{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1017","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1017","heading":"Voluntary relinquishment of trust powers","body":"A. 1. Banks. Any bank desiring to surrender its right to\n\nexercise the powers granted pursuant to this article in order to\n\nrelieve itself of the necessity of complying with the requirements\n\nof this article, or to have cancelled or returned to it any security\n\npledged or purchased pursuant to Section 1004 of this title, may\n\nfile with the Commissioner a certified copy of a resolution of its\n\nboard of directors signifying such desire.\n\n2. Upon receipt of such resolution, the Commissioner, upon\n\nsatisfaction that such bank has been relieved in accordance with\n\nstate law of all duties as trustee, executor, administrator,\n\nregistrar of stocks and bonds, guardian of estates, assignee,\n\nreceiver, or other fiduciary, under court, private or other\n\nappointment previously accepted under authority of this article, may\n\nissue to such bank a certificate certifying that such bank is no\n\nlonger authorized to exercise the powers granted by this article.\n\n3. Upon the issuance of such a certificate by the Commissioner,\n\nsuch banks:\n\na. shall no longer be subject to the provisions of this\n\narticle or the regulations of the Board made pursuant\n\nthereto,\n\nb. shall be entitled to cancel or have returned to it any\n\nsecurity pledged or purchased pursuant to the\n\nprovisions of Section 1004 of this title, and\n\nc. shall not exercise thereafter any of the powers\n\ngranted by this article without first applying for and\n\nobtaining a new permit to exercise such powers\n\npursuant to the provisions of this Code.\n\nB. Trust companies. Any trust company desiring to retire from\n\nbusiness specified in this article shall furnish to the Commissioner\n\nsatisfactory evidence of its release and discharge from all\n\nobligations and trusts provided for in this article. The\n\nCommissioner shall thereupon examine, or cause to be examined, such\n\ntrust company, and, if the Commissioner is satisfied after such\n\nexamination that such trust company has discharged all its\n\nobligations and trusts, the Commissioner shall revoke its\n\ncertificate of authority and authorize the cancellation of, or\n\nreturn, of any security pledged or purchased pursuant to the\n\nprovisions of Section 1004 of this title.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6d8105f16eee25b73e021bb25161412ad15d2969f4073cf119e7c3114c526f10","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1016","next":"us-ok/okla.-stat.-tit.-6-6-1018"},"notice":"GroundRules: Original legal text. Not legal advice."}