Okla. Stat. tit. 6, § 6-2109
This is the official text of Okla. Stat. tit. 6, § 6-2109, 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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Additional bond - Deposit of securities in lieu of bond
Official statutory text
(a) If the Commissioner shall find at any time that any bond
required under this act is insecure or exhausted, an additional bond
to be approved by the Commissioner shall be filed by the licensee
within ten (10) days after written demand therefor by the
Commissioner.
(b) In lieu of any bond required under this act, the licensee
may deposit with the Commissioner securities with a ready market
value equal to the amount of any such bond. Such securities shall
consist of (1) general obligations of or fully guaranteed by the
United States or of any agency or instrumentality of or corporation
wholly owned by the United States directly or indirectly; or (2)
direct general obligations of the State of Oklahoma, or of any
county, city, town, school district, or other political subdivision
or municipal corporation of the State of Oklahoma. Such securities
shall be held by the Commissioner to secure the same obligation as
would any bond, required by this act. The securities so deposited
may be exchanged from time to time for other securities receivable
as aforesaid. All said securities shall be subject to sale, and
transfer and to the disposal of the proceeds by said Commissioner
only on the order of a court of competent jurisdiction. So long as
the licensee so depositing shall continue solvent, such licensee
shall be permitted to receive the interest or dividends on said
deposit. The Commissioner may provide for custody of such
securities by any qualified trust company or bank located in the
State of Oklahoma or by any Federal Reserve Bank. The compensation,
if any, of the custodian for acting as such under this section shall
be paid by the depositing licensee.
required under this act is insecure or exhausted, an additional bond
to be approved by the Commissioner shall be filed by the licensee
within ten (10) days after written demand therefor by the
Commissioner.
(b) In lieu of any bond required under this act, the licensee
may deposit with the Commissioner securities with a ready market
value equal to the amount of any such bond. Such securities shall
consist of (1) general obligations of or fully guaranteed by the
United States or of any agency or instrumentality of or corporation
wholly owned by the United States directly or indirectly; or (2)
direct general obligations of the State of Oklahoma, or of any
county, city, town, school district, or other political subdivision
or municipal corporation of the State of Oklahoma. Such securities
shall be held by the Commissioner to secure the same obligation as
would any bond, required by this act. The securities so deposited
may be exchanged from time to time for other securities receivable
as aforesaid. All said securities shall be subject to sale, and
transfer and to the disposal of the proceeds by said Commissioner
only on the order of a court of competent jurisdiction. So long as
the licensee so depositing shall continue solvent, such licensee
shall be permitted to receive the interest or dividends on said
deposit. The Commissioner may provide for custody of such
securities by any qualified trust company or bank located in the
State of Oklahoma or by any Federal Reserve Bank. The compensation,
if any, of the custodian for acting as such under this section shall
be paid by the depositing licensee.
Status: in_force · Read it on the official government site
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