Okla. Stat. tit. 6, § 6-2003
This is the official text of Okla. Stat. tit. 6, § 6-2003, 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.
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Investigation and report by Bank Commissioner -
Official statutory text
Certificate of approval - Certificate of incorporation.
After receipt of an application such as referred to in Section
2002 of this title, the Bank Commissioner shall cause an appropriate
investigation to be made for the purpose of determining whether the
application, the certificate of incorporation and the bylaws conform
to the provisions of the laws of the State of Oklahoma. If the
application, the certificate of incorporation and the bylaws conform
to the provisions of this act, and the Bank Commissioner is
satisfied that:
(1) the characteristics of the common bond of the field of
membership are favorable to the economic viability of the proposed
credit union and will not materially and substantially overlap the
field of membership of existing credit unions in the territory in
which it will operate; and
(2) the reputation, character, financial responsibility and
business experience of the initial board of directors and
supervisory committee provide assurance that the credit union's
affairs will be properly administered,
the Bank Commissioner shall, within forty-five (45) days after
receipt of the application, submit a report of his investigation to
the State Credit Union Board, together with his recommendation to
the State Credit Union Board that the application be approved or
disapproved. The State Credit Union Board shall, within sixty (60)
days after the receipt of the report and recommendation of the Bank
Commissioner, cause a certificate of approval to be issued or cause
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 243
written notice to applicants of disapproval. Thereafter, the
certificate of incorporation with the certificate of approval of the
State Credit Union Board attached shall be filed in the office of
the Secretary of State and a copy thereof, duly certified to by the
Secretary of State, shall be filed with the State Credit Union
Board. A copy of the certificate of incorporation and bylaws as
approved shall be returned to the incorporators. The Secretary of
State shall issue a certificate in the form provided by law for
other corporations, and the existence of said credit union as a
corporation shall date from the issuance of the certificate of
incorporation by the Secretary of State, from which time it shall
have and may exercise the powers conferred upon corporations
generally, except as limited or modified by the laws of the State of
Oklahoma.
After receipt of an application such as referred to in Section
2002 of this title, the Bank Commissioner shall cause an appropriate
investigation to be made for the purpose of determining whether the
application, the certificate of incorporation and the bylaws conform
to the provisions of the laws of the State of Oklahoma. If the
application, the certificate of incorporation and the bylaws conform
to the provisions of this act, and the Bank Commissioner is
satisfied that:
(1) the characteristics of the common bond of the field of
membership are favorable to the economic viability of the proposed
credit union and will not materially and substantially overlap the
field of membership of existing credit unions in the territory in
which it will operate; and
(2) the reputation, character, financial responsibility and
business experience of the initial board of directors and
supervisory committee provide assurance that the credit union's
affairs will be properly administered,
the Bank Commissioner shall, within forty-five (45) days after
receipt of the application, submit a report of his investigation to
the State Credit Union Board, together with his recommendation to
the State Credit Union Board that the application be approved or
disapproved. The State Credit Union Board shall, within sixty (60)
days after the receipt of the report and recommendation of the Bank
Commissioner, cause a certificate of approval to be issued or cause
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 243
written notice to applicants of disapproval. Thereafter, the
certificate of incorporation with the certificate of approval of the
State Credit Union Board attached shall be filed in the office of
the Secretary of State and a copy thereof, duly certified to by the
Secretary of State, shall be filed with the State Credit Union
Board. A copy of the certificate of incorporation and bylaws as
approved shall be returned to the incorporators. The Secretary of
State shall issue a certificate in the form provided by law for
other corporations, and the existence of said credit union as a
corporation shall date from the issuance of the certificate of
incorporation by the Secretary of State, from which time it shall
have and may exercise the powers conferred upon corporations
generally, except as limited or modified by the laws of the State of
Oklahoma.
Status: in_force · Read it on the official government site
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