Oklahoma § 6-1730 - Short title - Purpose

§ 6-1730. Short title - Purpose

A. Sections 26 through 35 of this act shall be known and may be

cited as the "State Trust Institution Charter Modernization Act".

B. The express purposes of this act are to:

1. Provide for the chartering of trust companies and to permit

trust companies to act as fiduciaries and otherwise engage in the

trust business in this state, provided they are adequately

capitalized, competently managed by persons of integrity, and

supervised by the Commissioner, all in order to ensure that such

trust companies are operated in compliance with law, in a safe and

sound manner and in a manner which protects their clients and

customers and other consumers in this state;

2. Improve service and reduce costs for trust institution

clients and customers and other consumers in this state by

modernizing state laws to permit the delegation by trust

institutions of fiduciary functions but not fiduciary

responsibility, authorize clients to designate any trust institution

to act for them and to choose an appropriate state's law to govern

fiduciary instruments and investments, and protect consumers from

excessive fees or undisclosed conflicts of interest of trust

institutions and their affiliates; and

3. Permit adequately capitalized and professionally managed

trust companies serving only family members and their affiliated

Oklahoma Statutes - Title 6. Banks and Trust Companies

entities to operate as private trust companies which may not provide

services to the general public.

Added by Laws 1998, c. 104, § 26, eff. Nov. 1, 1998.