{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.62","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.62","heading":"Voluntary liquidation","body":"A. With the approval of the State Banking Commissioner, an\n\nassociation may liquidate and dissolve. The Commissioner may grant\n\nsuch approval upon an application by an association after the\n\nproposal to liquidate and dissolve has been approved by a vote of a\n\nmajority of the outstanding voting stock, in the case of a stock\n\nassociation, or by a majority vote of the total number of votes of\n\nthe members present in person or by proxy, in the case of a mutual\n\nassociation, at a meeting called for that purpose, and that after\n\ngiving effect to any proposed purchase of the assets of the\n\nassociation and assumption of its liabilities as provided for in\n\nSection 381.63a of this title the association will be solvent and\n\nwill have sufficient liquid assets to pay off any remaining\n\ndepositors and creditors immediately.\n\nB. 1. Upon approval by the Commissioner, the association shall\n\nimmediately cease to do business, shall have only the powers\n\nnecessary to effect an orderly liquidation and shall proceed to pay\n\nits depositors and creditors and to wind up its affairs.\n\n2. Within thirty (30) days of the approval, the association\n\nshall send a notice of liquidation by mail to each depositor,\n\ncreditor, person interested in funds held as a fiduciary, lessee of\n\na safe deposit box and a bailor of property at the address of such\n\nperson as shown on the books of the association. However, in the\n\ncase of all depositors, creditors, loan customers or lessees of safe\n\ndeposit boxes whose deposits, accounts or other contractual\n\narrangements with the association have been purchased or assumed as\n\nprovided for in Section 381.63a of this title, a notice of purchase\n\nand assumption shall be sent by the purchaser in lieu of a notice of\n\nliquidation by the liquidating association. The notice prepared by\n\nthe association shall be posted conspicuously on the premises of the\n\nassociation and shall be given such publication as the Commissioner\n\nmay require. The purchaser or the liquidating association, as\n\napplicable, shall send with each notice a statement of the amount\n\nshown on the books to be the claim or liability of the depositor,\n\ncreditor or other customer. Each such notice shall demand that\n\nclaims of depositors and creditors, or corrected statements of\n\namounts owed by the customer, if the amount claimed or owed differs\n\nfrom that stated in the notice, be filed with the notifying\n\ninstitution before a specified date not earlier than sixty (60) days\n\nthereafter in accordance with the procedure prescribed in the\n\nnotice. The notice prepared by the liquidating association shall\n\nalso demand that property held by the association as bailee or in a\n\nsafe deposit box not taken over by a purchaser be withdrawn by the\n\nperson entitled thereto.\n\n3. As soon after approval as may be practicable the association\n\nshall resign all fiduciary positions and take such action as may be\n\nnecessary to settle its fiduciary accounts, and the manner of\n\nsuccession of trust powers and successor trustees shall follow the\n\nsame procedure as set out in Section 1018 of Title 6 of the Oklahoma\n\nStatutes.\n\n4. Any safe deposit boxes which have not been taken over by a\n\npurchaser, and the contents of which have not been removed within\n\nthirty (30) days after demand, shall be opened. Sealed packages\n\ncontaining the contents of such box, with a certificate of inventory\n\nof contents, together with any other unclaimed property held by the\n\nassociation as bailee and certified inventories thereof, shall be\n\ntransferred to the Commissioner who shall administer the property in\n\naccordance with the provisions of the Uniform Unclaimed Property\n\nAct.\n\n5. The approval of an application for liquidation shall not\n\nimpair the right of a depositor or creditor whose account has not\n\nbeen unconditionally assumed by a purchaser to be paid in full by\n\nthe liquidating association, and all lawful claims of remaining\ntransferred to the Commissioner who shall administer the property in\n\naccordance with the provisions of the Uniform Unclaimed Property\n\nAct.\n\n5. The approval of an application for liquidation shall not\n\nimpair the right of a depositor or creditor whose account has not\n\nbeen unconditionally assumed by a purchaser to be paid in full by\n\nthe liquidating association, and all lawful claims of remaining\n\ncreditors and depositors of the liquidating association shall\n\npromptly be paid. The unearned portion of the rental of a safe\n\ndeposit box not taken over by a purchaser shall be returned to the\n\nlessee.\n\n6. Any assets remaining after the discharge of or adequate\n\nprovision for all obligations shall be distributed to the\n\nstockholders or members in accordance with a plan of voluntary\n\nliquidation filed with and approved by the Commissioner. No such\n\ndistribution shall be made before all claims of depositors and\n\ncreditors have been:\n\na. assumed as provided for in Section 381.63a of this\n\ntitle,\n\nb. provided for by the establishment of a reserve fund in\n\nan amount approved by the Commissioner,\n\nc. paid by the liquidating association, or\n\nd. in the case of any disputed claim, provided for by\n\ntransmittal to the Commissioner of a sum adequate to\n\nmeet any liability that may be judicially determined.\n\nC. Any unclaimed distribution to a stockholder, member or\n\ndepositor shall be held until ninety (90) days after the final\n\ndistribution and then transmitted to the Commissioner. Such\n\nunclaimed funds shall be held by the Commissioner and administered\n\nin accordance with the provisions of the Uniform Unclaimed Property\n\nAct.\n\nD. If the Commissioner finds that assets will be insufficient\n\nfor the full discharge of all obligations or that completion of the\n\nliquidation has been unduly delayed, the Commissioner may take\n\npossession and complete the liquidation in the manner provided in\n\nthis act for involuntary liquidations.\n\nE. The Commissioner may require reports of the progress of\n\nliquidation. Whenever the Commissioner is satisfied that the\n\nliquidation has been properly completed the Commissioner shall enter\n\nan order of dissolution and recommend to the Secretary of State that\n\nthe association's certificate of incorporation be canceled, upon\n\nreceipt of which the Secretary of State shall cancel such\n\ncertificate.","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":"4e685363d528fd5607aaf27b9a0b36e0814bc06856669df39b5ac58ffcad9fbb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.61","next":"us-ok/okla.-stat.-tit.-18-18-381.63a"},"notice":"GroundRules: Original legal text. Not legal advice."}