Oklahoma § 6-1755 - Conversion to public trust company

§ 6-1755. Conversion to public trust company

A. A private trust company may terminate its status as a

private trust company and commence transacting business with the

general public. A private trust company desiring to commence

transacting business with the general public shall file a notice on

a form prescribed by the Commissioner, which shall set forth the

name of the private trust company and an acknowledgement that any

Oklahoma Statutes - Title 6. Banks and Trust Companies

exemption granted or otherwise applicable to the private trust

company pursuant to Section 36 of this act shall cease to apply on

the effective date of such notice. The private trust company shall

also furnish a copy of the resolution adopted by the board

authorizing the private trust company to commence transacting

business with the general public and pay the filing fee, if any,

prescribed by the Commissioner.

B. The notificant may commence transacting business with the

general public on the thirty-first day after the date the

Commissioner receives the notice, unless the Commissioner specifies

an earlier or later date.

C. The thirty-day period of review may be extended by the

Commissioner on determination that the written notice raises issues

that require additional information or additional time for analysis.

If the period for review is extended, the notificant may commence

transacting business with the public only on prior written approval

by the Commissioner.

D. The Commissioner may deny approval of the notice of the

private trust company to commence transacting business with the

general public if the Commissioner finds that the notificant lacks

sufficient financial resources to undertake the proposed expansion

without adversely affecting its safety or soundness, that the

proposed transacting of business with the general public would be

contrary to the public interest or if the Commissioner determines

that the notificant will not within a reasonable period be in

compliance with any provision of this act from which the notificant

had been previously exempted pursuant to Section 36 of this act.

Added by Laws 1998, c. 104, § 38, eff. Nov. 1, 1998.