{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-402","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-402","heading":"Powers of banks and trust companies","body":"Any bank or trust company now or hereafter organized under the\n\nlaws of this state shall, without specific mention thereof in its\n\ncertificate of incorporation, have all the powers conferred by the\n\nOklahoma Banking Code and the following additional corporate powers:\n\n1. To continue perpetually as a corporation;\n\n2. To make contracts;\n\n3. To sue and be sued, complain and defend, in its corporate\n\nname;\n\n4. To sell any asset in the ordinary course of business;\n\n5. To have a corporate seal, which may be altered at pleasure,\n\nand to use the same by causing it or a facsimile thereof to be\n\nimpressed or affixed, or in any manner reproduced;\n\n6. To make, alter, amend, and repeal bylaws, not inconsistent\n\nwith its certificate of incorporation or with law, for the\n\nadministration and regulation of the affairs of the corporation;\n\n7. To elect, appoint or remove officers and agents of the\n\ncorporation and to define their duties and fix their compensation;\n\n8. To adopt and operate reasonable bonus, profit-sharing and\n\npension plans for officers and employees;\n\n9. To make contributions to or for the use or benefit of the\n\nfollowing:\n\na. the United States, any state, territory, or political\n\nsubdivision thereof, the District of Columbia or any\n\npossession of the United States, for exclusively\n\npublic purposes,\n\nb. a corporation, foundation, trust, community chest, or\n\nother organization created or organized in the United\n\nStates, or in any state or territory, or of the\n\nDistrict of Columbia, or of any possession of the\n\nUnited States, and organized and operated exclusively\n\nfor religious, charitable, scientific, veteran\n\nrehabilitation service, civic enterprise, literary or\n\neducational purposes, or for the prevention of cruelty\n\nto children or animals, no part of the net earnings of\n\nwhich inures to the benefit of any private shareholder\n\nor individual, and no substantial part of the\n\nactivities of which is carrying on propaganda or\n\notherwise attempting to influence legislation, or\n\nc. other lawful expenditures, contributions and\n\ndonations; to the extent authorized, approved, or\n\nratified by action of the board of directors of the\n\ncorporation, except as otherwise specifically provided\n\nor limited by its certificate of incorporation, its\n\nbylaws, or by resolution duly adopted by its\n\nstockholders;\n\n10. To exercise such incidental powers as may be necessary or\n\ndesirable to carry on the banking business including, but not\n\nlimited to, powers as may now or hereafter be conferred upon\n\nnational banks by the laws of the United States and the regulations\n\nand policies of the United States Comptroller of the Currency,\n\nunless otherwise prohibited or limited by the State Banking\n\nCommissioner or the State Banking Board. Upon approval of the\n\nCommissioner, and subject to all applicable federal and state laws,\n\nthe operating subsidiaries or financial subsidiaries of a bank may\n\nexercise any power and engage in any activity that is permitted for\n\nan operating subsidiary or financial subsidiary of a national bank\n\npursuant to laws of the United States and the regulations and\n\npolicies of the United States Comptroller of the Currency, or the\n\nBoard of Governors of the Federal Reserve System unless otherwise\n\nprohibited or limited by the Commissioner or the Board;\n\n11. To exercise by its directors, duly authorized officers or\n\nagents, subject to law, all such powers as shall be necessary to\n\ncarry on the banking business;\n\n12. Without specific mention in its charter, to act as escrow\n\nagent;\n\n13. To purchase for its own account investment securities under\n\nsuch limitations and restrictions as the Commissioner may prescribe\n\nby policy statement pursuant to subsection F of Section 204 of this\n\ntitle;\n\n14. To lease, hold, purchase and convey any and all real estate\n\nin the manner provided in this Code and not otherwise;\n2. Without specific mention in its charter, to act as escrow\n\nagent;\n\n13. To purchase for its own account investment securities under\n\nsuch limitations and restrictions as the Commissioner may prescribe\n\nby policy statement pursuant to subsection F of Section 204 of this\n\ntitle;\n\n14. To lease, hold, purchase and convey any and all real estate\n\nin the manner provided in this Code and not otherwise;\n\n15. To act as fiscal or transfer agent, executor,\n\nadministrator, guardian of estates, assignee, receiver, depository\n\nand trustee, provided such bank or trust company has complied with\n\nthe laws of this state relating to the organization and regulation\n\nof trust companies;\n\n16. To issue and sell securities as the Commissioner may\n\nprescribe by policy statement pursuant to subsection F of Section\n\n204 of this title;\n\n17. To invest in tangible personal property, including, without\n\nlimitation, vehicles, manufactured homes, machinery, equipment, or\n\nfurniture, for lease financing transactions on a net-lease basis,\n\nsubject to rule or order of the Commissioner limiting the amount the\n\nbank may invest in such property;\n\n18. To make investments designed primarily to promote the\n\npublic welfare, including the welfare of low- and moderate-income\n\ncommunities or families, such as by providing housing, services, or\n\njobs. A state bank may make such investments directly or by\n\npurchasing interests in an entity primarily engaged in making such\n\ninvestments. A state bank shall not make any such investment if the\n\ninvestment would expose the bank to unlimited liability. The\n\naggregate investment of a state bank under this subsection shall not\n\nexceed fifteen percent (15%) of the capital of the bank; and\n\n19. Upon approval by the Commissioner, to underwrite issues of\n\nsecurities or stock through a subsidiary.","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":"548e89f05e2f945ad9f3607c0529eed9a8b177a5401c58cabe9409bd5c994935","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-401","next":"us-ok/okla.-stat.-tit.-6-6-402.1"},"notice":"GroundRules: Original legal text. Not legal advice."}