Oklahoma § 6-707 - Issuance of preferred stock - Classes - Procedure Reduction of common stock and issuance of preferred stock - One

§ 6-707. Issuance of preferred stock - Classes - Procedure Reduction of common stock and issuance of preferred stock - One

meeting - Preferred stock as capital.

A. Issuance of preferred stock - Classes - Procedure. Subject

to the provisions of subsection C of Section 303.1 of this title

relating to newly organized banks, any bank or trust company now or

hereafter organized may, with the approval of the Commissioner, and

by majority vote of the outstanding voting stock at a meeting held

after thirty (30) days' notice, given by restricted delivery,

pursuant to action taken by its board of directors, issue, from time

to time, preferred stock of one or more classes, in such amounts and

with such par values as shall be approved by the Commissioner, and

may amend its certificate of incorporation accordingly. A copy of

the minutes of such directors' and shareholders' meetings, certified

to by the proper officers and under the corporate seal of the bank

or trust company and accompanied by the written approval of the

Commissioner and amended certificate of incorporation, may be

immediately filed in the office of the Secretary of State, and when

so filed shall be deemed and treated as an amendment to the

certificate of incorporation of such bank or trust company.

Oklahoma Statutes - Title 6. Banks and Trust Companies

B. Reduction of common stock and issuance of preferred stock One meeting. Should the shareholders of any bank or trust company,

with the approval of the Commissioner, determine to authorize the

issuance of preferred stock, reduce its common stock and amend its

certificate of incorporation to accomplish such issuance and

reduction as authorized by this Code, the shareholders may at one

meeting, called by one action of its board of directors, by one

notice being given, and by one vote, authorize the issuance of such

preferred stock and the reduction of its common stock and amend its

certificate of incorporation.

C. Preferred stock as capital. For the purposes of this Code,

the term "capital" or "capital stock" shall include the amount of

outstanding preferred stock issued and unimpaired by a bank or trust

company.

Added by Laws 1965, c. 161, § 707. Amended by Laws 1977, c. 208, §

8, emerg. eff. June 14, 1977; Laws 1983, c. 73, § 10, emerg. eff.

April 29, 1983; Laws 1997, c. 111, § 62, eff. July 1, 1997.