{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.53a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.53a","heading":"Permanent capital stock - Treasury stock - Redemption","body":"- Paid-in surplus - Dividends - Minimum capital requirements.\n\nA. Permanent capital stock shall consist of common stock, which\n\nshall have full voting rights, and may also include preferred stock.\n\nSuch stock shall have a par value of not less than one cent ($0.01)\n\nper share, and the proceeds thereof, to the extent of such par\n\nvalue, shall be set apart and be nonwithdrawable, and shall be a\n\nreserve to absorb losses after all surplus, undivided profits, and\n\nother reserves available for losses have been depleted.\n\nB. 1. With the approval of the State Banking Commissioner and\n\nsubject to the conditions as the Commissioner may prescribe, a bank\n\nmay purchase its own stock as treasury stock.\n\n2. Preferred stock shall not be issued for a limited term, nor\n\nshall it be redeemable at the option of the holders. An association\n\nshall not bind itself by contract to redeem its preferred stock upon\n\nthe happening of certain events, other than dissolution. However,\n\npreferred stock shall be subject to redemption at any time at the\n\noption of the association, with the prior approval of the\n\nCommissioner and only if, subsequent to the redemption, the\n\nassociation would meet its minimum capital requirements as imposed\n\nby applicable federal law.\n\nC. Any paid-in surplus with respect to common stock may be made\n\navailable for payment of organization and initial operating expenses\n\nor may be credited to surplus, or the contingent reserve, or the\n\nfederal insurance reserve, or be transferred to common or preferred\n\nstock as a stock dividend, prorated to the holders of common stock.\n\nAn association shall not issue permanent capital stock for a\n\nconsideration other than cash or for a price less than par value\n\nthereof, except that, with the approval of the Commissioner, stock\n\nmay be issued for a consideration other than cash in connection with\n\nmergers, consolidations or transfers and, when fully paid, the stock\n\nshall be kept unimpaired to the extent of its par value.\n\nD. A stock association may declare and distribute cash\n\ndividends from net earnings, surplus or undivided profits. With the\n\nprior consent of the Commissioner, the stock of an association may\n\nbe reduced by resolution of the board of directors approved by vote\n\nor written consent of the holders of a majority of the outstanding\n\nstock of such association to such amount as the Commissioner shall\n\napprove, and any such reduction shall be credited to the contingent\n\nreserve account and shall not be available for dividends to common\n\nstockholders; provided, any reduction in the amount of permanent\n\ncapital stock is subject to the provisions of this section and\n\nSection 381.20 of this title, fixing minimum permanent capital stock\n\nrequirements.\n\nE. No cash dividends shall be declared on common stock unless,\n\nsubsequent to the dividends, the association would continue to meet\n\nits minimum capital requirements as imposed by the Commissioner or\n\nthe Director of the Office of Thrift Supervision. Subject to the\n\nprovisions of this act, permanent capital stock shall be entitled to\n\nsuch rate of dividends, if earned, as declared by the board of\n\ndirectors.","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":"8b41490de14f160ce4d8ab267704eb7dd8f235b08990f00963fab9f668a45ffc","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.52b","next":"us-ok/okla.-stat.-tit.-18-18-381.53b"},"notice":"GroundRules: Original legal text. Not legal advice."}