{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1201","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1201","heading":"Voluntary liquidation and dissolution","body":"A. Voluntary liquidation - Approval of stockholders and Banking\n\nBoard. With the approval of the Board, a state bank may liquidate\n\nand dissolve. The Board shall grant such approval if it appears\n\nthat the proposal to liquidate and dissolve has been approved by a\n\nmajority vote of the outstanding voting stock at a meeting called\n\nfor that purpose, or if all shareholders entitled to vote thereon\n\nshall consent in writing, and that after giving effect to any\n\nproposed purchase of the assets of the bank and assumption of its\n\nliabilities as provided for in Section 1109 of this title the state\n\nbank will be solvent and will have sufficient liquid assets to pay\n\noff any remaining depositors and creditors immediately.\n\nB. Cessation of business - Notice of liquidation - Safe deposit\n\nboxes - Distribution.\n\n1. Upon approval by the Board, the bank shall forthwith cease\n\nto do business, shall have only the powers necessary to effect an\n\norderly liquidation and shall proceed to pay its remaining\n\ndepositors and creditors and to wind up its affairs.\n\n2. Within thirty (30) days of the approval, the state bank\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 bailor of property at the address of such\n\nperson as shown on the books of the bank; provided, 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 state bank have been purchased or assumed as\n\nprovided for in Section 1109 of this title, a notice of purchase and\n\nassumption shall be sent by the purchasing and assuming bank in lieu\n\nof a notice of liquidation by the liquidating state bank. The\n\nnotice prepared by the state bank shall also be posted conspicuously\n\non the premises of the bank and shall be given such publication as\n\nthe Commissioner may require. The purchasing and assuming bank or\n\nthe liquidating bank, as applicable, shall send with each notice a\n\nstatement of the amount shown on the books to be the claim or\n\nliability of the depositor, creditor or other customer. Each such\n\nnotice shall demand that claims of depositors and creditors, or\n\ncorrected statements of amounts owed by the customer, if the amount\n\nclaimed or owed differs from that stated in the notice, be filed\n\nwith the notifying bank before a specified date not earlier than\n\nsixty (60) days thereafter in accordance with the procedure\n\nprescribed in the notice. The notice prepared by the liquidating\n\nbank shall also demand that property held by the bank as bailee or\n\nin a safe deposit box not taken over by a purchasing and assuming\n\nbank be withdrawn by the person entitled thereto.\n\n3. As soon after approval as may be practicable the state bank\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 this Code.\n\n4. Any safe deposit boxes which have not been taken over by a\n\npurchasing and assuming bank, and the contents of which have not\n\nbeen removed within thirty (30) days after demand, shall be opened.\n\nSealed packages containing the contents of such box, with a\n\ncertificate of inventory of contents, together with any other\n\nunclaimed property held by the bank as bailee and certified\n\ninventories thereof, shall be transferred to the Commissioner, who\n\nshall administer them in accordance with the provisions of the\n\nUniform Unclaimed Property Act (1981).\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 purchasing and assuming bank to be\ne bank as bailee and certified\n\ninventories thereof, shall be transferred to the Commissioner, who\n\nshall administer them in accordance with the provisions of the\n\nUniform Unclaimed Property Act (1981).\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 purchasing and assuming bank to be\n\npaid in full by the liquidating bank, and all lawful claims of\n\nremaining creditors and depositors of the liquidating bank shall\n\npromptly be paid. The unearned portion of the rental of a safe\n\ndeposit box not taken over by a purchasing and assuming bank shall\n\nbe returned to the lessee.\n\n6. Any assets remaining after the discharge of or adequate\n\nprovision for all obligations shall be distributed to the\n\nstockholders in accordance with their respective interests. 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 1109 of this title,\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 bank, 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. Unclaimed funds. Any unclaimed distribution to a\n\nstockholder or depositor shall be held until ninety (90) days after\n\nthe final distribution and then transmitted to the Commissioner who\n\nshall administer them in accordance with the provisions of the\n\nUniform Unclaimed Property Act (1981).\n\nD. Possession and liquidation by Commissioner. If the\n\nCommissioner finds that assets will be insufficient for the full\n\ndischarge of all obligations or that completion of the liquidation\n\nhas been unduly delayed, the Commissioner may take possession and\n\ncomplete the liquidation in the manner provided in this Code for\n\ninvoluntary liquidations.\n\nE. Cancellation. The Commissioner may require reports of the\n\nprogress of liquidation. Whenever the Commissioner is satisfied\n\nthat the liquidation has been properly completed, the Commissioner\n\nshall enter an order of dissolution and recommend to the Secretary\n\nof State the bank's certificate of incorporation be canceled, upon\n\nreceipt of which the Secretary of State shall cancel such\n\ncertificate.","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":"9780912b9ff49e77872319a5a3c3c41cfae9cafc02e552f4cf0bc420d69f8832","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1111","next":"us-ok/okla.-stat.-tit.-6-6-1202"},"notice":"GroundRules: Original legal text. Not legal advice."}