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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 3. Departmental Requirements |
SECTION 85:10-3-14. Applying for trust powers
Latest version.
- In addition to those procedures and requirements specified in Section 407 of the Code, the following procedures shall be followed in connection with applying for trust powers:(1) The application for a bank to receive approval to exercise trust powers under Section 407 of the Code shall be upon the form prescribed by the Commissioner, and accompanied by the fee prescribed in rule 85:10-3-21.(2) No application shall be approved except those conditioned upon subsequent approval of the appropriate federal regulatory agency.(3) All applications shall be approved upon the condition that the applicant bank activate its trust department within six (6) months of federal regulatory approval. In this regard, activating its trust department shall mean satisfying the pledging requirements provided for in Section 1004 of the Code and actually offering trust services to the general public.(4) Following approval of its application to exercise trust powers by the Commissioner and the appropriate federal regulatory agency the bank shall file an amended Certificate of Incorporation with the Oklahoma Secretary of State indicating its ability to exercise trust powers. The bank shall return a certified copy of the amended certificate of incorporation to the Commissioner and send the required number to the bank's primary federal regulator.