{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-313","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-313","heading":"Return of defective application or documents - Approval or","body":"denial of application - Issuance of certificate of authority -\n\nRevocation of powers and cancellation of certificate of\n\nincorporation.\n\nA. If the application for a certificate of authority or any\n\naccompanying documents do not comply with the requirements of this\n\nCode, the Commissioner shall, within twenty (20) days after the\n\nreceipt thereof, return them to the applicant, calling attention to\n\nthe defect or defects therein. If the application and accompanying\n\ndocuments are not so returned within such twenty-day period they\n\nshall be deemed to have been accepted for filing by the\n\nCommissioner.\n\nB. The Commissioner shall approve or deny the application for a\n\ncertificate of authority within sixty (60) days after such\n\napplication has been accepted. The Commissioner shall approve the\n\napplication if:\n\n1. The Board shall have approved the managing officer;\n\n2. The capital in the amounts set forth in the application has\n\nbeen fully paid;\n\n3. Bylaws attached to the application have been adopted;\n\n4. Any conditions imposed by the Board or the Commissioner in\n\napproving the application for authority to organize have been\n\nfulfilled; and\n\n5. The requirements of this Code have been satisfied; provided,\n\nthe Commissioner with the consent of the Board may deny the\n\napplication for a certificate of authority if the bank's application\n\nfor Federal Deposit Insurance or for membership in the Federal\n\nReserve System has not been approved.\n\nC. If the Commissioner approves such application, the\n\nCommissioner shall within twenty (20) days of such action issue a\n\ncertificate of authority and shall provide the same to the\n\ncorporation. If the Commissioner denies the application the\n\nCommissioner shall, within twenty (20) days of such action, mail a\n\nnotice of the denial to the corporation, stating therein the reason\n\nor reasons for the denial.\n\nD. If the requirements of Section 312 of this title have not\n\nbeen met within the time therein provided, or if the application for\n\ncertificate of authority has been denied by the Commissioner, or if\n\nno certificate of authority exists for a period of six (6) months\n\nafter the date of the Board's approval of the application for\n\nauthority to organize for any bank or trust company, or if the bank\n\nor trust company shall fail to commence business within six (6)\n\nmonths after the issuance by the Commissioner of the certificate of\n\nauthority, or any additional period allowed by the Commissioner, the\n\nCommissioner shall cancel the certificate of authority, revoke all\n\nbanking and trust powers and recommend to the Secretary of State\n\ncancellation of the certificate of incorporation. Upon receipt of\n\nsuch recommendation, the Secretary of State shall cancel the\n\ncertificate of incorporation and the bank or trust company shall be\n\nliquidated in accordance with the order of the Commissioner. If an\n\nimproper expenditure has been made, the Commissioner may order the\n\npersons who were organizers or directors at the time to restore the\n\nsame by equal contributions.","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":"de3129eac3f2a930da94293128dd6df38ab3d95b1d682dd1a9b81c17829190c1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-312","next":"us-ok/okla.-stat.-tit.-6-6-401"},"notice":"GroundRules: Original legal text. Not legal advice."}