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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 6. BANKS AND TRUST COMPANIES

  § 6-1002. Restrictions on acting in certain fiduciary capacities - Reciprocity.  

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  • All corporations except:  (1) state banks in Oklahoma having trust powers, national banking associations located in this state and having trust powers and trust companies incorporated under the laws of this state and having trust powers; (2) corporations which are recognized under Section 501(c)(3) of the Internal Revenue Code as being organized and operated exclusively for educational, religious, charitable, or other eleemosynary purposes when exercising powers pursuant to the Oklahoma Charitable Fiduciary Act and the Oklahoma General Corporation Act; and (3) national banks having trust powers, and state banks and trust companies having trust powers located in states which reciprocally allow similar Oklahoma institutions to exercise trust and fiduciary powers therein under no greater restrictions than those imposed under this Code on such fiduciary institutions, are prohibited from acting in any of the following fiduciary capacities within this state:

    1.  As executor or administrator of the estate of any decedent, whether such decedent was a resident of this state or not, and whether the administration of the estate of such decedent be original or ancillary; provided, that if the executor or administrator of the estate of a nonresident decedent be a corporation duly authorized, qualified and acting as such executor or administrator in the jurisdiction of the domicile of the decedent, it may, as a foreign executor or administrator, perform such duties and exercise such powers and privileges as are required, authorized and permitted by Section 1001 of this title;

    2.  As guardian of any infant, insane person or person physically or mentally incompetent whether domiciled in this state or not;

    3.  As trustee under any inter vivos trust, will or other testamentary instrument, provided that any corporation which is authorized to act as such trustee under the laws of the place where it has its principal place of business may receive bequests to it as trustee of money or intangible personal property;

    4.  As trustee of any real estate in this state or any interest therein under any agreement whereby the beneficial interest in such property is vested in others;

    5.  As receiver or trustee under appointment of any court in this state;

    6.  As assignee, receiver or trustee of any insolvent person or corporation or under any assignment for the benefit of creditors; or

    7.  As fiscal agent, transfer agent or registrar of any municipal or private corporation; provided, however, that nothing herein shall prevent any Oklahoma corporation not a bank or trust company and not having trust powers from being its own fiscal agent, transfer agent or registrar concerning its own affairs, stock or securities.

    Nothing in this section shall be construed as authorizing or permitting any foreign bank or trust company to maintain an office within this state.

Added by Laws 1965, c. 161, § 1002.  Amended by Laws 1967, c. 258, § 8, emerg. eff. May 8, 1967; Laws 1968, c. 15, § 1; Laws 1969, c. 257, § 1, emerg. eff. April 24, 1969; Laws 1997, c. 111, § 83, eff. July 1, 1997.