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§ 402.1. Chartering of banker's bank

Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies

Oklahoma Statutes Annotated
Title 6. Banks and Trust Companies (Refs & Annos)
Chapter 1. Oklahoma Banking Code
Article IV. General Powers
6 Okl.St.Ann. § 402.1
§ 402.1. Chartering of banker's bank
Currentness
A banker's bank may be chartered pursuant to Sections 301 through 313 of Title 6 of the Oklahoma Statutes and shall have the powers set forth in Section 402 of Title 6 of the Oklahoma Statutes, subject to the following limitations and restrictions:
1. The stock of the bank shall be owned exclusively by other banks, or if the stock of such bank is owned by a holding company, then the stock of the holding company is owned exclusively by other banks;
2. The bank or the bank holding company owning such bank, including all subsidiaries, shall engage primarily in providing service to or for other depository institutions or their holding companies, and the directors, officers, or employees of such institutions;
3. The bank shall have federal deposit insurance by the Federal Deposit Insurance Corporation; and
4. The bank shall provide correspondent banking services at the request of other depository institutions, their subsidiaries or their holding companies and subsidiaries of such holding companies.

Credits

Laws 1997, c. 111, § 36, eff. July 1, 1997.
6 Okl. St. Ann. § 402.1, OK ST T. 6 § 402.1
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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