Oklahoma § 6-706 - Stock as personalty - Transfer on books - Shareholders
Full text of Oklahoma Oklahoma Statutes § 6-706 — Stock as personalty - Transfer on books - Shareholders, with citation guidance and answers to common questions.
§ 6-706. Stock as personalty - Transfer on books - Shareholders
indebted to bank or trust company - Lending on stock prohibited Purchase of treasury stock.
A. Transfer of shares. The shares of stock of a bank or trust
company shall be deemed personal property and shall be transferred
on the books of the bank or trust company, in such manner as the
bylaws may prescribe but no stock shall be transferred on the books
of any bank or trust company where the registered holder thereof is
indebted to the bank or trust company for any matured and unpaid
obligations. The shares of stock of a stockholder indebted to the
bank or trust company, as provided herein, may be transferred or any
claims of the bank or trust company, as herein defined, may be
waived at any time by written consent of the bank or trust company,
executed by an officer other than the borrowing stockholder.
B. Lending on stock prohibited. It shall be unlawful for any
bank or trust company to loan its funds to any stockholder, on its
stock or its holding company stock as collateral security; provided,
that any bank or trust company may hold its stock to secure the
indebtedness previously in good faith contracted.
C. Purchase of treasury stock. With the approval of the
Commissioner and subject to the conditions as the Commissioner may
prescribe, a bank may purchase its own stock as treasury stock.
Added by Laws 1965, c. 161, § 706. Amended by Laws 1977, c. 208, §
7, emerg. eff. June 14, 1977; Laws 1997, c. 111, § 61, eff. July 1,
1997.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 6-706
What does Oklahoma Statutes § 6-706 cover?
Section 6-706 ("Stock as personalty - Transfer on books - Shareholders") 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 § 6-706?
A common citation format is "Oklahoma Statutes § 6-706" (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 § 6-706 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.