{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-405","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-405","heading":"Increase or decrease of capital stock - Procedure -","body":"Reduction of capital stock - Surrender of certificate.\n\nA. Increase or decrease of capital stock; procedure. Any bank\n\nor trust company authorized to conduct a banking business under the\n\nlaws of the State of Oklahoma may at any time increase or reduce its\n\ncapital stock, after such change has been approved by the\n\nCommissioner and by a majority vote of the outstanding voting stock.\n\n1. After the increase or decrease of capital stock has been\n\nauthorized at a regular shareholders' meeting or a special\n\nshareholders' meeting called for that purpose, the president or\n\nsecretary of the bank or trust company shall prepare a certificate\n\nin the form prescribed by the Commissioner containing a copy of the\n\nresolution, as passed by a majority vote of the outstanding voting\n\nstock, authorizing the increase or decrease of capital stock. Such\n\ncertificate shall be verified by oath of the president or secretary\n\nof the corporation and forthwith transmitted to the Commissioner.\n\n2. Upon receipt of such certificate, the Commissioner may, in\n\nthe discretion of the Commissioner, authorize the increase or\n\ndecrease of the capital stock of the corporation. The Commissioner,\n\nafter such increase or decrease has been authorized and approved,\n\nshall thereupon issue a certificate showing the amount to which the\n\ncapital stock has been increased or decreased by authority of the\n\nresolution, as certified by the Commissioner.\n\n3. No bank or trust company shall issue any certificate of\n\nstock under any increase of capital until the whole amount of such\n\nincrease has been fully paid either in cash or by transfer from\n\nundivided profits.\n\nB. Reduction of capital stock; surrender of certificate.\n\nWhenever the capital stock of any bank or trust company is reduced,\n\nevery shareholder, owner or holder of any stock certificate shall\n\nsurrender the same for cancellation and shall be entitled to receive\n\na new certificate for that portion of the stock remaining in force\n\nafter the reduction has been made. Any stock certificate which is\n\nnot surrendered for cancellation and reissue, under any decrease of\n\ncapital stock, shall be null and void as to the amount represented\n\nby the decrease. No dividends shall be paid to any shareholder\n\nuntil the old certificate has been surrendered and canceled.","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":"a25bb963dcf73671af84025fe23a27e3de43f0cd66d435c4c5fbd0d576d7bee6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-404","next":"us-ok/okla.-stat.-tit.-6-6-405.1"},"notice":"GroundRules: Original legal text. Not legal advice."}