Oklahoma § 70-3970.4 - Board of Trustees

§ 70-3970.4. Board of Trustees

A. There is hereby created the Board of Trustees of the

Oklahoma College Savings Plan program composed of seven (7) members

as follows:

1. The State Treasurer;

2. The State Auditor and Inspector;

3. The State Superintendent of Public Instruction;

4. The Chancellor of the Oklahoma State Regents for Higher

Education; and

5. Three members, from the general public, each of whom

possesses knowledge, skill and experience in accounting, risk

management, investments, financial management, or actuarial science,

one of whom is appointed by the Governor, one by the Speaker of the

House of Representatives, and one by the President Pro Tempore of

the Senate. The initial appointee of the Governor shall serve a

Oklahoma Statutes - Title 70. Schools

term of two (2) years. The initial appointee of the President Pro

Tempore of the Senate shall serve a term of three (3) years. The

initial appointee of the Speaker of the House of Representatives

shall serve a term of four (4) years. Upon expiration of the

initial terms, subsequent terms shall be for four (4) years.

B. The State Treasurer shall serve as chair of the Board. The

Board shall select a vice-chair.

C. Members of the Board may designate members of their

respective staffs to attend meetings of the Board and to vote in

their absence. Such designations shall be in writing to the chair

of the Board and filed with the Secretary of State.

D. Members of the Board shall serve without compensation but

shall receive reasonable reimbursement from their respective office

or agency or in the case of appointed members from the appointing

authority for actual and necessary travel expenses in accordance

with the State Travel Reimbursement Act.

E. A majority of the members of the Board serving shall

constitute a quorum for the transaction of business at a meeting of

the Board. Voting upon action to be taken by the Board shall be

conducted by a majority vote of the members present at the meeting

of the Board.

F. The business of the Board shall be conducted at meetings of

the Board held in compliance with the Oklahoma Open Meeting Act.

The Board shall make available to the public records as required by

the Oklahoma Open Records Act.

G. The Board may delegate to the Oklahoma State Regents for

Higher Education some or all of the duties to carry out the day-today operations and responsibilities of the program. The State

Regents shall provide staff for the Board. In exercising such

delegation, the State Regents shall be authorized to exercise such

powers as are vested in the Board which are necessary to fulfill the

delegated duties and responsibilities, and may assign any such

duties and responsibilities to the staff as the State Regents deem

necessary and proper.

H. The members of the Board are immune from personal liability

with respect to all actions that are taken in good faith and within

the scope of the Board's authority.

Added by Laws 1998, c. 366, § 4, eff. July 1, 1998. Amended by Laws

1999, c. 142, § 1, emerg. eff. May 3, 1999.