Oklahoma § 6-1738 - Disclosure of conflicts of interest

§ 6-1738. Disclosure of conflicts of interest

A. Any company, proposing to act as a trustee or in any other

fiduciary capacity pursuant to a written agreement to be entered

into with a prospective client after the effective date of this act,

which company has any potential or actual conflict of interest which

may reasonably be expected to have an impact on the independence or

judgment of such trustee or fiduciary, shall deliver a disclosure

statement to the prospective client:

1. Not less than forty-eight (48) hours prior to entering into

any written or oral trust or fiduciary agreement with such client or

prospective client; or

2. At the time of entering into any such agreement if the

client has a right to terminate the agreement without penalty within

three (3) or more business days after entering into the agreement.

Oklahoma Statutes - Title 6. Banks and Trust Companies

B. The disclosure statement shall contain appropriate

information concerning the actual or potential conflict of interest.

If such trustee or other fiduciary proposes to delegate any

fiduciary function to an affiliate, the nature of the affiliation

and whether the trustee or other fiduciary may directly benefit from

the delegation shall be disclosed in the disclosure statement.

Added by Laws 1998, c. 104, § 34, eff. Nov. 1, 1998.