Okla. Stat. tit. 6, § 6-405
This is the official text of Okla. Stat. tit. 6, § 6-405, 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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Increase or decrease of capital stock - Procedure -
Official statutory text
Reduction of capital stock - Surrender of certificate.
A. Increase or decrease of capital stock; procedure. Any bank
or trust company authorized to conduct a banking business under the
laws of the State of Oklahoma may at any time increase or reduce its
capital stock, after such change has been approved by the
Commissioner and by a majority vote of the outstanding voting stock.
1. After the increase or decrease of capital stock has been
authorized at a regular shareholders' meeting or a special
shareholders' meeting called for that purpose, the president or
secretary of the bank or trust company shall prepare a certificate
in the form prescribed by the Commissioner containing a copy of the
resolution, as passed by a majority vote of the outstanding voting
stock, authorizing the increase or decrease of capital stock. Such
certificate shall be verified by oath of the president or secretary
of the corporation and forthwith transmitted to the Commissioner.
2. Upon receipt of such certificate, the Commissioner may, in
the discretion of the Commissioner, authorize the increase or
decrease of the capital stock of the corporation. The Commissioner,
after such increase or decrease has been authorized and approved,
shall thereupon issue a certificate showing the amount to which the
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 56
capital stock has been increased or decreased by authority of the
resolution, as certified by the Commissioner.
3. No bank or trust company shall issue any certificate of
stock under any increase of capital until the whole amount of such
increase has been fully paid either in cash or by transfer from
undivided profits.
B. Reduction of capital stock; surrender of certificate.
Whenever the capital stock of any bank or trust company is reduced,
every shareholder, owner or holder of any stock certificate shall
surrender the same for cancellation and shall be entitled to receive
a new certificate for that portion of the stock remaining in force
after the reduction has been made. Any stock certificate which is
not surrendered for cancellation and reissue, under any decrease of
capital stock, shall be null and void as to the amount represented
by the decrease. No dividends shall be paid to any shareholder
until the old certificate has been surrendered and canceled.
A. Increase or decrease of capital stock; procedure. Any bank
or trust company authorized to conduct a banking business under the
laws of the State of Oklahoma may at any time increase or reduce its
capital stock, after such change has been approved by the
Commissioner and by a majority vote of the outstanding voting stock.
1. After the increase or decrease of capital stock has been
authorized at a regular shareholders' meeting or a special
shareholders' meeting called for that purpose, the president or
secretary of the bank or trust company shall prepare a certificate
in the form prescribed by the Commissioner containing a copy of the
resolution, as passed by a majority vote of the outstanding voting
stock, authorizing the increase or decrease of capital stock. Such
certificate shall be verified by oath of the president or secretary
of the corporation and forthwith transmitted to the Commissioner.
2. Upon receipt of such certificate, the Commissioner may, in
the discretion of the Commissioner, authorize the increase or
decrease of the capital stock of the corporation. The Commissioner,
after such increase or decrease has been authorized and approved,
shall thereupon issue a certificate showing the amount to which the
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 56
capital stock has been increased or decreased by authority of the
resolution, as certified by the Commissioner.
3. No bank or trust company shall issue any certificate of
stock under any increase of capital until the whole amount of such
increase has been fully paid either in cash or by transfer from
undivided profits.
B. Reduction of capital stock; surrender of certificate.
Whenever the capital stock of any bank or trust company is reduced,
every shareholder, owner or holder of any stock certificate shall
surrender the same for cancellation and shall be entitled to receive
a new certificate for that portion of the stock remaining in force
after the reduction has been made. Any stock certificate which is
not surrendered for cancellation and reissue, under any decrease of
capital stock, shall be null and void as to the amount represented
by the decrease. No dividends shall be paid to any shareholder
until the old certificate has been surrendered and canceled.
Status: in_force · Read it on the official government site
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