Okla. Admin. Code § 85:10-3-11

Current through Vol. 42, No. 4, November 1, 2024

Section 85:10-3-11 - Change in number or par value of shares

In addition to those procedures and requirements specified in Section 406(C) of the Oklahoma Banking Code, the following requirements must be met in connection with a change in the number and par value of shares:

(1) The bank or trust company shall advise the Commissioner, setting forth the desired change in the number of shares or the par value of shares.

(2) The bank or trust company shall complete and return to the Commissioner's office a certificate in a form prescribed by the Commissioner, together with the two (2) certified copies of the resolution adopted by a majority of the stockholders and approved by the board of directors, which resolution appears in the minutes of their meetings, in connection with the change in number or par value of shares.

(3) The bank shall also submit a copy of its proposed amended certificate of incorporation accompanied by a fee as set forth in 85:10-3-21 for approving the documents.

(4) Within 30 days of receiving the properly executed documents from the bank or trust company, the Commissioner shall notify the bank or trust company of his approval or disapproval. The Commissioner may extend the 30-day period called for by this paragraph upon notice to the applicant. If approved, the bank or trust company shall file the documents with the Secretary of State, after which it will return a certified copy to the Commissioner, and if a bank, the required number of certified copies to the bank's primary federal regulator.

(5) The increase or decrease shall not be effective until the Commissioner has approved the documents and the Secretary of State has filed the amended certificate of incorporation.

Okla. Admin. Code § 85:10-3-11

Amended at 10 Ok Reg 1969, eff 5-27-93; Amended at 14 Ok Reg 3559, eff 8-1-97 (emergency); Amended at 15 Ok Reg 2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff 5-25-08