Okla. Stat. tit. 6, § 6-708: Common stock dividend on retirement of preferred stock

The certificate of incorporation, or as the same may be amended,

of any such bank or trust company may provide that upon retirement

of any preferred stock of such bank or trust company issued pursuant

to the provisions of this Code, the board of directors may, without

further action of its stockholders, and without further action of

the Commissioner, declare and pay a common stock dividend by the

issuance of shares or fractional shares of common stock equal in

aggregate par value to the aggregate par value of the preferred

stock so retired.