Oklahoma § 6-2008 - Examinations - Reports - Access to information Alternative examination or report - Failure to make and transmit or

§ 6-2008. Examinations - Reports - Access to information Alternative examination or report - Failure to make and transmit or

publish report - Certificate and bylaw forms - Annual financial

report.

A. A regular examination of credit unions organized under the

laws of this state shall be made by or under the supervision of the

Administrator appointed by the State Banking Commissioner. The

Administrator shall investigate and examine credit unions organized

under Section 2001 et seq. of this title at least every eighteen

(18) months, or more often if the Administrator and the State

Banking Commissioner deem it necessary. For the purpose of making

such examinations, examiners shall have full access to all books,

papers, securities, records and other sources of information under

the control of credit unions.

B. In lieu of making an examination of a credit union, an

examination or audit report of the condition of the credit union

made by the National Credit Union Administration may be accepted by

the Administrator.

C. Upon receipt by the credit union or any officer thereof, the

report of examination shall be submitted by the officer receiving it

to the board of directors and the supervisory committee for review

at the next meeting of the board and duly noted in the minutes of

the board in such form and in such manner as may be prescribed and

directed by the Commissioner.

D. Credit unions shall report to the Administrator at least

semiannually or upon request by the Administrator on forms supplied

for that purpose. Every credit union which fails to make and

transmit or to publish any report required within the discretion of

the Administrator shall be liable for an administrative violation

and subject to a fine not to exceed Five Dollars ($5.00) for each

day, after the period respectively therein mentioned, that the

credit union delays to make and transmit its report or its proof of

publication. Whenever any credit union delays or refuses to pay the

fine herein imposed for a failure to make and transmit or to publish

a report, the Commissioner is hereby authorized to maintain an

action in the name of the state against the delinquent credit union

for the recovery of such fine, and all sums collected by such action

shall be paid into the State Treasury to be credited to the General

Revenue Fund.

E. In order to simplify the organization of credit unions, the

Administrator shall cause to be prepared a form of organization

certificate which shall be used by credit unions organized hereunder

and a form of bylaws consistent with Section 2001 et seq. of this

title, which may be used by credit union incorporators and shall be

supplied upon request.

F. The Administrator shall prepare a report each year showing

the financial condition of all credit unions under the supervision

Oklahoma Statutes - Title 6. Banks and Trust Companies

of the Administrator as of December 31 of the preceding year. The

report shall be published in the annual report of the Commissioner,

which shall be a public document and shall include such other

matters as the Commissioner deems advisable.

Added by Laws 1941, p. 13, § 8. Amended by Laws 1959, p. 434, § 3;

Laws 1965, c. 496, § 5; Laws 1979, c. 173, § 9; Laws 1992, c. 90, §

8, eff. July 1, 1992; Laws 1995, c. 151, § 4, emerg. eff. May 2,

1995; Laws 2000, c. 77, § 4, emerg. eff. April 14, 2000.