Okla. Stat. tit. 6, § 6-304
This is the official text of Okla. Stat. tit. 6, § 6-304, 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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Expenses of organization
Official statutory text
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 41
A. Each subscriber at the time the subscriber subscribes to the
stock of a proposed state bank or trust company shall pay in cash a
sum equal to at least five percent (5%) of the sale price of such
stock into a fund to be used to pay the expenses of organization.
No organizational expense shall be paid out of any other funds of
the bank.
B. Upon the issuance of a certificate of authority by the
Commissioner any unexpended balance shall be transferred to
undivided profits. If the application has been finally denied, any
unexpended balance shall be distributed among the contributors in
proportion to their respective contributions. The Commissioner may
require an accounting of disbursements from the fund and may order
the organizers to restore any sum which has been expended for other
than proper organizational expenses.
C. No payment shall be made from the organizational expense
fund for soliciting subscriptions to stock.
D. Any financial arrangement or transaction involving the
proposed bank or trust company and its organizers, directors,
officers or principal shareholders shall be disclosed.
A. Each subscriber at the time the subscriber subscribes to the
stock of a proposed state bank or trust company shall pay in cash a
sum equal to at least five percent (5%) of the sale price of such
stock into a fund to be used to pay the expenses of organization.
No organizational expense shall be paid out of any other funds of
the bank.
B. Upon the issuance of a certificate of authority by the
Commissioner any unexpended balance shall be transferred to
undivided profits. If the application has been finally denied, any
unexpended balance shall be distributed among the contributors in
proportion to their respective contributions. The Commissioner may
require an accounting of disbursements from the fund and may order
the organizers to restore any sum which has been expended for other
than proper organizational expenses.
C. No payment shall be made from the organizational expense
fund for soliciting subscriptions to stock.
D. Any financial arrangement or transaction involving the
proposed bank or trust company and its organizers, directors,
officers or principal shareholders shall be disclosed.
Status: in_force · Read it on the official government site
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