Oklahoma § 6-203 - Powers of Board

§ 6-203. Powers of Board

In addition to other powers conferred by the Oklahoma Banking

Code, the Board shall have power to:

1. Regulate its own procedures and practice, except as may be

hereafter provided by law;

2. Define any term not defined in the Oklahoma Banking Code;

3. Adopt and promulgate reasonable and uniform rules and

regulations to govern the conduct, operation and management of all

banks or trust companies created, organized or existing under or by

virtue of the laws of this state, and to govern the examination,

valuation of assets and the statements and reports of such banks or

trust companies, and the form on which such banks or trust companies

shall report their assets, liabilities and reserves, and charge off

bad debts and otherwise keep their records and accounts, and

otherwise to govern the administration of the Oklahoma Banking Code.

a.

Each bank and trust company and each officer,

director, owner, stockholder, agent and employee

thereof shall comply with every rule and regulation

promulgated so long as the same remain in force.

b.

The Board may amend, modify or repeal rules and

regulations now in force and effect or hereafter

adopted. Copies of such amendments and modifications

and notice of repeal shall be mailed to each statechartered bank and state-chartered trust company

within ten (10) days after such action is taken;

4. Restrict the withdrawal of deposits from all, or one or

more, banks where the Board finds that extraordinary circumstances

Oklahoma Statutes - Title 6. Banks and Trust Companies

make such restriction necessary for the proper protection of

depositors in the affected institution or institutions;

5. Authorize banks or trust companies under circumstances in

which they are not given authority under the Oklahoma Banking Code

to participate in any public agency hereafter created under the laws

of this state, or of the United States, the purpose of which is to

afford advantages or safeguards to banks or trust companies, and to

authorize compliance with all requirements and conditions imposed

upon such participants;

6. Order any person to cease violating a provision of the

Oklahoma Banking Code, federal banking law, or a lawful regulation

issued thereunder, or to cease engaging in any unsound banking or

trust practice. A copy of such order shall be mailed to each

director of the bank by which such person is employed;

7. Affirm, modify, reverse or stay the enforcement of any order

or ruling of the Commissioner concerning banks or trust companies;

and

8. Suspend a director, officer or employee of a bank or trust

company who becomes ineligible to hold the position, or who, after

receipt of an order to cease, violates the Oklahoma Banking Code,

federal banking law, or a lawful regulation or order issued

thereunder, or who is dishonest or who is reckless or grossly

incompetent in the conduct of banking business or who has engaged or

participated in any unsafe or unsound practice in connection with a

bank or trust company. It shall be a criminal offense for any such

person, after receipt of a suspension order, to perform any duty or

exercise any power of any bank or trust company until the Board

shall vacate such suspension order. A suspension order shall

specify the grounds thereof. A copy of the order shall be sent to

the bank or trust company concerned, and to each member of its board

of directors; provided, in absence of circumstances deemed by the

Board to require immediate action, no person shall be suspended

under the powers herein granted unless the person shall have first

been afforded a hearing before the Board after not less than ten

(10) days' notice thereof shall have been served upon the person by

registered or certified mail, return receipt requested.

Added by Laws 1965, c. 161, § 203. Amended by Laws 1982, c. 60, §

1, operative Oct. 1, 1982; Laws 1985, c. 168, § 1, emerg. eff. June

18, 1985; Laws 1991, c. 128, § 1, emerg. eff. April 29, 1991; Laws

1994, c. 157, § 2, emerg. eff. May 6, 1994; Laws 1997, c. 111, § 7,

eff. July 1, 1997.