§ 304. Expenses of organization
Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies
6 Okl.St.Ann. § 304
§ 304. Expenses of organization
A. Each subscriber at the time the subscriber subscribes to the stock of a proposed state bank or trust company shall pay in cash a sum equal to at least five percent (5%) of the sale price of such stock into a fund to be used to pay the expenses of organization. No organizational expense shall be paid out of any other funds of the bank.
B. Upon the issuance of a certificate of authority by the Commissioner any unexpended balance shall be transferred to undivided profits. If the application has been finally denied, any unexpended balance shall be distributed among the contributors in proportion to their respective contributions. The Commissioner may require an accounting of disbursements from the fund and may order the organizers to restore any sum which has been expended for other than proper organizational expenses.
Credits
Laws 1965, c. 161, § 304; Laws 1982, c. 204, § 5; Laws 1997, c. 111, § 22, eff. July 1, 1997; Laws 2002, c. 67, § 4, eff. Nov. 1, 2002; Laws 2008, c. 275, § 3, eff. July 1, 2008.
6 Okl. St. Ann. § 304, OK ST T. 6 § 304
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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