{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1755","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1755","heading":"Conversion to public trust company","body":"A. A private trust company may terminate its status as a\n\nprivate trust company and commence transacting business with the\n\ngeneral public. A private trust company desiring to commence\n\ntransacting business with the general public shall file a notice on\n\na form prescribed by the Commissioner, which shall set forth the\n\nname of the private trust company and an acknowledgement that any\n\nexemption granted or otherwise applicable to the private trust\n\ncompany pursuant to Section 36 of this act shall cease to apply on\n\nthe effective date of such notice. The private trust company shall\n\nalso furnish a copy of the resolution adopted by the board\n\nauthorizing the private trust company to commence transacting\n\nbusiness with the general public and pay the filing fee, if any,\n\nprescribed by the Commissioner.\n\nB. The notificant may commence transacting business with the\n\ngeneral public on the thirty-first day after the date the\n\nCommissioner receives the notice, unless the Commissioner specifies\n\nan earlier or later date.\n\nC. The thirty-day period of review may be extended by the\n\nCommissioner on determination that the written notice raises issues\n\nthat require additional information or additional time for analysis.\n\nIf the period for review is extended, the notificant may commence\n\ntransacting business with the public only on prior written approval\n\nby the Commissioner.\n\nD. The Commissioner may deny approval of the notice of the\n\nprivate trust company to commence transacting business with the\n\ngeneral public if the Commissioner finds that the notificant lacks\n\nsufficient financial resources to undertake the proposed expansion\n\nwithout adversely affecting its safety or soundness, that the\n\nproposed transacting of business with the general public would be\n\ncontrary to the public interest or if the Commissioner determines\n\nthat the notificant will not within a reasonable period be in\n\ncompliance with any provision of this act from which the notificant\n\nhad been previously exempted pursuant to Section 36 of this act.","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":"99a49a0bff1c71298537e885606613793e6900a18cdacf1f66cc361d3c0da206","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1741","next":"us-ok/okla.-stat.-tit.-6-6-2001"},"notice":"GroundRules: Original legal text. Not legal advice."}