{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-220","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-220","heading":"Impairment of capital - Assessments - Limitations","body":"A. Commissioner may direct assessment - Procedure. The\n\nCommissioner may order a bank or trust company to levy an assessment\n\nin a designated amount upon the holders of record of common stock to\n\nremedy an impairment of capital. Upon receipt of an order to levy\n\nan assessment, the directors shall, within three (3) business days,\n\ncause to be sent to all holders of common stock, at their addresses\n\non the books of the bank or trust company, a notice of the amount of\n\nthe assessment, a copy of the order of the Commissioner and a copy\n\nof this subsection. If an assessment is not paid within thirty (30)\n\ndays after the notice is mailed, the bank or trust company shall\n\noffer the shares of the defaulting shareholders for sale at public\n\nauction at a price which shall not be less than the amount of the\n\nassessment and the cost of the sale. Any excess shall be paid to\n\nthe prior owners. The method of collection provided herein shall be\n\nthe sole method of collecting assessments.\n\nB. Limitation of bank operations where capital impaired.\n\nWhenever the capital or reserve of any bank shall be impaired, the\n\nCommissioner may order it to make no new loans or discounts except\n\nupon sight bills of exchange drawn against actually existing values.","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":"8309a79b34a0b164a37e518d78e2b479acc8cc743e32921079366b1fe979cc9a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-219","next":"us-ok/okla.-stat.-tit.-6-6-2201"},"notice":"GroundRules: Original legal text. Not legal advice."}