Okla. Stat. tit. 6, § 6-220
This is the official text of Okla. Stat. tit. 6, § 6-220, 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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Impairment of capital - Assessments - Limitations
Official statutory text
A. Commissioner may direct assessment - Procedure. The
Commissioner may order a bank or trust company to levy an assessment
in a designated amount upon the holders of record of common stock to
remedy an impairment of capital. Upon receipt of an order to levy
an assessment, the directors shall, within three (3) business days,
cause to be sent to all holders of common stock, at their addresses
on the books of the bank or trust company, a notice of the amount of
the assessment, a copy of the order of the Commissioner and a copy
of this subsection. If an assessment is not paid within thirty (30)
days after the notice is mailed, the bank or trust company shall
offer the shares of the defaulting shareholders for sale at public
auction at a price which shall not be less than the amount of the
assessment and the cost of the sale. Any excess shall be paid to
the prior owners. The method of collection provided herein shall be
the sole method of collecting assessments.
B. Limitation of bank operations where capital impaired.
Whenever the capital or reserve of any bank shall be impaired, the
Commissioner may order it to make no new loans or discounts except
upon sight bills of exchange drawn against actually existing values.
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 39
Commissioner may order a bank or trust company to levy an assessment
in a designated amount upon the holders of record of common stock to
remedy an impairment of capital. Upon receipt of an order to levy
an assessment, the directors shall, within three (3) business days,
cause to be sent to all holders of common stock, at their addresses
on the books of the bank or trust company, a notice of the amount of
the assessment, a copy of the order of the Commissioner and a copy
of this subsection. If an assessment is not paid within thirty (30)
days after the notice is mailed, the bank or trust company shall
offer the shares of the defaulting shareholders for sale at public
auction at a price which shall not be less than the amount of the
assessment and the cost of the sale. Any excess shall be paid to
the prior owners. The method of collection provided herein shall be
the sole method of collecting assessments.
B. Limitation of bank operations where capital impaired.
Whenever the capital or reserve of any bank shall be impaired, the
Commissioner may order it to make no new loans or discounts except
upon sight bills of exchange drawn against actually existing values.
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 39
Status: in_force · Read it on the official government site
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