{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-218","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-218","heading":"Transfer of stock or controlling interest - Notice to and","body":"approval by Commissioner.\n\nA. Commissioner's approval required where transfer of stock\n\njeopardizes interest of depositors - Banks and trust companies.\n\nWhenever, in the opinion of the Commissioner, the condition of any\n\nbank or trust company is such that any transfer of the capital stock\n\nof such bank or trust company would jeopardize the interest of its\n\ncustomers, the Commissioner shall promptly so notify in writing the\n\nboard of directors and officers of such bank or trust company of the\n\ndetermination of the Commissioner and the same shall be forwarded by\n\ncertified or registered mail, return receipt requested, and the\n\nCommissioner shall therein require that, when any shares of the\n\ncapital stock of the bank or trust company are to be transferred on\n\nthe books or records of the bank or trust company, the officer or\n\nofficers proposing to make the transfer shall report in writing to\n\nthe Commissioner such proposed transfer of stock. After such\n\nnotice, no transfer thereof shall be made without first obtaining\n\nthe written consent thereto of the Commissioner.\n\nB. Transfer of controlling interest - Banks.\n\n1. Whenever a change occurs or is about to occur in the\n\noutstanding voting stock of any bank or bank holding company which\n\nwill result in a change in the control of the bank or the bank\n\nholding company, the president or other chief executive officer of\n\nsuch bank or bank holding company, immediately upon obtaining such\n\nknowledge of such change in the control of the bank or bank holding\n\ncompany or such contemplated or consummated sale or transfer of such\n\nstock, shall report such facts to the Commissioner.\n\n2. As used in this section, the term \"control\" means the\n\npossession, directly or indirectly, of the power to direct or cause\n\nthe direction of the management and policy of a bank or bank holding\n\ncompany. If there is any doubt as to whether a change in the\n\nownership of the outstanding voting stock in any insured bank or\n\nbank holding company is sufficient to effect a change in the control\n\nthereof, such doubt shall be resolved in favor of reporting the\n\nfacts to the Commissioner.\n\n3. Notwithstanding paragraph 1 of subsection B of this section,\n\na change in ownership of ten percent (10%) of the voting stock of a\n\nbank or bank holding company shall be reported as a change of\n\ncontrol to the Commissioner.\n\nC. Reporting transfers required. No officer of any bank or\n\ntrust company shall fail to report any transfer of stock to the\n\nCommissioner at the time the same is made, as required by this\n\nsection.","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":"30fbe44223b68e61551e8d1a6369fad2ea01d3b005d08297607d95ab52fc3373","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-216","next":"us-ok/okla.-stat.-tit.-6-6-219"},"notice":"GroundRules: Original legal text. Not legal advice."}