Okla. Admin. Code § 85:10-3-15

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

Section 85:10-3-15 - Abandonment of trust powers

In addition to those procedures and requirements specified in Section 406 and Section 1017 of the Code, when a bank or trust company intends to relinquish its ability to exercise trust powers it shall be necessary for the bank to:

(1) Receive approval of the appropriate federal regulatory agency.

(2) Cease to use the word(s) "Trust" or "Trust Company" in its corporate name, and take the necessary steps to amend its corporate name accordingly. Upon filing its amended certificate of incorporation, the bank or trust company must return a certified copy to the Commissioner and send the required number of copies to the institution's primary federal regulator.

Okla. Admin. Code § 85:10-3-15

Amended at 10 Ok Reg 1969, eff 5-27-93; Amended at 25 Ok Reg 1064, eff 5-25-08