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

  § 6-203. Powers of Board.  

Latest version.

  • In addition to other powers conferred by the Oklahoma Banking Code, the Board shall have power to:

    1.  Regulate its own procedures and practice, except as may be hereafter provided by law;

    2.  Define any term not defined in the Oklahoma Banking Code;

    3.  Adopt and promulgate reasonable and uniform rules and regulations to govern the conduct, operation and management of all banks or trust companies created, organized or existing under or by virtue of the laws of this state, and to govern the examination, valuation of assets and the statements and reports of such banks or trust companies, and the form on which such banks or trust companies shall report their assets, liabilities and reserves, and charge off bad debts and otherwise keep their records and accounts, and otherwise to govern the administration of the Oklahoma Banking Code.

    a.Each bank and trust company and each officer, director, owner, stockholder, agent and employee thereof shall comply with every rule and regulation promulgated so long as the same remain in force.

    b.The Board may amend, modify or repeal rules and regulations now in force and effect or hereafter adopted.  Copies of such amendments and modifications and notice of repeal shall be mailed to each state-chartered bank and state-chartered trust company within ten (10) days after such action is taken;

    4.  Restrict the withdrawal of deposits from all, or one or more, banks where the Board finds that extraordinary circumstances make such restriction necessary for the proper protection of depositors in the affected institution or institutions;

    5.  Authorize banks or trust companies under circumstances in which they are not given authority under the Oklahoma Banking Code to participate in any public agency hereafter created under the laws of this state, or of the United States, the purpose of which is to afford advantages or safeguards to banks or trust companies, and to authorize compliance with all requirements and conditions imposed upon such participants;

    6.  Order any person to cease violating a provision of the Oklahoma Banking Code, federal banking law, or a lawful regulation issued thereunder, or to cease engaging in any unsound banking or trust practice.  A copy of such order shall be mailed to each director of the bank by which such person is employed;

    7.  Affirm, modify, reverse or stay the enforcement of any order or ruling of the Commissioner concerning banks or trust companies; and

    8.  Suspend a director, officer or employee of a bank or trust company who becomes ineligible to hold the position, or who, after receipt of an order to cease, violates the Oklahoma Banking Code, federal banking law, or a lawful regulation or order issued thereunder, or who is dishonest or who is reckless or grossly incompetent in the conduct of banking business or who has engaged or participated in any unsafe or unsound practice in connection with a bank or trust company.  It shall be a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any bank or trust company until the Board shall vacate such suspension order.  A suspension order shall specify the grounds thereof.  A copy of the order shall be sent to the bank or trust company concerned, and to each member of its board of directors; provided, in absence of circumstances deemed by the Board to require immediate action, no person shall be suspended under the powers herein granted unless the person shall have first been afforded a hearing before the Board after not less than ten (10) days' notice thereof shall have been served upon the person by registered or certified mail, return receipt requested.

Added by Laws 1965, c. 161, § 203.  Amended by Laws 1982, c. 60, § 1, operative Oct. 1, 1982; Laws 1985, c. 168, § 1, emerg. eff. June 18, 1985; Laws 1991, c. 128, § 1, emerg. eff. April 29, 1991; Laws 1994, c. 157, § 2, emerg. eff. May 6, 1994; Laws 1997, c. 111, § 7, eff. July 1, 1997.