trusts provided for in this article. The

Commissioner shall thereupon examine, or cause to be examined, such

trust company, and, if the Commissioner is satisfied after such

examination that such trust company has discharged all its

obligations and trusts, the Commissioner shall revoke its

certificate of authority and authorize the cancellation of, or

return, of any security pledged or purchased pursuant to the

provisions of Section 1004 of this title.

Added by Laws 1965, c. 161, § 1017. Amended by Laws 1998, c. 246, §

2, eff. Nov. 1, 1998; Laws 2005, c. 48, § 15, eff. Nov. 1, 2005.