Oklahoma § 60-180 - Termination of trust - Contracts not impaired

§ 60-180. Termination of trust - Contracts not impaired

A. Any such trust may be terminated by agreement of the

trustee, or, if there be more than one, then all of the trustees and

the approval of a majority of the governing body of the beneficiary,

and for trusts whose beneficiary is the State of Oklahoma, with the

approval of the Governor of the State of Oklahoma; provided, that

such trust shall not be terminated while there exists outstanding

any contractual obligations chargeable against the trust property,

Oklahoma Statutes - Title 60. Property

which, by reason of such termination, might become an obligation of

the beneficiary of such trust.

B. Nothing in this act shall operate to impair existing

obligations of contracts or existing trust indentures of any trust

created prior to July 15, 1970; but to the extent that such existing

obligations of contracts are not impaired by the provisions hereof,

all of the provisions shall be applicable; provided further, that

nothing in this act shall operate to impair or alter the trust

indenture of the Oklahoma Ordinance Works Authority or contracts

executed prior to July 15, 1970.

Added by Laws 1951, p. 167, § 5. Amended by Laws 1970, c. 319, § 4;

Laws 2021, c. 262, § 2, eff. Nov. 1, 2021.