{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-707","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-707","heading":"Issuance of preferred stock - Classes - Procedure -","body":"Reduction of common stock and issuance of preferred stock - One\n\nmeeting - Preferred stock as capital.\n\nA. Issuance of preferred stock - Classes - Procedure. Subject\n\nto the provisions of subsection C of Section 303.1 of this title\n\nrelating to newly organized banks, any bank or trust company now or\n\nhereafter organized may, with the approval of the Commissioner, and\n\nby majority vote of the outstanding voting stock at a meeting held\n\nafter thirty (30) days' notice, given by restricted delivery,\n\npursuant to action taken by its board of directors, issue, from time\n\nto time, preferred stock of one or more classes, in such amounts and\n\nwith such par values as shall be approved by the Commissioner, and\n\nmay amend its certificate of incorporation accordingly. A copy of\n\nthe minutes of such directors' and shareholders' meetings, certified\n\nto by the proper officers and under the corporate seal of the bank\n\nor trust company and accompanied by the written approval of the\n\nCommissioner and amended certificate of incorporation, may be\n\nimmediately filed in the office of the Secretary of State, and when\n\nso filed shall be deemed and treated as an amendment to the\n\ncertificate of incorporation of such bank or trust company.\n\nB. Reduction of common stock and issuance of preferred stock -\n\nOne meeting. Should the shareholders of any bank or trust company,\n\nwith the approval of the Commissioner, determine to authorize the\n\nissuance of preferred stock, reduce its common stock and amend its\n\ncertificate of incorporation to accomplish such issuance and\n\nreduction as authorized by this Code, the shareholders may at one\n\nmeeting, called by one action of its board of directors, by one\n\nnotice being given, and by one vote, authorize the issuance of such\n\npreferred stock and the reduction of its common stock and amend its\n\ncertificate of incorporation.\n\nC. Preferred stock as capital. For the purposes of this Code,\n\nthe term \"capital\" or \"capital stock\" shall include the amount of\n\noutstanding preferred stock issued and unimpaired by a bank or trust\n\ncompany.","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":"85b96ab9a1670913989f54ab8924c8449c7692afac516b0cda793e795f59e68c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-706","next":"us-ok/okla.-stat.-tit.-6-6-708"},"notice":"GroundRules: Original legal text. Not legal advice."}