Oklahoma § 70-3955 - Fiduciary duties - Conflict of interest

§ 70-3955. Fiduciary duties - Conflict of interest

A. A fiduciary with respect to the Oklahoma State Regents'

Endowment Trust Fund, the Oklahoma State Regents' Academic Scholars

Trust Fund, the Oklahoma Higher Learning Access Trust Fund, the

Oklahoma GEAR UP Scholarship Trust Fund, or the Oklahoma Tuition

Equalization Grant Trust Fund, hereafter the "Trust Fund," shall not

cause the Trust Fund to engage in a transaction if the fiduciary

knows or should know that such transaction constitutes a direct or

indirect:

1. Sale or exchange, or leasing of any property from the Trust

Fund to a party in interest;

2. Lending of money or other extension of credit from the Trust

Fund to a party in interest;

3. Furnishing of goods, services, or facilities from the Trust

Fund to a party in interest; or

Oklahoma Statutes - Title 70. Schools

4. Transfer to, or use by or for the benefit of, a party in

interest of any assets of the Trust Fund.

B. A fiduciary with respect to the Trust Fund shall not:

1. Deal with the assets of the Trust Fund in the fiduciary's

own interest or for the fiduciary's own account;

2. In the fiduciary's individual or any other capacity act in

any transaction involving the Trust Fund on behalf of a party whose

interests are adverse to the interests of the Trust Fund; or

3. Receive any consideration for the fiduciary's own personal

account from any party dealing with the Trust Fund in connection

with a transaction involving the assets of the Trust Fund.

C. A fiduciary with respect to the Trust Fund may:

1. Invest all or part of the assets of the Trust Fund in

deposits which bear the highest interest rate available for funds

with the necessary degree of availability in a bank or similar

financial institution supervised by the United States or a state, if

such bank or other institution is a fiduciary of such plan; or

2. Provide any ancillary service by a bank or similar financial

institution supervised by the United States or a state, if such bank

or other institution is a fiduciary of such plan.

D. A person or a financial institution is a fiduciary with

respect to the Trust Fund to the extent that the person or the

financial institution:

1. Exercises any discretionary authority or discretionary

control respecting management of the Trust Fund or exercises any

authority or control respecting management or disposition of the

assets of the Trust Fund;

2. Renders investment advice for a fee or other compensation,

direct or indirect, with respect to any monies or other property of

the Trust Fund, or has any authority or responsibility to do so; or

3. Has any discretionary authority or discretionary

responsibility in the administration of the Trust Fund.

Added by Laws 1989, c. 375, § 12, emerg. eff. June 6, 1989. Amended

by Laws 1992, c. 353, § 8, eff. July 1, 1992; Laws 1999, c. 320, §

43, eff. July 1, 1999; Laws 2000, c. 309, § 2, eff. Sept. 1, 2000;

Laws 2002, c. 99, § 3, eff. July 1, 2002; Laws 2003, c. 207, § 6,

eff. July 1, 2003.