Oklahoma § 74-2276.3 - Fiduciaries – Prohibited acts

§ 74-2276.3. Fiduciaries – Prohibited acts

A. A fiduciary with respect to the Oklahoma State Park Trust

Fund created in Section 2 of this act, shall not cause the Trust

Oklahoma Statutes - Title 74. State Government

Fund to engage in a transaction if the fiduciary knows or should

know that the 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

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 interest of or

for the account of the fiduciary;

2. In the individual or any other capacity of the fiduciary 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 personal account of the

fiduciary 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

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

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

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

or other institution is a fiduciary of the 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 2006, c. 67, § 5, emerg. eff. April 20, 2006.