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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 74. STATE GOVERNMENT

  § 74-2276.3. Fiduciaries – Prohibited acts.  

Latest version.

  • A.  A fiduciary with respect to the Oklahoma State Park Trust Fund created in Section 2 of this act, shall not cause the Trust Fund to engage in a transaction if the fiduciary knows or should know that the transaction constitutes a direct or indirect:

    1.  Sale or exchange, or leasing of any property from the Trust Fund to a party in interest;

    2.  Lending of money or other extension of credit from the Trust Fund to a party in interest;

    3.  Furnishing of goods, services, or facilities from the Trust Fund to a party in interest; or

    4.  Transfer to, or use by or for the benefit of, a party in interest of any assets of the Trust Fund.

    B.  A fiduciary with respect to the Trust Fund shall not:

    1.  Deal with the assets of the Trust Fund in the interest of or for the account of the fiduciary;

    2.  In the individual or any other capacity of the fiduciary act in any transaction involving the Trust Fund on behalf of a party whose interests are adverse to the interests of the Trust Fund; or

    3.  Receive any consideration for the personal account of the fiduciary from any party dealing with the Trust Fund in connection with a transaction involving the assets of the Trust Fund.

    C.  A fiduciary with respect to the Trust Fund may:

    1.  Invest all or part of the assets of the Trust Fund in deposits which bear the highest interest rate available for funds with the necessary degree of availability in a bank or similar financial institution supervised by the United States or a state, if the bank or other institution is a fiduciary of the plan; or

    2.  Provide any ancillary service by a bank or similar financial institution supervised by the United States or a state, if the bank or other institution is a fiduciary of the plan.

    D.  A person or a financial institution is a fiduciary with respect to the Trust Fund to the extent that the person or the financial institution:

    1.  Exercises any discretionary authority or discretionary control respecting management of the Trust Fund or exercises any authority or control respecting management or disposition of the assets of the Trust Fund;

    2.  Renders investment advice for a fee or other compensation, direct or indirect, with respect to any monies or other property of the Trust Fund, or has any authority or responsibility to do so; or

    3.  Has any discretionary authority or discretionary responsibility in the administration of the Trust Fund.

Added by Laws 2006, c. 67, § 5, emerg. eff. April 20, 2006.