SECTION 735:10-1-4. Pledge Agreement and Certification of Adoption of [Board of Director's or Loan Committee's] Resolution required to participate in transactions

(a)   OST will not place funds in excess of the FDIC-insured limit with institutions that have not entered into a "Pledge Agreement for Funds Held on Deposit" (OST Form 95-005) in Appendix A of this Chapter.

(b)   The Financial institution wishing to receive state funds must complete the following steps:

(1)   Complete two (2) originals of the Pledge Agreement (OST Form 95-005) in Appendix A of this Chapter.

(2)   Adopt the "Certification of Adoption of [Board of Director's or Loan Committee's] Resolution" (OST Form 95-006) in Appendix B of this Chapter showing the acceptance of the Pledge Agreement by either the Board of Directors or the Loan Committee, and listing the Duly Authorized Bank Officers authorized to do business with the OST.

(3)   Forward both originals of the Pledge Agreement and a certified copy of the Certification of Adoption of [Board of Directors' or Loan Committee's] Resolution to the OST. After acceptance, OST will return one (1) signed original Pledge Agreement to the financial institution for its records.

(c)   Upon the completion of the steps in (b) of this Section, the financial institution will be eligible to receive state funds from the Oklahoma State Treasurer. The financial institution must maintain the Pledge Agreement, the Certification and any transaction under the Pledge Agreement as an official record within the meaning of 12 U.S.C. § 1823 (e), as amended, continuously from the time of its execution.

[Source: Added at 13 Ok Reg 1583, eff 4-2-96 (emergency); Added at 13 Ok Reg 3341, eff 7-25-96]