{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-906","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-906","heading":"Members - Acceptance of loans","body":"(1) All financial institutions as defined herein are hereby\n\nauthorized to become members of the corporation and to make loans to\n\nthe corporation as provided herein.\n\n(2) Any financial institution may request membership in the\n\ncoporation by making application to the board of directors on such\n\nform and in such manner as said board of directors may require, and\n\nmembership shall become effective upon acceptance of such\n\napplication by the board.\n\n(3) Each member of the corporation shall make loans to the\n\ncorporation as and when called upon by it to do so on such terms and\n\nother conditions as shall be approved from time to time by the board\n\nof directors, subject to the following conditions:\n\n(a) All loan limits shall be established at the thousand-\n\ndollar amount nearest to the amount computed in accordance\n\nwith the provisions of this section.\n\n(b) No loan to the corporation shall be made if immediately\n\nthereafter the total amount of the obligations of the\n\ncorporation would exceed ten times the amount then paid in\n\nan outstanding capital stock, reserves or earned surplus of\n\nthe corporation.\n\n(c) The total amount outstanding at any one time on loans\n\nto a development corporation made by any member shall not\n\nexceed: (i) twenty percent (20%) of the total amount then\n\noutstanding on loans to such development corporation by all\n\nmembers thereof, (ii) the following limit, to be determined\n\nas of the time such member becomes a member, on the basis\n\nof figures contained in the most recent year-end statement\n\nprior to its application for membership; three percent (3%)\n\nof the capital and permanent surplus of banks, trust\n\ncompanies; three percent (3%) of the total reserve and\n\nsurplus accounts of a savings and loan association; one\n\npercent (1%) of the capital and unassigned surplus of stock\n\ninsurance companies, except fire insurance companies; one\n\npercent (1%) of the unassigned surplus of mutual insurance\n\ncompanies, except fire insurance companies; one-tenth of\n\none percent (1/10 of 1%) of the assets of fire insurance\n\ncompanies; comparable limits for other financial\n\ninstitutions as established by the board of directors of\n\nthe development corporation. All loan limits shall be\n\nrecomputed as of the first day of January of each even-\n\nnumbered year, but no member's loan limit shall be\n\nincreased as the result of such recomputation without the\n\nconsent of such member.\n\n(d) Each call made by the corporation shall be prorated\n\namong the members of the corporation in substantially the\n\nsame proportion that the adjusted loan limit of each member\n\nbears to the aggregate of the adjusted loan limits of all\n\nmembers. The adjusted loan limit of a member shall be the\n\namount of such member's loan limit, reduced by the balance\n\nof outstanding loans made by such member to the corporation\n\nand the investment in capital stock of the corporation held\n\nby such member at the time of such call.\n\n(e) All loans to the corporation by members shall be\n\nevidenced by bonds, debentures, notes, or other evidence of\n\nindebtedness of the corporation, which shall be freely\n\nnegotiable at all times, and which shall bear interest at a\n\nrate of not less than one-half of one percent (1/2 of 1%)\n\nin excess of the rate of interest determined by the board\n\nof directors at the date of issuance to be the prime rate\n\nprevailing on unsecured commercial loans.\n\n(f) Membership in the corporation shall be for the duration\n\nof the corporation provided that: (i) upon written notice\n\ngiven to the corporation one (1) year in advance, a member\n\nmay withdraw from membership in the corporation at the\n\nexpiration date of such notice, (ii) a member shall not be\n\nobligated to make any loans to the corporation pursuant to\n\ncalls made subsequent to the receipt of notice of the\n\nwithdrawal of said member.","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":"cb41ab9068b5c12c0f39b971bcdfa69abe2d276a289ade3ea52e49004177852e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-905","next":"us-ok/okla.-stat.-tit.-18-18-907"},"notice":"GroundRules: Original legal text. Not legal advice."}