Okla. Stat. tit. 6, § 6-1017
This is the official text of Okla. Stat. tit. 6, § 6-1017, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Voluntary relinquishment of trust powers
Official statutory text
A. 1. Banks. Any bank desiring to surrender its right to
exercise the powers granted pursuant to this article in order to
relieve itself of the necessity of complying with the requirements
of this article, or to have cancelled or returned to it any security
pledged or purchased pursuant to Section 1004 of this title, may
file with the Commissioner a certified copy of a resolution of its
board of directors signifying such desire.
2. Upon receipt of such resolution, the Commissioner, upon
satisfaction that such bank has been relieved in accordance with
state law of all duties as trustee, executor, administrator,
registrar of stocks and bonds, guardian of estates, assignee,
receiver, or other fiduciary, under court, private or other
appointment previously accepted under authority of this article, may
issue to such bank a certificate certifying that such bank is no
longer authorized to exercise the powers granted by this article.
3. Upon the issuance of such a certificate by the Commissioner,
such banks:
a. shall no longer be subject to the provisions of this
article or the regulations of the Board made pursuant
thereto,
b. shall be entitled to cancel or have returned to it any
security pledged or purchased pursuant to the
provisions of Section 1004 of this title, and
c. shall not exercise thereafter any of the powers
granted by this article without first applying for and
obtaining a new permit to exercise such powers
pursuant to the provisions of this Code.
B. Trust companies. Any trust company desiring to retire from
business specified in this article shall furnish to the Commissioner
satisfactory evidence of its release and discharge from all
obligations and trusts provided for in this article. The
Commissioner shall thereupon examine, or cause to be examined, such
trust company, and, if the Commissioner is satisfied after such
examination that such trust company has discharged all its
obligations and trusts, the Commissioner shall revoke its
certificate of authority and authorize the cancellation of, or
return, of any security pledged or purchased pursuant to the
provisions of Section 1004 of this title.
exercise the powers granted pursuant to this article in order to
relieve itself of the necessity of complying with the requirements
of this article, or to have cancelled or returned to it any security
pledged or purchased pursuant to Section 1004 of this title, may
file with the Commissioner a certified copy of a resolution of its
board of directors signifying such desire.
2. Upon receipt of such resolution, the Commissioner, upon
satisfaction that such bank has been relieved in accordance with
state law of all duties as trustee, executor, administrator,
registrar of stocks and bonds, guardian of estates, assignee,
receiver, or other fiduciary, under court, private or other
appointment previously accepted under authority of this article, may
issue to such bank a certificate certifying that such bank is no
longer authorized to exercise the powers granted by this article.
3. Upon the issuance of such a certificate by the Commissioner,
such banks:
a. shall no longer be subject to the provisions of this
article or the regulations of the Board made pursuant
thereto,
b. shall be entitled to cancel or have returned to it any
security pledged or purchased pursuant to the
provisions of Section 1004 of this title, and
c. shall not exercise thereafter any of the powers
granted by this article without first applying for and
obtaining a new permit to exercise such powers
pursuant to the provisions of this Code.
B. Trust companies. Any trust company desiring to retire from
business specified in this article shall furnish to the Commissioner
satisfactory evidence of its release and discharge from all
obligations and trusts provided for in this article. The
Commissioner shall thereupon examine, or cause to be examined, such
trust company, and, if the Commissioner is satisfied after such
examination that such trust company has discharged all its
obligations and trusts, the Commissioner shall revoke its
certificate of authority and authorize the cancellation of, or
return, of any security pledged or purchased pursuant to the
provisions of Section 1004 of this title.
Status: in_force · Read it on the official government site
Need a lawyer in Oklahoma?
Find a Oklahoma lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.