{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.2","heading":"Definitions","body":"As used in the Oklahoma Savings and Loan Code:\n\n1. \"Act\" or \"this act\" means the Oklahoma Savings and Loan\n\nCode;\n\n2. \"Association\" means a savings and loan association or\n\nsavings bank, including any association previously referred to as a\n\nbuilding and loan association, incorporated and now existing under\n\nthe laws of this state or hereafter incorporated under this act or\n\nwhich is otherwise authorized to transact savings and loan\n\nassociation or savings bank business under this act;\n\n3. \"Branch\" means any place of business separated from the main\n\noffice of an association at which deposits are received, checks\n\npaid, or money lent;\n\n4. \"Capital accounts\" means permanent capital stock, undivided\n\nprofits, surplus or reserves;\n\n5. \"Certificate of Authority\" means a certificate issued by the\n\nCommissioner authorizing an association to transact association\n\nbusiness;\n\n6. \"Commissioner\" means the State Banking Commissioner, or the\n\nState Deputy Banking Commissioner when acting on behalf of the\n\nCommissioner pursuant to subsections C or E of Section 201 of Title\n\n6 of the Oklahoma Statutes;\n\n7. \"Consumer banking electronic facility\" means any electronic\n\ndevice owned, operated, leased by or on behalf of a bank, savings\n\nassociation, or credit union other than a telephone or modem\n\noperated by a customer of a depository institution, to which a\n\nperson may initiate an electronic fund transfer. The term includes,\n\nwithout limitations, a point-of-sale terminal, automatic teller\n\nmachine, automated loan machines, video banking centers, or any\n\nother similar electronic devices;\n\n8. \"Department\" means the Oklahoma State Banking Department;\n\n9. \"Deposit account\" means any form of deposit, share or other\n\naccount maintained by a depositor at an association, including\n\ndemand deposit accounts, whether evidenced by a passbook,\n\ncertificate, or otherwise, and which does not represent permanent\n\ncapital stock;\n\n10. \"Deposit association\" means an association which is\n\nqualified to accept deposit accounts or which becomes so qualified\n\npursuant to this act;\n\n11. \"Earnings\" means the money payable or to be credited to\n\nholders of deposit accounts by an association as payment for the use\n\nof the funds which constitute such accounts. Earnings on deposit\n\naccounts in a deposit association may be designated as interest, and\n\nearnings on other deposit accounts may be designated as dividends;\n\n12. \"Existing mutual association\" means a mutual association\n\nwhich was authorized to do business in Oklahoma on the effective\n\ndate of this act;\n\n13. \"Federal association\" means a savings and loan association\n\nor savings bank organized and existing under the laws of the United\n\nStates;\n\n14. \"Foreign association\" means any firm, company, association,\n\npartnership or corporation, by whatever name called, actually\n\nengaged in the savings association business, which is not organized\n\nunder the laws of this state or of the United States;\n\n15. \"Insured association\" means an association the deposit\n\naccounts of which are insured by the Federal Deposit Insurance\n\nCorporation to the extent provided by federal law;\n\n16. \"Main office\" means the office location which has been\n\ndesignated by the Commissioner or the Office of Thrift Supervision\n\nas the main office of an association;\n\n17. \"Member\" means the holder of a deposit account of a mutual\n\nassociation, and also includes the owner of real estate upon which\n\nthe mutual association holds a mortgage or deed of trust;\n\n18. \"Mutual association\" means an association which derives its\n\nprincipal capital from the deposit accounts of its members and whose\n\nmembers have the right to participate in the management of the\n\nassociation. The term includes any association organized or\n\nexisting under prior laws of this state. A mutual association is\n\nnot a deposit association unless and until it becomes qualified as\n\nsuch;\nderives its\n\nprincipal capital from the deposit accounts of its members and whose\n\nmembers have the right to participate in the management of the\n\nassociation. The term includes any association organized or\n\nexisting under prior laws of this state. A mutual association is\n\nnot a deposit association unless and until it becomes qualified as\n\nsuch;\n\n19. \"Net worth\" of a stock association shall mean the aggregate\n\nof the permanent capital stock account, paid-in surplus, earned\n\nsurplus, legal and federal insurance reserves and undivided profits;\n\n20. \"Permanent capital stock\" means that part of the capital or\n\nliabilities of an association representing ownership of the\n\nassociation and which is not subject to being withdrawn or the value\n\npaid to the holder thereof unless and until all other liabilities of\n\nthe association have been fully liquidated and paid;\n\n21. \"Shares\" or \"share accounts\" means any deposit account\n\nissued by a mutual association in the form of installment shares,\n\noptional installment shares, full paid shares, prepaid shares,\n\nsavings shares, or other shares by whatever name called, evidenced\n\nby passbook, certificate, or other evidence or holding;\n\n22. \"Stock association\" means an association which issues\n\npermanent capital stock and which limits the right to participate in\n\nthe management of the association to the holders of such permanent\n\ncapital stock. Stock associations are also deposit associations;\n\n23. \"Stockholder\" means the holder of permanent capital stock;\n\n24. \"Withdrawable account\" means a deposit account of an\n\nassociation which does not represent permanent capital stock; and\n\n25. \"Withdrawal value\" means the amount paid to an association\n\non a deposit account plus earnings credited thereto, less lawful\n\ndeductions therefrom.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"cd5a5de68b440144a8b62a6f82e5d357a9d7a6aa430dc6e8c9f68c9ee43de1f7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.19","next":"us-ok/okla.-stat.-tit.-18-18-381.20"},"notice":"GroundRules: Original legal text. Not legal advice."}