Okla. Stat. tit. 18, § 18-381.53e

- Conditions - Amendment, alteration or revocation.

No association shall sell, offer for sale, negotiate for the

sale of or take subscriptions for, or issue any of its permanent

capital stock until it shall have first applied for and secured from

the State Banking Commissioner a permit authorizing it to do so.

Such application shall be in writing, be verified and be filed with

the Commissioner. In such application the association shall set

forth the names and addresses of its officers, the location of its

main office and branch offices, an itemized account of its financial

condition, the amount and character of its stock and shares, a copy

of any prospectus or advertisement or other description of its stock

to be distributed or published, a copy of all minutes of any

proceedings of its directors, members or stockholders relating to or

affecting the issue of such stock and such additional information

concerning the association, its condition and affairs as the

Commissioner may require. Upon the filing of such application it

shall be the duty of the Commissioner to examine it and the other

papers and documents filed therewith. If the Commissioner finds

that the proposed issue is such as will not mislead the public as to

the nature of the investment or will not work a fraud upon the

purchaser thereof, the Commissioner shall issue to the association a

permit authorizing it to issue and dispose of its stock in such

amounts as the Commissioner may in such permit provide. Otherwise,

Oklahoma Statutes - Title 18. Corporations Page 59

the Commissioner shall deny the application and notify the

association in writing of the decision. Every permit shall recite

in bold type that the issuance thereof is permissive only and does

not constitute a recommendation or endorsement of the stock

permitted to be issued. The Commissioner may impose conditions

requiring the impoundment of the proceeds from the sale of such

stock, limiting the expense in connection with the sale thereof, and

such other conditions as the Commissioner may deem reasonable and

necessary or advisable to insure the disposition of the proceeds

from the sale of such stock in the manner and for the purposes

provided in such permit. The Commissioner may, from time to time,

amend, alter or revoke any permit issued by the Commissioner or

temporarily suspend the rights of such association under such

permit. The Commissioner shall have the power to establish such

rules as may be reasonable or necessary to carry out the purposes

and provisions of this section.