{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-407","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-407","heading":"Amendment - Trust powers","body":"Any bank heretofore organized not authorized by its certificate\n\nof incorporation to exercise trust powers may file an application\n\nwith the State Banking Commissioner requesting such authority.\n\n1. The application must be approved by majority vote of the\n\noutstanding voting stock and the resolution so adopted must be duly\n\nverified by the president or cashier of the bank.\n\n2. In passing upon the application, the Commissioner will give\n\nconsideration to the following matters and to any other facts and\n\ncircumstances the Commissioner deems proper:\n\na. whether the bank has sufficient capital to exercise\n\nthe fiduciary powers applied for, which capital shall\n\nbe no less than Two Million Dollars ($2,000,000.00),\n\nb. the proposed market for fiduciary services and the\n\nprobable volume of such fiduciary business available\n\nto the bank,\n\nc. the general condition of the bank, including the\n\nadequacy of its capital in relation to the character\n\nand condition of its assets and to its deposit\n\nliabilities and other corporate responsibilities,\n\nincluding the exercise of fiduciary powers,\n\nd. the general character and ability of the management of\n\nthe bank,\n\ne. the nature of the supervision to be given to the\n\nfiduciary activities, including the qualifications,\n\nexperience and character of the proposed officer or\n\nofficers of the trust department, and\n\nf. whether the bank has available legal counsel to advise\n\nand pass upon fiduciary matters whenever necessary.\n\n3. The qualifying bank may, by appropriate amendment to its\n\ncertificate of incorporation, change its name by adding thereto, \"\u0026\n\nTrust Company\" or \"and Trust Company\".\n\n4. An application for authority to exercise trust powers shall\n\nbe accompanied by a fee as set by rule of the Banking Board.","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":"a9c8c46bff7196422f28b3a747901b3afbee134101e2df33d22d678726bf73a2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-406","next":"us-ok/okla.-stat.-tit.-6-6-408"},"notice":"GroundRules: Original legal text. Not legal advice."}