Oklahoma § 6-218 - Transfer of stock or controlling interest - Notice to and

§ 6-218. Transfer of stock or controlling interest - Notice to and

approval by Commissioner.

A. Commissioner's approval required where transfer of stock

jeopardizes interest of depositors - Banks and trust companies.

Whenever, in the opinion of the Commissioner, the condition of any

bank or trust company is such that any transfer of the capital stock

of such bank or trust company would jeopardize the interest of its

customers, the Commissioner shall promptly so notify in writing the

board of directors and officers of such bank or trust company of the

determination of the Commissioner and the same shall be forwarded by

certified or registered mail, return receipt requested, and the

Commissioner shall therein require that, when any shares of the

capital stock of the bank or trust company are to be transferred on

the books or records of the bank or trust company, the officer or

officers proposing to make the transfer shall report in writing to

the Commissioner such proposed transfer of stock. After such

notice, no transfer thereof shall be made without first obtaining

the written consent thereto of the Commissioner.

B. Transfer of controlling interest - Banks.

1. Whenever a change occurs or is about to occur in the

outstanding voting stock of any bank or bank holding company which

will result in a change in the control of the bank or the bank

holding company, the president or other chief executive officer of

such bank or bank holding company, immediately upon obtaining such

knowledge of such change in the control of the bank or bank holding

company or such contemplated or consummated sale or transfer of such

stock, shall report such facts to the Commissioner.

2. As used in this section, the term "control" means the

possession, directly or indirectly, of the power to direct or cause

Oklahoma Statutes - Title 6. Banks and Trust Companies

the direction of the management and policy of a bank or bank holding

company. If there is any doubt as to whether a change in the

ownership of the outstanding voting stock in any insured bank or

bank holding company is sufficient to effect a change in the control

thereof, such doubt shall be resolved in favor of reporting the

facts to the Commissioner.

3. Notwithstanding paragraph 1 of subsection B of this section,

a change in ownership of ten percent (10%) of the voting stock of a

bank or bank holding company shall be reported as a change of

control to the Commissioner.

C. Reporting transfers required. No officer of any bank or

trust company shall fail to report any transfer of stock to the

Commissioner at the time the same is made, as required by this

section.

Added by Laws 1965, c. 161, § 218. Amended by Laws 1995, c. 36, §

8, eff. July 1, 1995; Laws 1997, c. 111, § 18, eff. July 1, 1997.