Albright Title & Trust Co. v. Banking Board

ALMA WILSON, Justice:

The issue in this case is whether a trust company incorporated prior to the enactment of the Oklahoma Banking Code of 1965 is allowed to receive general deposits, a power which is not authorized by the Banking Code.1 Albright Title & Trust Company [Albright], the appellant, was incorporated in 1916. Albright’s articles of incorporation state as one of its purposes “To establish and carry on within said corporation a general banking and savings department and to receive and disburse monies or deposits in accordance with the banking laws of the State of Oklahoma....” Such…