Oklahoma § 6-709 - Rights of preferred shareholders - Dividends - Voting and

§ 6-709. Rights of preferred shareholders - Dividends - Voting and

conversion rights.

A. Dividends. Notwithstanding any other provision of law,

whether related to restrictions upon payment of dividends upon

capital stock or otherwise, the holders of preferred stock shall be

entitled to receive cumulative dividends only if provided for in the

bank or trust company’s certificate of incorporation or amendment

thereto.

B. Dividends on common stock may not be paid until dividends on

preferred stock have been paid - Retirement. No dividends shall be

declared or paid on common stock until the cumulative dividends on

the preferred stock shall have been paid in full. If the bank or

trust company is placed in voluntary or involuntary liquidation, no

dividends shall be paid to the holders of common stock until the

holders of preferred stock shall have been paid in full the par

Oklahoma Statutes - Title 6. Banks and Trust Companies

value or the retirement price (whichever is greater) of such stock

plus any authorized accumulated dividends.

C. Voting rights - Conversion - Retirement. Preferred stock

shall have such voting and conversion rights and such control of

management, and shall be subject to retirement at such price and in

such manner and upon such conditions, as may be provided in the

certificate of incorporation or any amendment thereto, with the

approval of the Board.

Added by Laws 1965, c. 161, § 709. Amended by Laws 1984, c. 133, §

6, eff. Oct. 1, 1984; Laws 1997, c. 111, § 64, eff. July 1, 1997;

Laws 2009, c. 3, § 3, eff. July 1, 2009.