{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.54","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.54","heading":"General powers","body":"Associations shall have the powers enumerated, authorized and\n\npermitted by this act and such other rights and powers as may be\n\nincidental to or reasonably necessary or appropriate for the\n\naccomplishment of the objects and purposes of the association.\n\nAmong others, and except as otherwise limited herein, every\n\nassociation shall have the following general powers:\n\n1. To have perpetual existence; to adopt and use a corporate\n\nseal; to adopt, amend and repeal bylaws; and to sue and be sued,\n\ncomplain and defend in any court having jurisdiction;\n\n2. To own or rent such equipment, fixtures, furnishings and\n\nother personal property as may be deemed expedient for the\n\ntransaction of the business of the association; and to acquire\n\npersonal property in satisfaction of indebtedness owed to the\n\nassociation;\n\n3. To sell, exchange and dispose of and convey real and\n\npersonal property acquired pursuant to this act, and to mortgage,\n\npledge, lease or otherwise contract with respect to such property;\n\n4. If and when an association is not a member of a Federal Home\n\nLoan Bank, to borrow not more than an aggregate amount equal to one-\n\nfourth (1/4) of its savings or deposits liability on the date of\n\nborrowing and such additional sums as the State Banking Commissioner\n\nmay approve. If and when an association is a member of a Federal\n\nHome Loan Bank, to secure advances of not more than an aggregate\n\namount equal to one-half (1/2) of its savings or deposits liability;\n\nwithin such amount equal to one-half (1/2) of its savings or\n\ndeposits liability, the association may borrow from sources,\n\nindividual or corporate, other than such Federal Home Loan Bank, an\n\naggregate amount not in excess of the amount permitted by the\n\nFederal Home Loan Bank Board. A subsequent reduction of savings or\n\ndeposits liability shall not affect in any way outstanding\n\nobligations for borrowed money. All such loans and advances may be\n\nsecured by property of the association. Insured associations may\n\nalso issue and market such bonds, debentures, obligations and like\n\nsecurities as the Commissioner and the Director of the Office of\n\nThrift Supervision may authorize;\n\n5. To sell and assign without recourse any loan, including any\n\nparticipating interests therein held by an association; provided\n\nthat the Commissioner may by regulation limit the total dollar\n\nvolume of loans sold in any calendar year to a designated percentage\n\nof total loans held by the association;\n\n6. To qualify as and become a member of a Federal Home Loan\n\nBank;\n\n7. To obtain and maintain insurance of the deposit accounts of\n\nits members by the Federal Deposit Insurance Corporation;\n\n8. To appoint and compensate such officers, agents and\n\nemployees as its business shall require; to provide for reasonable\n\nlife, health and medical insurance for its personnel; to adopt and\n\noperate reasonable bonus plans and retirement benefits for its\n\nofficers and employees; to pay reasonable fees to its directors for\n\ntheir services; and to provide for indemnification of its officers,\n\nemployees and directors as permitted by this act whether by\n\ninsurance or otherwise;\n\n9. To become a member of and make reasonable payments or\n\ncontributions to any organization to the extent that such\n\norganization assists in furthering or facilitating the association's\n\npurposes or its community responsibilities;\n\n10. If and when an association is a member of a Federal Home\n\nLoan Bank, to act as fiscal agent of the United States and, when so\n\ndesignated by the Secretary of the Treasury, to perform all\n\nreasonable duties as fiscal agent of the United States as the\n\nSecretary of the Treasury may require; and to act as agent for any\n\ninstrumentality of the United States and as agent of this state or\n\nany instrumentality thereof;\n\n11. To act as agent for others in servicing loans and making\n\ncollections thereon; and to act as agent for others in any\nby the Secretary of the Treasury, to perform all\n\nreasonable duties as fiscal agent of the United States as the\n\nSecretary of the Treasury may require; and to act as agent for any\n\ninstrumentality of the United States and as agent of this state or\n\nany instrumentality thereof;\n\n11. To act as agent for others in servicing loans and making\n\ncollections thereon; and to act as agent for others in any\n\ntransaction incidental to the operation of its business;\n\n12. To act as trustee of any trust created or organized in the\n\nUnited States and forming part of a stock bonus, pension, or profit-\n\nsharing plan qualifying for specific tax treatment under Section\n\n401(d) of the Internal Revenue Code of 1986; as trustee or custodian\n\nof an individual retirement account within the meaning of Section\n\n408(a) of the Internal Revenue Code of 1986; or as trustee with no\n\nactive fiduciary duties, provided, that the association shall invest\n\nthe funds of the trust or account only in the association's own\n\naccounts, deposits, obligations, or securities or, upon the\n\ncondition that the association does not exercise any investment\n\ndiscretion or directly or indirectly provide any investment advice\n\nwith respect to the trust or account assets, in such other assets as\n\nthe customer may direct. The association shall observe principles\n\nof sound trust administration, including those relating to\n\nrecordkeeping and segregation of assets, and may receive reasonable\n\ncompensation for acting in any trust capacity authorized by this\n\nparagraph;\n\n13. To acquire savings of the public and pay earnings thereon,\n\nand to lend and invest its funds as provided in this act;\n\n14. To conduct a safe deposit business in compliance with the\n\nrequirements of applicable federal law and Sections 1301 through\n\n1313 of Title 6 of the Oklahoma Statutes;\n\n15. To organize a finance subsidiary;\n\n16. To own capital stock of an operating subsidiary; and\n\n17. To have and to exercise all such incidental powers as shall\n\nbe necessary to carry on the association business including, but not\n\nlimited to, all such powers as may now or hereafter be conferred\n\nupon federal associations by federal laws and the regulations and\n\npolicies of the Office of Thrift Supervision, unless otherwise\n\nprohibited or limited by the Commissioner.","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":"593fd1812bd959c58b784028c19c0ea952accca9b0905e88e7b289da1cc57655","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.53f","next":"us-ok/okla.-stat.-tit.-18-18-381.55"},"notice":"GroundRules: Original legal text. Not legal advice."}