{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-304","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-304","heading":"Expenses of organization","body":"\n\nA. Each subscriber at the time the subscriber subscribes to the\n\nstock of a proposed state bank or trust company shall pay in cash a\n\nsum equal to at least five percent (5%) of the sale price of such\n\nstock into a fund to be used to pay the expenses of organization.\n\nNo organizational expense shall be paid out of any other funds of\n\nthe bank.\n\nB. Upon the issuance of a certificate of authority by the\n\nCommissioner any unexpended balance shall be transferred to\n\nundivided profits. If the application has been finally denied, any\n\nunexpended balance shall be distributed among the contributors in\n\nproportion to their respective contributions. The Commissioner may\n\nrequire an accounting of disbursements from the fund and may order\n\nthe organizers to restore any sum which has been expended for other\n\nthan proper organizational expenses.\n\nC. No payment shall be made from the organizational expense\n\nfund for soliciting subscriptions to stock.\n\nD. Any financial arrangement or transaction involving the\n\nproposed bank or trust company and its organizers, directors,\n\nofficers or principal shareholders shall be disclosed.","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":"42c94db855bb4e0a957e37af8661ca0be14d7c620d4e41384c5beae613d89482","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-303.1","next":"us-ok/okla.-stat.-tit.-6-6-305"},"notice":"GroundRules: Original legal text. Not legal advice."}