{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1206","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1206","heading":"Conservator","body":"A. Whenever the State Banking Commissioner shall deem it\n\nnecessary in order to conserve the assets of any bank or trust\n\ncompany for the benefit of the depositors and other creditors\n\nthereof, the Commissioner may appoint a conservator for the bank and\n\nrequire such bond and security as the Commissioner deems proper.\n\nThe conservatorship shall be a proceeding before the Commissioner\n\nand not the district court. The Commissioner may designate an\n\nemployee of the Oklahoma State Banking Department to serve as an\n\ninterim conservator until either the conservator is secured or\n\nfurther order of the Commissioner directs otherwise. The\n\nconservator, under the direction of the Commissioner, shall take\n\npossession of the books, records, and assets of every description of\n\nthe bank or trust company, and take such action as may be necessary\n\nto conserve the assets of the bank or trust company pending further\n\ndisposition of its business as provided by law. The conservator\n\nshall have all the rights, powers, and privileges now possessed by\n\nor hereafter given the Commissioner when the Commissioner takes\n\npossession of insolvent banks and receivers pursuant to Section 1551\n\net seq. of Title 12 of the Oklahoma Statutes and shall be subject to\n\nthe obligations and penalties, not inconsistent with the provisions\n\nof this Code, to which receivers are now or may hereafter become\n\nsubject. During the time that the conservator remains in possession\n\nof the bank or trust company, the rights of all parties with respect\n\nthereto shall, subject to the other provisions of this Code, be the\n\nsame as if a receiver had been appointed therefor. All expenses of\n\nthe conservatorship, including related expenses of the Department\n\nand the salary of the interim conservator, if any, shall be paid out\n\nof the assets of the bank or trust company and shall be a lien\n\nthereon which shall be prior to any other lien. The conservator\n\nshall receive as salary an amount no greater than that paid to\n\nemployees of this state for similar services. Any such expenses\n\npaid by the bank or trust company to the Department shall be\n\ndeposited in the Oklahoma State Banking Department revolving fund\n\npursuant to Section 211.1 of this title.\n\nB. The Commissioner shall cause to be made such examinations of\n\nthe affairs of the bank or trust company in conservatorship as shall\n\nbe necessary to inform the Commissioner as to the financial\n\ncondition of the bank or trust company, and the examiner shall make\n\na report thereon to the Commissioner at the earliest date possible.\n\nC. If the Commissioner becomes satisfied that it may safely be\n\ndone and that it would be in the public interest, the Commissioner\n\nmay, in the discretion of the Commissioner, terminate the\n\nconservatorship and permit the bank or trust company to resume the\n\ntransaction of its business subject to such terms, conditions,\n\nrestrictions and limitations as the Commissioner may prescribe.\n\nD. For the purposes of this section, the rights, powers,\n\nprivileges, obligations and responsibilities of the interim\n\nconservator shall be the same as those of the conservator.","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":"77d073baf720f3604f90b902469b57f77d1d4e50eac67d29fff0242e99ae9429","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1205","next":"us-ok/okla.-stat.-tit.-6-6-1207"},"notice":"GroundRules: Original legal text. Not legal advice."}