Oklahoma § 60-175.13 - Trustee purchasing stock, bond or securities of self,

§ 60-175.13. Trustee purchasing stock, bond or securities of self,

affiliate, etc.

No corporate trustee shall purchase for a trust, shares of its

own stock, or its bonds, or other securities, or the stock, bonds or

other securites of an affiliate.

This section shall not prohibit the exercise of stock rights

issued in connection with shares of the trustee bank or its

affiliates owned in a fiduciary capacity, nor payments for the

rounding out of fractional shares received in connection with the

stock dividends issued by the trustee bank or its affiliates;

provided that,

(1) in the election of directors, shares of its own stock held

by a bank as sole trustee, whether registered in its own name as

such trustee or in the name of its nominee, shall not be voted by

the registered owner unless under the terms of the trust the manner

in which such shares shall be voted may be determined by a donor or

beneficiary of the trust and unless such donor or beneficiary

actually directs how such shares shall be voted,

(2) shares of its own stock held by a bank and one or more

persons as trustees may be voted by such other person or persons, as

trustees, in the same manner as if he or they were the sole trustee.

No noncorporate trustee shall purchase for a trust the stock, bonds,

or other securities of a corporation with which he is connected as

director, owner, manager, or in executive capacity.

Laws 1941, p. 252, § 13; Laws 1968, c. 15, § 3, emerg. eff. Feb. 19,

1968.