Oklahoma § 6-2002 - Necessity of certificate - Application for certificate Organization certificate and bylaws

§ 6-2002. Necessity of certificate - Application for certificate Organization certificate and bylaws

(A) No credit union organized under the laws of this state or

any other state shall be permitted to engage in business except on

certificate issued by the Bank Commissioner upon authority of the

State Credit Union Board.

(B) The request to establish a credit union under the laws of

this state shall be set forth in application form and filed with the

Bank Commissioner. The form of such application shall be prescribed

by the State Credit Union Board and furnished by the Bank

Commissioner and shall contain such information as the State Credit

Union Board may require. Any seven or more residents of this state

who desire to form a credit union under the laws of this state shall

subscribe before some person, competent to administer oath, an

organization certificate in triplicate, which shall specifically

state: (1) the name of the credit union; (2) the location of the

proposed credit union and the territory in which it will operate;

(3) the purpose for which it is formed; (4) the term for which it is

to exist, which may be perpetual or limited in term; (5) the number

of its directors or trustees and the names and addresses of such of

them as shall serve until the election of directors or trustees; (6)

Oklahoma Statutes - Title 6. Banks and Trust Companies

the par value of the shares, which shall not exceed One Hundred

Dollars ($100.00) each, and the authorized stock which shall not

exceed the amount which it is contemplated to be provided for in its

certificate of incorporation.

(C) With the application, applicants shall file a proposed

certificate of incorporation with the Bank Commissioner prepared in

accordance with the provisions of the Oklahoma General Corporation

Act.

(D) In addition said applicants shall prepare and adopt bylaws

consistent with the provisions of this act and shall certify to the

same in triplicate. The bylaws of the credit union may provide for

the amendment of the certificate of incorporation of the credit

union upon a vote of two-thirds (2/3) of the members of the board of

directors and the approval of the State Credit Union Board.

(E) The request of a credit union organized under the laws of a

state other than this state to do business in Oklahoma shall be made

in accordance with the provisions of Section 6 of this act.

Added by Laws 1941, p. 11, § 2. Amended by Laws 1974, c. 267, § 1;

Laws 1985, c. 125, § 1, emerg. eff. June 4, 1985; Laws 1992, c. 90,

§ 4, eff. July 1, 1992.