Okla. Stat. tit. 18 § 381.71

Current through Laws 2024, c. 453.

Section 381.71 - Definitions

As used in this section and Sections 381.72 and 381.73 of this title:

1. "Acquire" means:

a. the merger or consolidation of an out-of-state savings institution with or into an in-state savings institution,

b. the acquisition by an out-of-state savings institution of direct or indirect ownership or control of voting shares or, in the case of a mutual savings institution, voting rights of an in-state savings institution if, after such acquisition, such out-of-state savings institution directly or indirectly owns or controls twenty-five percent (25%) or more of any class of voting shares or voting rights of such in-state savings institution, excluding shares or rights owned or held by the United States or by any organization wholly owned by the United States,

c. the acquisition by an out-of-state savings institution of the direct or indirect ownership of all or substantially all of the assets, including, if agreed, the assets of any branches and facilities, of an in-state savings institution, or

d. any other action that would result in the direct or indirect ownership or control by an out-of-state savings institution of an in-state savings institution;

2. "Control" means direct or indirect ownership of or holding with the power to vote twenty-five percent (25%) or more of the voting shares, or in the case of a mutual savings institution, the voting rights, excluding shares or rights owned or held by the United States or by any organization wholly owned by the United States, or the power in any manner to elect a majority of the directors or directly or indirectly to exercise a controlling influence, as determined by the State Banking Commissioner after notice and an opportunity for hearing, on the management or policies of a company;

3. "Holding company" means a company which owns or controls one or more savings institutions organized under the laws of any state or the laws of the United States;

4. "Main office" means the office of a savings institution designated by the Commissioner or the Office of Thrift Supervision as the main office of the institution and located within the United States;

5. "In-state savings institution" means a savings institution organized under the laws of this state or the laws of the United States whose main office is located in Oklahoma;

6. "Oklahoma holding company" means a holding company organized under the laws of this state;

7. "Out-of-state savings institution" means any savings institution organized under the laws of another state or the laws of the United States whose main office is located in another state;

8. "Savings institution" means any association or federal association, or as the context requires, any holding company or subsidiary of such savings institution; and

9. "Subsidiary" means a company which is owned or controlled by a savings institution.

Okla. Stat. tit. 18, § 381.71

Added by Laws 1986, HB 2060, c. 219, § 1, emerg. eff. 6/9/1986; Amended by Laws 1987, HB 1267, c. 61, § 17, emerg. eff. 5/4/1987; Amended by Laws 1988, HB 1743, c. 65, § 34, emerg. eff. 3/25/1988; Amended by Laws 1993, SB 31, c. 183, § 66, emerg. eff. 7/1/1993; Amended by Laws 2000 , HB 2675, c. 81, § 73, eff. 11/1/2000.