Oklahoma § 6-403.1 - Membership in Federal Reserve System

§ 6-403.1. Membership in Federal Reserve System

A. Any bank incorporated under the laws of this state may

subscribe to the capital stock and become a member of the Federal

Reserve System.

B. Any bank incorporated under the laws of this state which

becomes a member of the Federal Reserve System is by this Code

vested with all powers conferred upon member banks of the Federal

Reserve System by the terms of the Federal Reserve Act as fully and

completely as if such powers were specifically enumerated and

described in this Code. All such powers shall be exercised subject

to all restrictions and limitations imposed by the Federal Reserve

Act, or by regulations of the Federal Reserve Board made pursuant

thereto.

C. Compliance on the part of any such bank with the reserve

requirements of the Federal Reserve Act is full compliance with

those provisions of the laws of this state which require banks to

maintain cash balances in their vaults or with other banks, and no

such bank shall be required to carry or maintain reserve other than

such as is required under the terms of the Federal Reserve Act.

Oklahoma Statutes - Title 6. Banks and Trust Companies

D. Any such bank shall continue to be subject to the

supervision and examination required by the laws of this state,

except that the Board of Governors of the Federal Reserve System has

the right, if it deems necessary, to make examinations. The

authorities of this state having supervision over such bank may

disclose to the Board of Governors of the Federal Reserve System, or

to examiners duly appointed by it, all information in reference to

the affairs of any bank which has become or desires to become a

member of the Federal Reserve System.

E. The provisions of this section shall be deemed to apply to

any bank electing to become a member of the Federal Reserve System

prior to the effective date of this act.

Added by Laws 1998, c. 70, § 1, emerg. eff. April 8, 1998.