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Can you summarize OKST Title 6, Chapter 1, Article V?
Oklahoma Banking Code > Branch Banking - Bank Holding Companies
Short Summary
The provided legal document content covers various aspects of branch banking, bank holding companies, and related regulations in Oklahoma. It includes provisions for the establishment and operation of branches by out-of-state industrial loan companies and industrial banks, requiring compliance with the laws of the state where the company or bank is located. The State Banking Commissioner issues certificates for branch establishment, and the State Banking Board has the authority to adopt rules for approval and issuance of certificates. The document also governs the acquisition of banks, bank holding companies, and multibank holding companies by out-of-state bank holding companies, subject to approval from the Federal Reserve Board and compliance with certain conditions. Limitations and restrictions applicable to banks, bank holding companies, and multibank holding companies under the Oklahoma Banking Code also apply to those that become subsidiaries of out-of-state bank holding companies. Compliance with Oklahoma laws and rules is required for out-of-state bank holding companies controlling banks or bank holding companies in Oklahoma. The document further outlines the process of organizing an interim state bank and subsequent merger or consolidation, including the requirement for approval from the Commissioner and adherence to specified timelines. It also addresses the establishment and operation of branches by banks in Oklahoma, requiring certificates from the State Banking Commissioner or the Comptroller of the Currency. Temporary branches, detached facilities, and certain exceptions for conducting business on the campus of institutions of higher education are mentioned. The document also covers the establishment of de novo branches by out-of-state banks, interstate merger transactions, interstate branch acquisition transactions, and taxation of branches. Compliance with applicable laws and regulations, including reciprocal interstate de novo branching permissions, is required for out-of-state banks. The document emphasizes the preservation of competitive services between banks and prohibits certain forms of ownership or control by out-of-state banks or bank holding companies. Exceptions are provided for acquisitions made in a fiduciary capacity or in the regular course of securing or collecting a debt previously contracted in good faith. The document does not mention specific exemptions or penalties.
Whom does it apply to?
Out-of-state industrial loan companies, industrial banks, out-of-state bank holding companies, organizers of an interim state bank, bank holding companies, multibank holding companies, banks, savings associations, State Banking Commissioner
What does it govern?
Establishment and operation of branches by out-of-state industrial loan companies and industrial banks in Oklahoma, acquisition of banks, bank holding companies, and multibank holding companies by out-of-state bank holding companies, organizing an interim state bank and subsequent merger or consolidation, limitations on expansion of bank holding companies and similar organizations, establishment and operation of branches by banks in Oklahoma, establishment of de novo branches by out-of-state banks, interstate merger transactions, interstate branch acquisition transactions, and taxation of branches
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Oklahoma