Okla. Stat. tit. 18, § 18-381.54

Associations shall have the powers enumerated, authorized and

permitted by this act and such other rights and powers as may be

incidental to or reasonably necessary or appropriate for the

accomplishment of the objects and purposes of the association.

Among others, and except as otherwise limited herein, every

association shall have the following general powers:

1. To have perpetual existence; to adopt and use a corporate

seal; to adopt, amend and repeal bylaws; and to sue and be sued,

complain and defend in any court having jurisdiction;

2. To own or rent such equipment, fixtures, furnishings and

other personal property as may be deemed expedient for the

transaction of the business of the association; and to acquire

personal property in satisfaction of indebtedness owed to the

association;

3. To sell, exchange and dispose of and convey real and

personal property acquired pursuant to this act, and to mortgage,

pledge, lease or otherwise contract with respect to such property;

4. If and when an association is not a member of a Federal Home

Loan Bank, to borrow not more than an aggregate amount equal to one-

Oklahoma Statutes - Title 18. Corporations Page 60

fourth (1/4) of its savings or deposits liability on the date of

borrowing and such additional sums as the State Banking Commissioner

may approve. If and when an association is a member of a Federal

Home Loan Bank, to secure advances of not more than an aggregate

amount equal to one-half (1/2) of its savings or deposits liability;

within such amount equal to one-half (1/2) of its savings or

deposits liability, the association may borrow from sources,

individual or corporate, other than such Federal Home Loan Bank, an

aggregate amount not in excess of the amount permitted by the

Federal Home Loan Bank Board. A subsequent reduction of savings or

deposits liability shall not affect in any way outstanding

obligations for borrowed money. All such loans and advances may be

secured by property of the association. Insured associations may

also issue and market such bonds, debentures, obligations and like

securities as the Commissioner and the Director of the Office of

Thrift Supervision may authorize;

5. To sell and assign without recourse any loan, including any

participating interests therein held by an association; provided

that the Commissioner may by regulation limit the total dollar

volume of loans sold in any calendar year to a designated percentage

of total loans held by the association;

6. To qualify as and become a member of a Federal Home Loan

Bank;

7. To obtain and maintain insurance of the deposit accounts of

its members by the Federal Deposit Insurance Corporation;

8. To appoint and compensate such officers, agents and

employees as its business shall require; to provide for reasonable

life, health and medical insurance for its personnel; to adopt and

operate reasonable bonus plans and retirement benefits for its

officers and employees; to pay reasonable fees to its directors for

their services; and to provide for indemnification of its officers,

employees and directors as permitted by this act whether by

insurance or otherwise;

9. To become a member of and make reasonable payments or

contributions to any organization to the extent that such

organization assists in furthering or facilitating the association's

purposes or its community responsibilities;

10. If and when an association is a member of a Federal Home

Loan Bank, to act as fiscal agent of the United States and, when so

designated by the Secretary of the Treasury, to perform all

reasonable duties as fiscal agent of the United States as the

Secretary of the Treasury may require; and to act as agent for any

instrumentality of the United States and as agent of this state or

any instrumentality thereof;

11. To act as agent for others in servicing loans and making

collections thereon; and to act as agent for others in any
by the Secretary of the Treasury, to perform all

reasonable duties as fiscal agent of the United States as the

Secretary of the Treasury may require; and to act as agent for any

instrumentality of the United States and as agent of this state or

any instrumentality thereof;

11. To act as agent for others in servicing loans and making

collections thereon; and to act as agent for others in any

transaction incidental to the operation of its business;

Oklahoma Statutes - Title 18. Corporations Page 61

12. To act as trustee of any trust created or organized in the

United States and forming part of a stock bonus, pension, or profit-

sharing plan qualifying for specific tax treatment under Section

401(d) of the Internal Revenue Code of 1986; as trustee or custodian

of an individual retirement account within the meaning of Section

408(a) of the Internal Revenue Code of 1986; or as trustee with no

active fiduciary duties, provided, that the association shall invest

the funds of the trust or account only in the association's own

accounts, deposits, obligations, or securities or, upon the

condition that the association does not exercise any investment

discretion or directly or indirectly provide any investment advice

with respect to the trust or account assets, in such other assets as

the customer may direct. The association shall observe principles

of sound trust administration, including those relating to

recordkeeping and segregation of assets, and may receive reasonable

compensation for acting in any trust capacity authorized by this

paragraph;

13. To acquire savings of the public and pay earnings thereon,

and to lend and invest its funds as provided in this act;

14. To conduct a safe deposit business in compliance with the

requirements of applicable federal law and Sections 1301 through

1313 of Title 6 of the Oklahoma Statutes;

15. To organize a finance subsidiary;

16. To own capital stock of an operating subsidiary; and

17. To have and to exercise all such incidental powers as shall

be necessary to carry on the association business including, but not

limited to, all such powers as may now or hereafter be conferred

upon federal associations by federal laws and the regulations and

policies of the Office of Thrift Supervision, unless otherwise

prohibited or limited by the Commissioner.