Oklahoma Code § 6-304
Oklahoma Code § 6-304. Reproduced from the official Oklahoma Statutes, with a citation summary, verification link, and related provisions.
§ 6-304.
Expenses of organization.
Oklahoma Statutes - Title 6. Banks and Trust Companies
A. Each subscriber at the time the subscriber subscribes to the
stock of a proposed state bank or trust company shall pay in cash a
sum equal to at least five percent (5%) of the sale price of such
stock into a fund to be used to pay the expenses of organization.
No organizational expense shall be paid out of any other funds of
the bank.
B. Upon the issuance of a certificate of authority by the
Commissioner any unexpended balance shall be transferred to
undivided profits. If the application has been finally denied, any
unexpended balance shall be distributed among the contributors in
proportion to their respective contributions. The Commissioner may
require an accounting of disbursements from the fund and may order
the organizers to restore any sum which has been expended for other
than proper organizational expenses.
C. No payment shall be made from the organizational expense
fund for soliciting subscriptions to stock.
D. Any financial arrangement or transaction involving the
proposed bank or trust company and its organizers, directors,
officers or principal shareholders shall be disclosed.
Added by Laws 1965, c. 161, § 304. Amended by Laws 1982, c. 204, §
5; Laws 1997, c. 111, § 22, eff. July 1, 1997; Laws 2002, c. 67, §
4, eff. Nov. 1, 2002; Laws 2008, c. 275, § 3, eff. July 1, 2008.
Source: official Oklahoma text · Last verified 2026-08-27
At a glance
- Citation: Oklahoma Statutes § 6-304
- Jurisdiction: Oklahoma
- Code: Oklahoma Statutes
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Oklahoma Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Oklahoma attorney.
Common questions
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The text above is transcribed from the Oklahoma Statutes, the codified statutes of Oklahoma. The official publisher link appears under "Verify the text" on this page.
What subject does Oklahoma Statutes § 6-304 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
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Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Oklahoma source before relying on this text.
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