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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 85. State Banking Department |
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Chapter 10. Supervision, Regulation and Administration of Banks, Trust Companies, and the Oklahoma Banking Code |
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Subchapter 11. Substantive Guidelines and Restrictions |
SECTION 85:10-11-1. Pledging requirements for banks and trust companies
Latest version.
- (a) Each bank having trust powers and each trust company operating within this State shall report to the Commissioner annually or more often if requested by the Commissioner, on a form prescribed by him, the amount of cash and securities held in trust by the bank or trust company.(b) Section 1004(A)(1) of the Code, requiring the pledging of securities to the Commissioner for the faithful performance of its duties, shall be satisfied by the securities being held in safe keeping at any bank approved by the Commissioner, other than the pledging bank, including the Federal Reserve Bank; the holding bank issuing its joint custody receipt therefor and forwarding said joint custody receipt to the Commissioner.