Okla. Stat. tit. 18, § 18-381.20
This is the official text of Okla. Stat. tit. 18, § 18-381.20, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Payment into escrow account - Required savings capital
Official statutory text
A. Before a certificate of authority is issued for a new mutual
association, there shall be paid into the escrow fund as
subscriptions to deposit accounts of the proposed association such
aggregate amount as the State Banking Commissioner shall deem
adequate, but, if insured, not less than an amount necessary to meet
the requirements of the Federal Deposit Insurance Corporation. If
the organizers intend to organize and operate the association
without federal insurance on its deposit accounts, the amount paid
into the escrow fund as subscriptions to deposit accounts of the
proposed association shall be at the sole discretion of the
Commissioner.
B. No permanent capital stock association may be organized
hereafter unless, prior to the filing of its certificate of
incorporation, such amounts of its permanent capital stock as the
Commissioner shall deem adequate, but, if insured, not less than an
amount necessary to meet the requirements of the Federal Deposit
Insurance Corporation shall have been subscribed for and paid for in
lawful money of the United States. If the organizers intend to
organize and operate the association without federal insurance on
its deposit accounts, the amount of permanent capital stock required
shall be at the sole discretion of the Commissioner.
association, there shall be paid into the escrow fund as
subscriptions to deposit accounts of the proposed association such
aggregate amount as the State Banking Commissioner shall deem
adequate, but, if insured, not less than an amount necessary to meet
the requirements of the Federal Deposit Insurance Corporation. If
the organizers intend to organize and operate the association
without federal insurance on its deposit accounts, the amount paid
into the escrow fund as subscriptions to deposit accounts of the
proposed association shall be at the sole discretion of the
Commissioner.
B. No permanent capital stock association may be organized
hereafter unless, prior to the filing of its certificate of
incorporation, such amounts of its permanent capital stock as the
Commissioner shall deem adequate, but, if insured, not less than an
amount necessary to meet the requirements of the Federal Deposit
Insurance Corporation shall have been subscribed for and paid for in
lawful money of the United States. If the organizers intend to
organize and operate the association without federal insurance on
its deposit accounts, the amount of permanent capital stock required
shall be at the sole discretion of the Commissioner.
Status: in_force · Read it on the official government site
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