Oklahoma § 6-1008 - Investments - Acceptance as securities by public officials

§ 6-1008. Investments - Acceptance as securities by public officials

of this state.

A. Securities authorized by Oklahoma Trust Act and Oklahoma

Uniform Prudent Investor Act. Banks having trust powers and trust

companies shall have the power of investing the moneys placed in

their charge through various trust accounts in such loans and

Oklahoma Statutes - Title 6. Banks and Trust Companies

securities as are authorized by the Oklahoma Trust Act and the

Oklahoma Uniform Prudent Investor Act.

B. Investments in notes, bonds, or debentures secured, insured

or guaranteed by United States - Acceptance by public officials. It

shall be lawful for banks having trust powers and trust companies

subject to the laws of this state, under limitations prescribed by

rule by the Commissioner, to invest their funds and trust funds in

their custody and possession, eligible for investment, in notes or

bonds secured by mortgages or in debentures the payment of which is

insured or guaranteed by the United States of America or by any of

its departments or agencies, and without regard to the limitation on

the appraised value of the real estate securing the notes or

obligations and without regard to limitation on the aggregate amount

of such notes, bonds or obligations that may be owned or held by any

such bank or trust company.

C. Any notes, bonds, mortgages or debentures insured or

guaranteed pursuant to subsection B of this section shall be

eligible for deposit with any public official of this state whenever

deposits of assets of such banks or trust companies shall be

required under any law of this state.

Added by Laws 1965, c. 161, § 1008. Amended by Laws 1995, c. 351, §

15, eff. Nov. 1, 1995; Laws 1997, c. 111, § 84, eff. July 1, 1997.