Okla. Stat. tit. 6, § 6-706
This is the official text of Okla. Stat. tit. 6, § 6-706, 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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Stock as personalty - Transfer on books - Shareholders
Official statutory text
indebted to bank or trust company - Lending on stock prohibited -
Purchase of treasury stock.
A. Transfer of shares. The shares of stock of a bank or trust
company shall be deemed personal property and shall be transferred
on the books of the bank or trust company, in such manner as the
bylaws may prescribe but no stock shall be transferred on the books
of any bank or trust company where the registered holder thereof is
indebted to the bank or trust company for any matured and unpaid
obligations. The shares of stock of a stockholder indebted to the
bank or trust company, as provided herein, may be transferred or any
claims of the bank or trust company, as herein defined, may be
waived at any time by written consent of the bank or trust company,
executed by an officer other than the borrowing stockholder.
B. Lending on stock prohibited. It shall be unlawful for any
bank or trust company to loan its funds to any stockholder, on its
stock or its holding company stock as collateral security; provided,
that any bank or trust company may hold its stock to secure the
indebtedness previously in good faith contracted.
C. Purchase of treasury stock. With the approval of the
Commissioner and subject to the conditions as the Commissioner may
prescribe, a bank may purchase its own stock as treasury stock.
Purchase of treasury stock.
A. Transfer of shares. The shares of stock of a bank or trust
company shall be deemed personal property and shall be transferred
on the books of the bank or trust company, in such manner as the
bylaws may prescribe but no stock shall be transferred on the books
of any bank or trust company where the registered holder thereof is
indebted to the bank or trust company for any matured and unpaid
obligations. The shares of stock of a stockholder indebted to the
bank or trust company, as provided herein, may be transferred or any
claims of the bank or trust company, as herein defined, may be
waived at any time by written consent of the bank or trust company,
executed by an officer other than the borrowing stockholder.
B. Lending on stock prohibited. It shall be unlawful for any
bank or trust company to loan its funds to any stockholder, on its
stock or its holding company stock as collateral security; provided,
that any bank or trust company may hold its stock to secure the
indebtedness previously in good faith contracted.
C. Purchase of treasury stock. With the approval of the
Commissioner and subject to the conditions as the Commissioner may
prescribe, a bank may purchase its own stock as treasury stock.
Status: in_force · Read it on the official government site
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