{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-714","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-714","heading":"Directors - Meetings and duties","body":"A. The board of directors of a bank shall meet at least once\n\nevery month and the board of directors of a trust company shall meet\n\nat least once every quarter. However, the Commissioner may\n\nprescribe circumstances, which if satisfied by a bank, will permit\n\nthe bank's board of directors to meet no less often than once every\n\ntwo months. If the Commissioner permits a board of directors to\n\nmeet less often than monthly, any requirement in this title or in\n\nthe rules of the Oklahoma Administrative Code for monthly reviews by\n\nthe board shall be interpreted to mean review at each meeting of the\n\nboard of directors. Board members of the bank may participate in\n\nsuch meetings by teleconference, video conference, or other means by\n\nwhich any board member not physically present at a meeting location\n\nmay vote and otherwise participate in the meeting and be aware of\n\nall communication and business being transacted at the meeting at\n\nthe same time as it occurs. The State Banking Commissioner, a\n\ndirector or an executive officer may call a special meeting. A\n\nmajority of the board of directors shall constitute a quorum. The\n\nboard shall keep minutes of each meeting, including a record of\n\nattendance and a record of all votes of the directors that would be\n\npertinent to the business of the bank, to any officer, or to any\n\nstockholder. A copy of the minutes of each meeting of the board of\n\ndirectors shall be furnished to the Commissioner upon request. A\n\ncopy shall be signed by the chairman of the board or the secretary\n\nto the board and retained at the bank. The minutes may be\n\ntransmitted to the Commissioner electronically.\n\nB. The board of directors of each bank shall review at least\n\nmonthly and the board of directors of each trust company shall\n\nreview at least quarterly written reports prepared by the president\n\nor other officer of the corporation setting forth such transactions\n\noccurring during the calendar month or quarter, as appropriate,\n\npreceding the meeting as the Commissioner shall require by\n\nappropriate regulations.\n\nC. The board of directors of every bank and trust company shall\n\nexamine, at least once in each calendar year at intervals of not\n\nmore than fifteen (15) months, all the affairs of the corporation\n\nincluding the character and value of investments and loans, the\n\nefficiency of operating procedures and such other matters as the\n\nCommissioner may require. However, upon request by a bank or trust\n\ncompany, the Commissioner may allow the examination called for by\n\nthis subsection to occur at intervals less frequent than called for\n\nin this subsection or may condition the requirement of such\n\nexamination upon the occurrence of some event. A report of the\n\nexamination shall be submitted promptly to the Commissioner and\n\nshall embody such information as the Commissioner requires. The\n\nboard of directors may provide that such examination shall be\n\nconducted by a committee of not less than three directors, by\n\ncertified public accountants, or by independent auditors responsible\n\nonly to the board of directors. Such examination shall be made when\n\npracticable without the assistance of the executive officers of the\n\nbank or trust company. Such report of examination shall be reviewed\n\nby the directors at the next meeting of the board of directors.\n\nD. A bank authorized to exercise trust powers shall not accept\n\nor voluntarily relinquish a fiduciary account without approval or\n\nratification of the board of directors or of a committee of officers\n\nor directors designated by the board to perform this function, but\n\nthe board of directors or the committee may prescribe general rules\n\ngoverning acceptance or relinquishment of fiduciary accounts, and\n\naction taken by an officer in accordance with these rules is\n\nsufficient approval. Any committee so designated shall keep minutes\n\nof its meetings and report at each monthly meeting of the board of\nr directors designated by the board to perform this function, but\n\nthe board of directors or the committee may prescribe general rules\n\ngoverning acceptance or relinquishment of fiduciary accounts, and\n\naction taken by an officer in accordance with these rules is\n\nsufficient approval. Any committee so designated shall keep minutes\n\nof its meetings and report at each monthly meeting of the board of\n\ndirectors all action taken since the previous meeting of the board.\n\nThe board of directors shall designate one or more committees of not\n\nless than three qualified officers or directors to supervise the\n\ninvestment of fiduciary funds. No investment shall be made,\n\nretained or disposed of without the approval of a committee to which\n\nthe bank has delegated investment or review responsibility. The\n\ncommittee, in making investment decisions, shall be subject to the\n\nprovisions of the Oklahoma Uniform Prudent Investor Act. The\n\ncommittee shall keep minutes of its meetings and shall report at\n\neach monthly meeting of the board of directors its conclusions on\n\nall questions.\n\nE. Every official communication directed by the Commissioner or\n\nany examiner to any bank or trust company or to any officer thereof,\n\nrelating to an investigation or examination conducted by the\n\nDepartment or containing suggestions or recommendations as to the\n\nconduct of the business of the bank or trust company, shall be\n\nsubmitted by the officer receiving it to the board of directors at\n\nthe next meeting of the board and duly noted in the minutes of the\n\nmeeting of the board in such form and in such manner as may be\n\nprescribed and directed by the Commissioner. No officer of any bank\n\nor trust company shall fail to comply with this subsection.","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":"7aa38c3fa19886f390ea9e5c418fb91f72f1fa9b0025c949863a5a22cc65e96c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-713","next":"us-ok/okla.-stat.-tit.-6-6-715"},"notice":"GroundRules: Original legal text. Not legal advice."}