§ 6-402. Powers of banks and trust companies.

Any bank or trust company now or hereafter organized under the laws of this state shall, without specific mention thereof in its certificate of incorporation, have all the powers conferred by the Oklahoma Banking Code and the following additional corporate powers:

1.  To continue perpetually as a corporation;

2.  To make contracts;

3.  To sue and be sued, complain and defend, in its corporate name;

4.  To sell any asset in the ordinary course of business;

5.  To have a corporate seal, which may be altered at pleasure, and to use the same by causing it or a facsimile thereof to be impressed or affixed, or in any manner reproduced;

6.  To make, alter, amend, and repeal bylaws, not inconsistent with its certificate of incorporation or with law, for the administration and regulation of the affairs of the corporation;

7.  To elect, appoint or remove officers and agents of the corporation and to define their duties and fix their compensation;

8.  To adopt and operate reasonable bonus, profit-sharing and pension plans for officers and employees;

9.  To make contributions to or for the use or benefit of the following:

a.the United States, any state, territory, or political subdivision thereof, the District of Columbia or any possession of the United States, for exclusively public purposes,

b.a corporation, foundation, trust, community chest, or other organization created or organized in the United States, or in any state or territory, or of the District of Columbia, or of any possession of the United States, and organized and operated exclusively for religious, charitable, scientific, veteran rehabilitation service, civic enterprise, literary or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation, or

c.other lawful expenditures, contributions and donations; to the extent authorized, approved, or ratified by action of the board of directors of the corporation, except as otherwise specifically provided or limited by its certificate of incorporation, its bylaws, or by resolution duly adopted by its stockholders;

10.  To exercise such incidental powers as may be necessary or desirable to carry on the banking business including, but not limited to, powers as may now or hereafter be conferred upon national banks by the laws of the United States and the regulations and policies of the United States Comptroller of the Currency, unless otherwise prohibited or limited by the State Banking Commissioner or the State Banking Board.  Upon approval of the Commissioner, and subject to all applicable federal and state laws, the operating subsidiaries or financial subsidiaries of a bank may exercise any power and engage in any activity that is permitted for an operating subsidiary or financial subsidiary of a national bank pursuant to laws of the United States and the regulations and policies of the United States Comptroller of the Currency, or the Board of Governors of the Federal Reserve System unless otherwise prohibited or limited by the Commissioner or the Board;

11.  To exercise by its directors, duly authorized officers or agents, subject to law, all such powers as shall be necessary to carry on the banking business;

12.  Without specific mention in its charter, to act as escrow agent;

13.  To purchase for its own account investment securities under such limitations and restrictions as the Commissioner may prescribe by policy statement pursuant to subsection F of Section 204 of this title;

14.  To lease, hold, purchase and convey any and all real estate in the manner provided in this Code and not otherwise;

15.  To act as fiscal or transfer agent, executor, administrator, guardian of estates, assignee, receiver, depository and trustee, provided such bank or trust company has complied with the laws of this state relating to the organization and regulation of trust companies;

16.  To issue and sell securities as the Commissioner may prescribe by policy statement pursuant to subsection F of Section 204 of this title;

17.  To invest in tangible personal property, including, without limitation, vehicles, manufactured homes, machinery, equipment, or furniture, for lease financing transactions on a net-lease basis, subject to rule or order of the Commissioner limiting the amount the bank may invest in such property;

18.  To make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families, such as by providing housing, services, or jobs.  A state bank may make such investments directly or by purchasing interests in an entity primarily engaged in making such investments.  A state bank shall not make any such investment if the investment would expose the bank to unlimited liability.  The aggregate investment of a state bank under this subsection shall not exceed fifteen percent (15%) of the capital of the bank; and

19.  Upon approval by the Commissioner, to underwrite issues of securities or stock through a subsidiary.

Added by Laws 1965, c. 161, § 402.  Amended by Laws 1987, c. 135, § 2, emerg. eff. June 3, 1987; Laws 1988, c. 166, § 4, emerg. eff. May 24, 1988; Laws 1991, c. 128, § 2, emerg. eff. April 29, 1991; Laws 1994, c. 157, § 5, emerg. eff. May 6, 1994; Laws 1997, c. 111, § 35, eff. July 1, 1997; Laws 1999, c. 27, § 6, eff. July 1, 1999; Laws 2000, c. 205, § 13, emerg. eff. May 17, 2000; Laws 2007, c. 80, § 1, eff. Jan. 1, 2008.