Oklahoma § 6-502.1 - Interim state banks - Application - Prefiling meeting Acceptance of application - Merger or consolidation

§ 6-502.1. Interim state banks - Application - Prefiling meeting Acceptance of application - Merger or consolidation

A. Rules of General Applicability.

1. The interim state bank, prior to commencing business, shall

be a party to a merger or consolidation with an existing bank. The

application to organize an interim state bank and the subsequent

merger or consolidation application shall be melded into a single

process requiring, after the filing of the subsequent merger or

consolidation application, one opportunity for public comment after

notice is published by the applicant and one substantive review by

the Department pursuant to Section 1103 of this title.

2. The provisions of Section 303 of this title governing the

number of organizers shall not apply to applications to organize an

interim state bank.

B. Prefiling meeting concerning application to organize an

interim state bank. The proposed organizers of an interim state

bank should schedule a meeting with the Commissioner to discuss the

Oklahoma Statutes - Title 6. Banks and Trust Companies

proposal and the Department rules, policies and procedures,

including means to combine many procedural and processing

requirements, applicable to the organization of an interim state

bank. The Department shall provide the organizers with forms and

documents which should be filed with the application for authority

to organize an interim state bank. The prefiling meeting provided

for in this subsection may be waived by the Commissioner.

C. Acceptance of application to organize.

1. The Commissioner shall accept an application for authority

to organize an interim state bank for processing if the applicant

has completed all of the information requested in the application.

Applicants shall have one opportunity to correct deficiencies.

Deficiencies that are not corrected adequately when the application

is resubmitted may cause the application to be considered withdrawn

or disapproved.

2. Approval of the application by the Board shall be

specifically conditioned on approval of the subsequent merger or

consolidation. The approval shall be rescinded automatically if the

merger or consolidation is disapproved or if subsequent approval for

establishment of a holding company or for acquisition of the interim

bank by the holding company is not received within twelve (12)

months from the filing of the application for authority to organize

an interim state bank, unless an extension has been requested by the

applicant and granted by the Board. If the merger or consolidation

application is not filed within six (6) months of approval of the

interim state bank, the preliminary approval shall be withdrawn

unless an extension has been requested by the applicant and granted

by the Board.

D. Subsequent merger or consolidation.

1. When the interim state bank's duly executed certificate of

incorporation is filed with and accepted by the Board, the interim

state bank becomes a body corporate, and may then legally enter into

the merger or consolidation agreement.

2. All steps necessary to perfect the organization of a state

bank must be completed before consummation of the merger or

consolidation.

E. Rules. The Board shall adopt and promulgate rules necessary

to effectuate the provisions of this section.

Added by Laws 1989, c. 293, § 2, emerg. eff. May 24, 1989. Amended

by Laws 1993, c. 183, § 10, eff. July 1, 1993; Laws 1997, c. 111, §

56, eff. July 1, 1997.