2018 Oklahoma Statutes
Title 70. Schools
§70-3955. Fiduciary duties - Conflict of interest.
A. A fiduciary with respect to the Oklahoma State Regents' Endowment Trust Fund, the Oklahoma State Regents' Academic Scholars Trust Fund, the Oklahoma Higher Learning Access Trust Fund, the Oklahoma GEAR UP Scholarship Trust Fund, or the Oklahoma Tuition Equalization Grant Trust Fund, hereafter the "Trust Fund," shall not cause the Trust Fund to engage in a transaction if the fiduciary knows or should know that such 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 fiduciary's own interest or for the fiduciary's own account;
2. In the fiduciary's individual or any other capacity 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 fiduciary's own personal account 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 such bank or other institution is a fiduciary of such plan; or
2. Provide any ancillary service by a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such 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 1989, c. 375, § 12, emerg. eff. June 6, 1989. Amended by Laws 1992, c. 353, § 8, eff. July 1, 1992; Laws 1999, c. 320, § 43, eff. July 1, 1999; Laws 2000, c. 309, § 2, eff. Sept. 1, 2000; Laws 2002, c. 99, § 3, eff. July 1, 2002; Laws 2003, c. 207, § 6, eff. July 1, 2003.
