Okla. Stat. tit. 6, § 6-405.1
This is the official text of Okla. Stat. tit. 6, § 6-405.1, 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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Authorized but unissued stock
Official statutory text
Any bank or trust company, with the written approval of the
Commissioner and by majority vote of the outstanding voting stock,
may by proper amendment to its certificate of incorporation
authorize an increase in the common stock of the bank in the
category of authorized but unissued stock. Such authorized but
unissued stock may be issued from time to time to employees of the
bank pursuant to a stock option or stock purchase plan adopted in
accordance with the provisions of Section 40 of this act or in
exchange for convertible preferred stock or convertible capital
debentures in accordance with the terms and provisions of such
securities. Authorized but unissued stock may also be issued from
time to time for such other purposes and considerations as may be
approved by the board of directors of the bank and by the written
approval of the Commissioner.
Commissioner and by majority vote of the outstanding voting stock,
may by proper amendment to its certificate of incorporation
authorize an increase in the common stock of the bank in the
category of authorized but unissued stock. Such authorized but
unissued stock may be issued from time to time to employees of the
bank pursuant to a stock option or stock purchase plan adopted in
accordance with the provisions of Section 40 of this act or in
exchange for convertible preferred stock or convertible capital
debentures in accordance with the terms and provisions of such
securities. Authorized but unissued stock may also be issued from
time to time for such other purposes and considerations as may be
approved by the board of directors of the bank and by the written
approval of the Commissioner.
Status: in_force · Read it on the official government site
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