Okla. Stat. tit. 6, § 6-2018.1: Suspension of operation of credit union - Revocation of

certificate - Liquidation - Disposition of assets.

(A) If it appears that any credit union organized under the

laws of this state is bankrupt or insolvent, or that it has

willfully violated the laws of this state relating to credit unions,

or is operating in an unsafe or unsound manner, the Bank

Commissioner, upon approval of the State Credit Union Board, may

issue an order temporarily suspending all or part of a credit

union's operations for not more than sixty (60) days. The board of

directors shall be given notice by registered mail of such

suspension, which notice shall include a list of the reasons for

such suspension, and shall include a list of the specific violations

of law, if any, and the operations suspended. The Bank Commissioner

shall also notify the insuring organization of any suspension.

(B) Upon receipt of such suspension notice, the credit union

shall cease those operations identified by the Bank Commissioner in

the notice. The board of directors shall then file with the Bank

Commissioner a reply to the suspension notice, and may request a

hearing to present a plan of corrective actions proposed if the

board desires to continue operations. The board may request that

the credit union be declared insolvent and a liquidating agent be

appointed.

(C) Upon receipt from the suspended credit union of evidence

that the conditions causing the order of suspension have been

corrected, the Bank Commissioner may revoke the suspension notice,

permit the credit union to resume normal operations, and notify the

insuring organization and the State Credit Union Board of such

actions.

(D) If the Bank Commissioner, after issuing notice of

suspension and providing an opportunity for a hearing, rejects the

credit union's plan to continue operations, the Bank Commissioner

may issue a notice of involuntary liquidation and appoint a

liquidating agent. The credit union may request the appropriate

court to stay execution of such action. Involuntary liquidation may

not be ordered prior to the conclusion of suspension procedures

outlined in this section.

(E) If, within the suspension period, the credit union fails to

answer the suspension notice or request a hearing, the Bank

Commissioner may then revoke the credit union's certificate, appoint

a liquidating agent and liquidate the credit union.

(F) In the event of liquidation, the assets of the credit union

or the proceeds from any disposition of the assets shall be applied

and distributed in the following sequence:

(1) Secured creditors up to the value of their collateral;

(2) Costs and expenses of liquidation;

(3) Wages due the employees of the credit union;

(4) Costs and expenses incurred by creditors in successfully

opposing the release of the credit union from certain debts as

allowed by the Bank Commissioner;

(5) Taxes owed to the United States or any other governmental

unit;

(6) Debts owed to the United States;

(7) General creditors, secured creditors to the extent their

claims exceed the value of their collateral and owners of deposit

accounts to the extent such accounts are uninsured;

(8) Members, to the extent of uninsured share accounts and the

organization that insured the accounts of the credit union; and

(9) Members, to the extent of membership shares.