Oklahoma § 6-2109 - Additional bond - Deposit of securities in lieu of bond

§ 6-2109. Additional bond - Deposit of securities in lieu of bond

(a) If the Commissioner shall find at any time that any bond

required under this act is insecure or exhausted, an additional bond

to be approved by the Commissioner shall be filed by the licensee

within ten (10) days after written demand therefor by the

Commissioner.

(b) In lieu of any bond required under this act, the licensee

may deposit with the Commissioner securities with a ready market

value equal to the amount of any such bond. Such securities shall

consist of (1) general obligations of or fully guaranteed by the

United States or of any agency or instrumentality of or corporation

wholly owned by the United States directly or indirectly; or (2)

direct general obligations of the State of Oklahoma, or of any

county, city, town, school district, or other political subdivision

or municipal corporation of the State of Oklahoma. Such securities

shall be held by the Commissioner to secure the same obligation as

would any bond, required by this act. The securities so deposited

may be exchanged from time to time for other securities receivable

as aforesaid. All said securities shall be subject to sale, and

transfer and to the disposal of the proceeds by said Commissioner

only on the order of a court of competent jurisdiction. So long as

the licensee so depositing shall continue solvent, such licensee

shall be permitted to receive the interest or dividends on said

deposit. The Commissioner may provide for custody of such

securities by any qualified trust company or bank located in the

State of Oklahoma or by any Federal Reserve Bank. The compensation,

if any, of the custodian for acting as such under this section shall

be paid by the depositing licensee.

Added by Laws 1961, p. 428, § 9. Amended by Laws 2005, c. 48, § 21,

eff. Nov. 1, 2005.