Okla. Stat. tit. 6, § 6-1201

A. Voluntary liquidation - Approval of stockholders and Banking

Board. With the approval of the Board, a state bank may liquidate

and dissolve. The Board shall grant such approval if it appears

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 158

that the proposal to liquidate and dissolve has been approved by a

majority vote of the outstanding voting stock at a meeting called

for that purpose, or if all shareholders entitled to vote thereon

shall consent in writing, and that after giving effect to any

proposed purchase of the assets of the bank and assumption of its

liabilities as provided for in Section 1109 of this title the state

bank will be solvent and will have sufficient liquid assets to pay

off any remaining depositors and creditors immediately.

B. Cessation of business - Notice of liquidation - Safe deposit

boxes - Distribution.

1. Upon approval by the Board, the bank shall forthwith cease

to do business, shall have only the powers necessary to effect an

orderly liquidation and shall proceed to pay its remaining

depositors and creditors and to wind up its affairs.

2. Within thirty (30) days of the approval, the state bank

shall send a notice of liquidation by mail to each depositor,

creditor, person interested in funds held as a fiduciary, lessee of

a safe deposit box and bailor of property at the address of such

person as shown on the books of the bank; provided, however, in the

case of all depositors, creditors, loan customers or lessees of safe

deposit boxes whose deposits, accounts or other contractual

arrangements with the state bank have been purchased or assumed as

provided for in Section 1109 of this title, a notice of purchase and

assumption shall be sent by the purchasing and assuming bank in lieu

of a notice of liquidation by the liquidating state bank. The

notice prepared by the state bank shall also be posted conspicuously

on the premises of the bank and shall be given such publication as

the Commissioner may require. The purchasing and assuming bank or

the liquidating bank, as applicable, shall send with each notice a

statement of the amount shown on the books to be the claim or

liability of the depositor, creditor or other customer. Each such

notice shall demand that claims of depositors and creditors, or

corrected statements of amounts owed by the customer, if the amount

claimed or owed differs from that stated in the notice, be filed

with the notifying bank before a specified date not earlier than

sixty (60) days thereafter in accordance with the procedure

prescribed in the notice. The notice prepared by the liquidating

bank shall also demand that property held by the bank as bailee or

in a safe deposit box not taken over by a purchasing and assuming

bank be withdrawn by the person entitled thereto.

3. As soon after approval as may be practicable the state bank

shall resign all fiduciary positions and take such action as may be

necessary to settle its fiduciary accounts, and the manner of

succession of trust powers and successor trustees shall follow the

same procedure as set out in Section 1018 of this Code.

4. Any safe deposit boxes which have not been taken over by a

purchasing and assuming bank, and the contents of which have not

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been removed within thirty (30) days after demand, shall be opened.

Sealed packages containing the contents of such box, with a

certificate of inventory of contents, together with any other

unclaimed property held by the bank as bailee and certified

inventories thereof, shall be transferred to the Commissioner, who

shall administer them in accordance with the provisions of the

Uniform Unclaimed Property Act (1981).

5. The approval of an application for liquidation shall not

impair the right of a depositor or creditor whose account has not

been unconditionally assumed by a purchasing and assuming bank to be
e bank as bailee and certified

inventories thereof, shall be transferred to the Commissioner, who

shall administer them in accordance with the provisions of the

Uniform Unclaimed Property Act (1981).

5. The approval of an application for liquidation shall not

impair the right of a depositor or creditor whose account has not

been unconditionally assumed by a purchasing and assuming bank to be

paid in full by the liquidating bank, and all lawful claims of

remaining creditors and depositors of the liquidating bank shall

promptly be paid. The unearned portion of the rental of a safe

deposit box not taken over by a purchasing and assuming bank shall

be returned to the lessee.

6. Any assets remaining after the discharge of or adequate

provision for all obligations shall be distributed to the

stockholders in accordance with their respective interests. No such

distribution shall be made before all claims of depositors and

creditors have been:

a. assumed as provided for in Section 1109 of this title,

b. provided for by the establishment of a reserve fund in

an amount approved by the Commissioner,

c. paid by the liquidating bank, or

d. in the case of any disputed claim, provided for by

transmittal to the Commissioner of a sum adequate to

meet any liability that may be judicially determined.

C. Unclaimed funds. Any unclaimed distribution to a

stockholder or depositor shall be held until ninety (90) days after

the final distribution and then transmitted to the Commissioner who

shall administer them in accordance with the provisions of the

Uniform Unclaimed Property Act (1981).

D. Possession and liquidation by Commissioner. If the

Commissioner finds that assets will be insufficient for the full

discharge of all obligations or that completion of the liquidation

has been unduly delayed, the Commissioner may take possession and

complete the liquidation in the manner provided in this Code for

involuntary liquidations.

E. Cancellation. The Commissioner may require reports of the

progress of liquidation. Whenever the Commissioner is satisfied

that the liquidation has been properly completed, the Commissioner

shall enter an order of dissolution and recommend to the Secretary

of State the bank's certificate of incorporation be canceled, upon

receipt of which the Secretary of State shall cancel such

certificate.