Okla. Stat. tit. 6, § 6-306.1
This is the official text of Okla. Stat. tit. 6, § 6-306.1, 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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Commissioner – Certificate of authority – Recommendation
Official statutory text
of action.
A. Once the Commissioner determines that a bank or savings
association is in danger of failing and all or part of the deposit
liability of such bank or savings association is to be assumed by a
bank being organized for that purpose, the Board at a meeting closed
to the public may approve of the organization of the acquiring bank
and the Commissioner may grant a certificate of authority to the
acquiring bank, and shall not be bound by the provisions,
restrictions, and requirements contained in Article III of this
title. The Commissioner is further empowered in such event to grant
authority to organize a state savings association and issue a
certificate of authority without notice or hearing and without
action of the Board.
B. If the Commissioner has determined that a bank is in danger
of failing and the Commissioner must take possession of the bank
pursuant to Article XII of this title, the Board at a meeting closed
to the public may approve of the actions of the Commissioner and
order the Commissioner to tender to the Federal Deposit Insurance
Corporation the appointment as liquidator of the bank.
C. If the Commissioner determines that a bank or other company
under the Department’s supervision is in danger of failing or is
subject to other conditions or circumstances which, if made public,
could result in deterioration of the bank or other company, the
Board, at a meeting closed to the public, may consider any action
recommended by the Commissioner directed at resolving or improving
upon the conditions or circumstances to which the bank or other
company is subject.
A. Once the Commissioner determines that a bank or savings
association is in danger of failing and all or part of the deposit
liability of such bank or savings association is to be assumed by a
bank being organized for that purpose, the Board at a meeting closed
to the public may approve of the organization of the acquiring bank
and the Commissioner may grant a certificate of authority to the
acquiring bank, and shall not be bound by the provisions,
restrictions, and requirements contained in Article III of this
title. The Commissioner is further empowered in such event to grant
authority to organize a state savings association and issue a
certificate of authority without notice or hearing and without
action of the Board.
B. If the Commissioner has determined that a bank is in danger
of failing and the Commissioner must take possession of the bank
pursuant to Article XII of this title, the Board at a meeting closed
to the public may approve of the actions of the Commissioner and
order the Commissioner to tender to the Federal Deposit Insurance
Corporation the appointment as liquidator of the bank.
C. If the Commissioner determines that a bank or other company
under the Department’s supervision is in danger of failing or is
subject to other conditions or circumstances which, if made public,
could result in deterioration of the bank or other company, the
Board, at a meeting closed to the public, may consider any action
recommended by the Commissioner directed at resolving or improving
upon the conditions or circumstances to which the bank or other
company is subject.
Status: in_force · Read it on the official government site
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