Oklahoma § 6-313 - Return of defective application or documents - Approval or

§ 6-313. Return of defective application or documents - Approval or

denial of application - Issuance of certificate of authority Revocation of powers and cancellation of certificate of

incorporation.

A. If the application for a certificate of authority or any

accompanying documents do not comply with the requirements of this

Code, the Commissioner shall, within twenty (20) days after the

receipt thereof, return them to the applicant, calling attention to

the defect or defects therein. If the application and accompanying

documents are not so returned within such twenty-day period they

shall be deemed to have been accepted for filing by the

Commissioner.

B. The Commissioner shall approve or deny the application for a

certificate of authority within sixty (60) days after such

application has been accepted. The Commissioner shall approve the

application if:

1. The Board shall have approved the managing officer;

2. The capital in the amounts set forth in the application has

been fully paid;

3. Bylaws attached to the application have been adopted;

4. Any conditions imposed by the Board or the Commissioner in

approving the application for authority to organize have been

fulfilled; and

Oklahoma Statutes - Title 6. Banks and Trust Companies

5. The requirements of this Code have been satisfied; provided,

the Commissioner with the consent of the Board may deny the

application for a certificate of authority if the bank's application

for Federal Deposit Insurance or for membership in the Federal

Reserve System has not been approved.

C. If the Commissioner approves such application, the

Commissioner shall within twenty (20) days of such action issue a

certificate of authority and shall provide the same to the

corporation. If the Commissioner denies the application the

Commissioner shall, within twenty (20) days of such action, mail a

notice of the denial to the corporation, stating therein the reason

or reasons for the denial.

D. If the requirements of Section 312 of this title have not

been met within the time therein provided, or if the application for

certificate of authority has been denied by the Commissioner, or if

no certificate of authority exists for a period of six (6) months

after the date of the Board's approval of the application for

authority to organize for any bank or trust company, or if the bank

or trust company shall fail to commence business within six (6)

months after the issuance by the Commissioner of the certificate of

authority, or any additional period allowed by the Commissioner, the

Commissioner shall cancel the certificate of authority, revoke all

banking and trust powers and recommend to the Secretary of State

cancellation of the certificate of incorporation. Upon receipt of

such recommendation, the Secretary of State shall cancel the

certificate of incorporation and the bank or trust company shall be

liquidated in accordance with the order of the Commissioner. If an

improper expenditure has been made, the Commissioner may order the

persons who were organizers or directors at the time to restore the

same by equal contributions.

Added by Laws 1982, c. 204, § 14. Amended by Laws 1995, c. 36, § 9,

eff. July 1, 1995; Laws 1997, c. 111, § 33, eff. July 1, 1997; Laws

2002, c. 67, § 13, eff. Nov. 1, 2002.