Oklahoma § 70-821.5 - Board of Trustees
Full text of Oklahoma Oklahoma Statutes § 70-821.5 — Board of Trustees, with citation guidance and answers to common questions.
§ 70-821.5. Board of Trustees
During the time any such Project is encumbered by the pledge of
its revenues, the resolution authorizing the bonds or the Indenture
may vest its management and control in a Board of Trustees, to be
named in such resolution or Indenture, consisting of three members,
or maybe a corporation organized for such purpose. The compensation
of the members of such board of trustees shall be fixed by such
resolution or Indenture, but shall never exceed one percent (1%) of
the gross receipts of such Project in any one (1) year. The terms
of office of the members of such board of trustees, whether
individuals, or the corporation referred to their powers and duties,
and manner of exercising same the manner of the selection of their
successors, and all matters pertaining to their duties and the
organization of such board of trustees shall be specified in such
resolution or Indenture. Any such board of trustees may adopt bylaws
regulating the procedure of the board and fixing the duties of its
officers, but the bylaws shall not contain any provision in conflict
with the covenants and provisions contained in the resolution
authorizing the bonds or the Indenture. In all matters wherein the
resolution or Indenture are silent as to the powers, duties,
obligations and procedure of the board, the laws and rules governing
the governing body of such independent school district shall control
the board of trustees in so far as applicable. The board may be
granted by the resolution or Indenture, and in that event shall
have, all or any of the powers and authority, which could be
exercised by the governing body of the independent school district,
insofar as the management and operation of any such Project is
concerned.
Laws 1947, p. 517, § 5.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 70-821.5
What does Oklahoma Statutes § 70-821.5 cover?
Section 70-821.5 ("Board of Trustees") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 70-821.5?
A common citation format is "Oklahoma Statutes § 70-821.5" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 70-821.5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.