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§ 2001. Definitions

Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies

Oklahoma Statutes Annotated
Title 6. Banks and Trust Companies (Refs & Annos)
Chapter 2. Credit Unions (Refs & Annos)
6 Okl.St.Ann. § 2001
§ 2001. Definitions
As used in this chapter:
1. “Credit union” means a cooperative nonprofit society incorporated for the purpose of promoting thrift among its members, and creating a source of credit for them at legitimate rates of interest for provident or productive purposes; and
2. “Paid-in and unimpaired capital and surplus” means, the balance of all paid-in share accounts and other deposits, less any loss for which no reserve has been established or which has not been charged against undivided earnings, plus the credit balance (or less the debit balance) of undivided earnings, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as a part of surplus.

Credits

Laws 1941, p. 11, § 1, emerg. eff. June 4, 1941; Laws 1965, c. 496, § 1, emerg. eff. July 19, 1965; Laws 1995, c. 151, § 1, emerg. eff. May 2, 1995.
6 Okl. St. Ann. § 2001, OK ST T. 6 § 2001
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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