Oklahoma § 6-1002 - Restrictions on acting in certain fiduciary capacities Reciprocity

§ 6-1002. Restrictions on acting in certain fiduciary capacities Reciprocity

All corporations except: (1) state banks in Oklahoma having

trust powers, national banking associations located in this state

Oklahoma Statutes - Title 6. Banks and Trust Companies

and having trust powers and trust companies incorporated under the

laws of this state and having trust powers; (2) corporations which

are recognized under Section 501(c)(3) of the Internal Revenue Code

as being organized and operated exclusively for educational,

religious, charitable, or other eleemosynary purposes when

exercising powers pursuant to the Oklahoma Charitable Fiduciary Act

and the Oklahoma General Corporation Act; and (3) national banks

having trust powers, and state banks and trust companies having

trust powers located in states which reciprocally allow similar

Oklahoma institutions to exercise trust and fiduciary powers therein

under no greater restrictions than those imposed under this Code on

such fiduciary institutions, are prohibited from acting in any of

the following fiduciary capacities within this state:

1. As executor or administrator of the estate of any decedent,

whether such decedent was a resident of this state or not, and

whether the administration of the estate of such decedent be

original or ancillary; provided, that if the executor or

administrator of the estate of a nonresident decedent be a

corporation duly authorized, qualified and acting as such executor

or administrator in the jurisdiction of the domicile of the

decedent, it may, as a foreign executor or administrator, perform

such duties and exercise such powers and privileges as are required,

authorized and permitted by Section 1001 of this title;

2. As guardian of any infant, insane person or person

physically or mentally incompetent whether domiciled in this state

or not;

3. As trustee under any inter vivos trust, will or other

testamentary instrument, provided that any corporation which is

authorized to act as such trustee under the laws of the place where

it has its principal place of business may receive bequests to it as

trustee of money or intangible personal property;

4. As trustee of any real estate in this state or any interest

therein under any agreement whereby the beneficial interest in such

property is vested in others;

5. As receiver or trustee under appointment of any court in

this state;

6. As assignee, receiver or trustee of any insolvent person or

corporation or under any assignment for the benefit of creditors; or

7. As fiscal agent, transfer agent or registrar of any

municipal or private corporation; provided, however, that nothing

herein shall prevent any Oklahoma corporation not a bank or trust

company and not having trust powers from being its own fiscal agent,

transfer agent or registrar concerning its own affairs, stock or

securities.

Nothing in this section shall be construed as authorizing or

permitting any foreign bank or trust company to maintain an office

within this state.

Oklahoma Statutes - Title 6. Banks and Trust Companies

Added by Laws 1965, c. 161, § 1002. Amended by Laws 1967, c. 258, §

8, emerg. eff. May 8, 1967; Laws 1968, c. 15, § 1; Laws 1969, c.

257, § 1, emerg. eff. April 24, 1969; Laws 1997, c. 111, § 83, eff.

July 1, 1997.