{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.60","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.60","heading":"Conversion into state-chartered association","body":"At an annual meeting or at any special meeting of the members or\n\nstockholders called to consider such action, any federal association\n\nmay convert itself into an association under this act upon a\n\nmajority vote of the outstanding stock entitled to vote thereon or\n\nupon a majority vote of the total number of votes of the members of\n\nsuch federal association eligible to be cast. Copies of the minutes\n\nof the proceedings of such meetings of members or stockholders,\n\nverified by the affidavit of the secretary or an assistant\n\nsecretary, and verified copies of the plan of conversion shall be\n\nfiled for approval with the State Banking Commissioner. At the\n\nmeeting at which conversion is voted upon, the members or\n\nstockholders shall also vote upon the directors who shall be the\n\ndirectors of the state-chartered association after conversion takes\n\neffect. Such directors then shall execute and file a certificate of\n\nincorporation and proposed bylaws, and the Commissioner shall file a\n\ncertificate of authority upon approval by the Commissioner, all as\n\nprovided in this act. The association shall include in the\n\ncertificate of incorporation, the following: \"This association is\n\nincorporated by conversion from a federal association.\" All of the\n\ndirectors who are chosen for the association shall sign and\n\nacknowledge the certificate of incorporation as the subscribers.\n\nThe Commissioner may provide, by regulation, for any additional\n\nprocedure to be followed, and application fee to be paid, by any\n\nsuch federal association converting into an association under this\n\nact. All the provisions regarding property and other rights and\n\nliabilities contained in Section 381.59 of this title shall apply,\n\nin reverse order, to the conversion of a federal association into an\n\nassociation incorporated under this act, so that the state-chartered\n\nassociation shall be a continuation of the corporate entity of the\n\nconverting federal association.","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":"d3a6aa8c0ef429a642a702577f03f21f24807d2d350242d12406bad8eb6906fa","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.59","next":"us-ok/okla.-stat.-tit.-18-18-381.61"},"notice":"GroundRules: Original legal text. Not legal advice."}