Oklahoma § 6-304
Full text of Oklahoma Oklahoma Statutes § 6-304, with citation guidance and answers to common questions.
§ 6-304.
Expenses of organization.
Oklahoma Statutes - Title 6. Banks and Trust Companies
A. Each subscriber at the time the subscriber subscribes to the
stock of a proposed state bank or trust company shall pay in cash a
sum equal to at least five percent (5%) of the sale price of such
stock into a fund to be used to pay the expenses of organization.
No organizational expense shall be paid out of any other funds of
the bank.
B. Upon the issuance of a certificate of authority by the
Commissioner any unexpended balance shall be transferred to
undivided profits. If the application has been finally denied, any
unexpended balance shall be distributed among the contributors in
proportion to their respective contributions. The Commissioner may
require an accounting of disbursements from the fund and may order
the organizers to restore any sum which has been expended for other
than proper organizational expenses.
C. No payment shall be made from the organizational expense
fund for soliciting subscriptions to stock.
D. Any financial arrangement or transaction involving the
proposed bank or trust company and its organizers, directors,
officers or principal shareholders shall be disclosed.
Added by Laws 1965, c. 161, § 304. Amended by Laws 1982, c. 204, §
5; Laws 1997, c. 111, § 22, eff. July 1, 1997; Laws 2002, c. 67, §
4, eff. Nov. 1, 2002; Laws 2008, c. 275, § 3, eff. July 1, 2008.
Frequently Asked Questions About Oklahoma § 6-304
What does Oklahoma Statutes § 6-304 cover?
Section 6-304 is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 6-304?
A common citation format is "Oklahoma Statutes § 6-304" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 6-304 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.