§74-2276.3. Fiduciaries – Prohibited acts.
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/ok/title-74-state-government/74-2276-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.