Section 381.20 - Payment into escrow account - Required savings capitalA. Before a certificate of authority is issued for a new mutual association, there shall be paid into the escrow fund as subscriptions to deposit accounts of the proposed association such aggregate amount as the State Banking Commissioner shall deem adequate, but, if insured, not less than an amount necessary to meet the requirements of the Federal Deposit Insurance Corporation. If the organizers intend to organize and operate the association without federal insurance on its deposit accounts, the amount paid into the escrow fund as subscriptions to deposit accounts of the proposed association shall be at the sole discretion of the Commissioner.B. No permanent capital stock association may be organized hereafter unless, prior to the filing of its certificate of incorporation, such amounts of its permanent capital stock as the Commissioner shall deem adequate, but, if insured, not less than an amount necessary to meet the requirements of the Federal Deposit Insurance Corporation shall have been subscribed for and paid for in lawful money of the United States. If the organizers intend to organize and operate the association without federal insurance on its deposit accounts, the amount of permanent capital stock required shall be at the sole discretion of the Commissioner.Okla. Stat. tit. 18, § 381.20
Laws 1970, HB 1543, c. 101, § 20, emerg. eff. 6/1/1970; Amended by Laws 1978, SB 385, c. 168, § 2, eff. 7/1/1979; Amended by Laws 1987, HB 1267, c. 61, § 3, emerg. eff. 5/4/1987; Amended by Laws 1988, HB 1743, c. 65, § 13, emerg. eff. 3/25/1988; Amended by Laws 1990, HB 2278, c. 118, § 5, emerg. eff. 4/23/1990; Amended by Laws 1993, SB 31, c. 183, § 41, emerg. eff. 7/1/1993; Amended by Laws 2000 , HB 2675, c. 81, § 16, eff. 11/1/2000.