Oklahoma § 60-301.2 - Legislative findings and purpose

§ 60-301.2. Legislative findings and purpose

A. The Legislature finds that:

1. Charitable, religious, and educational and eleemosynary

organizations perform essential and needed services in the state;

2. Clarification is needed regarding the capability of

charitable, religious, educational, and eleemosynary organizations

to act as a fiduciary in obtaining and administering present and

future gifts benefitting the charitable, religious, educational, and

eleemosynary purposes of such organizations and their affiliates;

and

3. Clarification is needed regarding the fiduciary powers of

charitable, religious, educational, and eleemosynary organizations

in the administration of trusts which provide for present or future

gifts benefitting the charitable, religious, educational, and

eleemosynary purposes of such organizations.

B. The purpose of this act is to authorize charitable,

religious, educational, and eleemosynary organizations to act as a

fiduciary and to clarify the powers of such organizations when

acting in a permitted fiduciary capacity.

Added by Laws 1997, c. 99, § 3, emerg. eff. April 15, 1997.