{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2018.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2018.2","heading":"Appointment of conservator and agents - Judicial relief","body":"- Term of conservatorship - Expenses - Commissioner's authority.\n\n(A) The Bank Commissioner may, with the approval of the State\n\nCredit Union Board and without advance notice, self-appoint or\n\nappoint an insuring organization or any other person as conservator\n\nto immediately take possession and control of the business and\n\nassets of any credit union organized under the laws of this state in\n\nany case in which the Bank Commissioner determines that such action\n\nis necessary to conserve the assets of the credit union or to\n\nprotect the interests of the members of such credit union. Any\n\ncredit union may, by a resolution of its board of directors, consent\n\nto such an action by the Bank Commissioner.\n\n(B) Not later than fifteen (15) days after the date on which\n\nthe Bank Commissioner or a designee takes possession and control of\n\nthe business and assets of a credit union pursuant to subsection (A)\n\nof this section, such credit union may apply to the appropriate\n\ncourt for the judicial district in which the principal office of the\n\ncredit union is located for an order requiring the Bank Commissioner\n\nto show cause why the Bank Commissioner or the designee should not\n\nbe enjoined from continuing such possession and control.\n\n(C) Except as provided in subsection (B) of this section, the\n\nBank Commissioner or a designee may maintain possession and control\n\nof the business and assets of such credit union and may operate such\n\ncredit union until such time:\n\n(1) As the Bank Commissioner shall permit such credit union to\n\ncontinue business subject to such terms and conditions as the Bank\n\nCommissioner imposes; or\n\n(2) As such credit union is liquidated in accordance with\n\nSection 13 of this act.\n\n(D) The Bank Commissioner may appoint such agents as considered\n\nnecessary in order to assist in carrying out the duties of the\n\nconservator under this section.\n\n(E) All expenses incurred by the Bank Commissioner in\n\nexercising the authority of that office under this section with\n\nrespect to any credit union shall be paid out of the assets of such\n\ncredit union, except that the Bank Commissioner may waive the\n\ncharging of all or a part of such expenses.\n\n(F) The authority granted by this section is in addition to all\n\nother authority granted to the Bank Commissioner under the laws of\n\nthis state.","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":"4d3d7751bc2951077a2d9f69e857b1e41c7b125e81c094451564a1c9efd36fac","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2018.1","next":"us-ok/okla.-stat.-tit.-6-6-2019.1"},"notice":"GroundRules: Original legal text. Not legal advice."}