§ 1107. Conversion from state bank to national and of national to state bank, and trust powers
Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies
6 Okl.St.Ann. § 1107
§ 1107. Conversion from state bank to national and of national to state bank, and trust powers
B. National bank conversion to state bank. A national bank located in this state, which follows the procedure prescribed by federal law to convert into a state bank, shall be granted a state charter if it meets the requirements for the incorporation of a state bank and the standards and requirements set forth by rules and regulations of the Board. Any requirements that shares must be paid in cash may be satisfied by the exchange of shares of the converted state bank for those of the converting national bank, which may be valued at no more than their fair cash market value. The procedure for incorporation of a state bank may be modified to the extent made necessary by the difference between an ordinary incorporation and a conversion.
C. Preservation of identity and use of prior name. The converted bank shall be considered the same business and corporate entity as the converting bank with all of the rights, powers and duties of the converting bank except as limited by the charter and bylaws of the resulting bank. It may use the name of the converting bank whenever it can do any act under such name more conveniently.
D. Succession to fiduciary positions. Where a resulting state bank is not to exercise trust powers, the Board shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank, and the manner of succession of trust powers and successor trustees shall follow the same procedure as set out in Section 1018 of this Code.
Credits
Laws 1965, c. 161, § 1107; Laws 1968, c. 93, § 11, emerg. eff. April 1, 1968; Laws 1993, c. 183, § 18, eff. July 1, 1993.
6 Okl. St. Ann. § 1107, OK ST T. 6 § 1107
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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