Okla. Stat. tit. 6, § 6-1741

Change of control - Revocation of exempt status - Enforcement

proceedings.

A. 1. A private trust company requesting an exemption from the

provisions of this act, pursuant to Section 1740 of this title,

shall file an application with the Commissioner containing the

following:

a. a nonrefundable application fee as set by the

Department. If the exemption request is made at the

same time as the charter application is filed, no

additional fee shall be required in connection with

the exemption request. If an exemption request is

made after the private trust company charter has been

issued, the fee for an exemption request shall be

equal to that imposed by the Department in connection

with branch bank applications,

b. a detailed statement under oath showing the private

trust company's assets and liabilities as of the end

of the month previous to the filing of the

application,

c. a statement under oath of the reason for requesting

the exemption,

d. a statement under oath that the private trust company

is not currently transacting business with the public

and that the company will not conduct business with

the public without the prior written permission of the

Commissioner,

e. the current street mailing address and telephone

number of the physical location in this state at which

the private trust company will maintain its books and

records, together with a statement under oath that the

address given is true and correct and is not a U.S.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 234

Postal Service post office box or a private mail box,

postal box or mail drop, and

f. listing of the specific provisions of the act and

Sections 101 through 1417 of the Oklahoma Banking Code

for which the request for exemption is made.

2. The Commissioner shall not approve a private trust company

exemption unless the application is completed as required in

paragraph 1 of this subsection.

B. To maintain status as an exempt private trust company under

this act, the private trust company:

1. Shall not transact business with the public;

2. Shall file an annual certification that it is maintaining

the conditions and limitations of its exempt status. This annual

certification shall be filed on a form provided by the Commissioner

and be accompanied by a fee equal to that imposed by the Department

for registration statements filed under Section 104 of this title.

The annual certification shall be filed on or before June 30 of each

year. No annual certification shall be valid unless it bears an

acknowledgment stamped by the Department. The Department shall have

thirty (30) days from the date of receipt to return a copy of the

acknowledged annual certification to the private trust company. The

burden shall be on the exempt private trust company to notify the

Department of any failure to return an acknowledged copy of any

annual certification within the thirty-day period. The Commissioner

may examine or investigate the private trust company periodically as

necessary to verify the certification;

3. Shall comply with the principal office provisions of Section

1712 of this title and with the address and telephone requirements

of subparagraph e of paragraph 1 of subsection A of this section;

and

4. Shall pay the corporate franchise tax, as certified by the

Oklahoma Tax Commission.

C. Control of an exempt private trust company may not be

transferred or sold with exempt status. In any change of control,

the acquiring control person must comply with the provisions of this

act, and the exempt status of the private trust company shall

automatically terminate upon the effective date of the transfer. A

separate application for exempt status shall be filed if the

acquiring person wishes to obtain or continue an exemption pursuant

to this section.

D. The Commissioner shall have authority to revoke the exempt

status of a private trust company in the following circumstances:
the exempt status of the private trust company shall

automatically terminate upon the effective date of the transfer. A

separate application for exempt status shall be filed if the

acquiring person wishes to obtain or continue an exemption pursuant

to this section.

D. The Commissioner shall have authority to revoke the exempt

status of a private trust company in the following circumstances:

1. The exempt private trust company makes a false statement

under oath on any document required to be filed by the act or by any

rule promulgated by the Department;

2. The exempt private trust company fails to submit to an

examination of its books and records by the Commissioner;

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 235

3. The exempt private trust company withholds requested

information from the Commissioner; or

4. The exempt private trust company violates any provision of

this section applicable to exempt private trust companies.

E. If the Commissioner determines from examination or other

credible evidence that an exempt private trust company has violated

any of the requirements of this section, the Commissioner may, by

personal delivery or registered or certified mail, return receipt

requested, notify the exempt private trust company in writing that

the private trust company's exempt status has been revoked. The

notification shall state grounds for the revocation with reasonable

certainty. The notice shall state its effective date, which may not

be before the fifth day after the date the notification is mailed or

delivered. The revocation takes effect for the private trust

company if the private trust company does not request a hearing in

writing before the effective date. After taking effect, the

revocation is final and nonappealable as to that private trust

company, and the private trust company shall be subject to all of

the requirements and provisions of the act and the Oklahoma Banking

Code applicable to nonexempt state trust companies.

F. A private trust company shall have five (5) calendar days

after the revocation is effective to comply with the provisions of

this act from which it was formerly exempt. If, however, the

Commissioner determines, at the time of revocation, that the private

trust company has been engaging in or attempting to engage in acts

intended or designed to deceive or defraud the public, the

Commissioner may shorten or eliminate, in the Commissioner's sole

discretion, the five-calendar-day compliance period.

G. If the private trust company does not comply with all of the

provisions of this act, including such capitalization requirements

as have been determined by the Commissioner as necessary to assure

the safety and soundness of the private trust company, within the

prescribed time period, the Commissioner may:

1. Institute any action or remedy prescribed by this act and

the Oklahoma Banking Code, or any applicable rule or regulation; or

2. Refer the private trust company to the Attorney General for

institution of a quo warranto proceeding to revoke the charter.