Oklahoma § 69-306.2 - Trust for benefit of Transportation Department

§ 69-306.2. Trust for benefit of Transportation Department

employees.

The Department of Transportation is hereby authorized to

establish, with funds currently held by the Department of

Transportation which accrued to its health insurance rate

stabilization account, a trust for the benefit of Department of

Transportation employees. The trust shall be under the control of

three (3) trustees who shall invest the funds constituting the trust

in interest bearing accounts in federally insured institutions or in

Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries

U.S. Treasury instruments. The trustees shall be the Director,

Deputy Director and Chief Engineer of the Department of

Transportation. The trustees shall serve without compensation from

the trust and shall be immune from any legal action relating to the

trust except in the case of fraud, theft or misappropriation of

trust funds. The Attorney General shall defend any legal action

against the trustees, which may arise from the trustees'

administration of the trust. The cost and expense of participating

in such litigation shall be payable from funds in the trust estate,

or in the event there are no such funds or insufficient funds, the

cost and expense of participating in such litigation shall be borne

by the Department of Transportation. The trustees shall be entitled

to full indemnity from funds of this trust provided, however, if

there are no such trust funds or insufficient trust funds to

reimburse the trustees for any liability or loss they may sustain by

reason of any such litigation, then the trustees shall be

indemnified from funds of the Department of Transportation; provided

further, the trustees shall not be entitled to indemnity from either

source if they are adjudged guilty of fraud, theft or

misappropriation of trust funds in connection with any such

litigation.

The term of this trust shall be for two (2) years from the

effective date of this act, provided however, the district court of

Oklahoma County may extend the term of this trust in the best

interest of the beneficiaries. Upon formation of this trust, the

trustees shall immediately bring an action in the district court of

Oklahoma County for a determination of beneficiaries and their

interest in the trust, and when determined, the trustees shall

distribute the trust in accordance with the determination of the

court.

Added by Laws 1988, c. 289, § 18, operative July 1, 1988. Amended

by Laws 1993, c. 161, § 1, emerg. eff. May 7, 1993.