Oklahoma § 6-1602 - Applicability of state banking laws

§ 6-1602. Applicability of state banking laws

Applicability of state banking laws.

A. International bank agencies shall be subject to all the

provisions of the Oklahoma Banking Code, the rules of the Oklahoma

Oklahoma Statutes - Title 6. Banks and Trust Companies

Banking Board, and the Oklahoma General Corporation Act as though

such international bank agencies were state banks, except where it

may appear, from the context, by rule duly promulgated by the

Oklahoma Banking Board, by interpretation of the Commissioner, or

otherwise, that such provisions are clearly applicable only to banks

or trust companies organized under the laws of this state or the

United States. Without limiting the foregoing general provisions,

it is the intent of the Legislature that the Oklahoma Banking Board

promulgate rules to be applicable to such banks or agencies.

International bank agencies shall not have the powers, rights or

privileges conferred on domestic banks by the provisions of Section

501.1 of Title 6 of the Oklahoma Statutes, relating to branches and

facilities; Section 415 of Title 6 of the Oklahoma Statutes,

relating to outside attached or detached facilities; and Section 71

of Title 62 of the Oklahoma Statutes, relating to depositories for

public funds.

B. International bank agencies, with regard to assets located

within this state, shall be subject specifically to the liquidation

and receivership provisions of the Oklahoma Banking Code.

C. An international bank agency shall have no greater right

under, or by virtue of, this section than is granted to banks

organized under the laws of this state. Legal and financial terms

used herein shall be deemed to refer to equivalent terms used by the

country in which the international banking corporation is organized.

However, all contracts or agreements which are negotiated in this

state with Oklahoma residents shall be construed under Oklahoma law.

D. Nothing contained in the International Bank Act shall be

construed as granting any authority, directly or indirectly, for any

bank or bank holding company, the operations of which are conducted

principally outside this state, to operate a branch in this state or

to acquire, directly or indirectly, any voting shares of, any

interest in, or all or substantially all of the assets of any bank

in this state.

Added by Laws 1992, c. 295, § 12, eff. July 1, 1992.