Oklahoma § 74-905 - Board of Trustees

§ 74-905. Board of Trustees

(1) There shall be a Board of Trustees which shall consist of

fourteen (14) members as follows and all appointees shall serve

their terms at the pleasure of the appointing authority and may be

removed or replaced without cause: a member of the Corporation

Commission or the Commission's designee selected by the Corporation

Commission, the Director of the Office of Management and Enterprise

Services or the Director's designee, the State Insurance

Commissioner or the Commissioner's designee, the Director of Human

Capital Management of the Office of Management and Enterprise

Services, a member of the Oklahoma Tax Commission selected by the

Tax Commission, the State Treasurer or the Treasurer's designee,

three members appointed by the Governor, one member appointed by the

Supreme Court, two members appointed by the Speaker of the House of

Representatives and two members appointed by the President Pro

Tempore of the State Senate. One member appointed by the Governor

shall be an active member of the System. One member appointed by

the Speaker shall be an active member of the System. One member

appointed by the President Pro Tempore shall be a retired member of

the System.

(2) The member of the Board of Trustees on July 1, 1988, who

was appointed by the Supreme Court shall complete the term of office

for which the member was appointed. The members thereafter

Oklahoma Statutes - Title 74. State Government

appointed by the Supreme Court shall serve terms of office of four

(4) years.

(3) Members of the Board of Trustees on July 1, 1988, who were

appointed by the Speaker of the House of Representatives or by the

President Pro Tempore of the Senate shall complete their term of

office for which they were appointed. The initial term of office of

members appointed thereafter shall expire on January 8, 1991. The

members thereafter appointed by the Speaker of the House of

Representatives and by the President Pro Tempore of the Senate shall

serve terms of office of four (4) years.

(4) The initial term of office of the members appointed by the

Governor shall expire on January 14, 1991. The members thereafter

appointed by the Governor shall serve a term of office of four (4)

years which is coterminous with the term of office of the office of

the appointing authority.

(5) One of the members appointed to the Board by the Speaker of

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

Senate and two members appointed to the Board by the Governor shall:

(a) have demonstrated professional experience in

investment or funds management, public funds

management, public or private pension fund management

or retirement system management,

(b) have demonstrated experience in the banking profession

and have demonstrated professional experience in

investment or funds management,

(c) be licensed to practice law in this state and have

demonstrated professional experience in commercial

matters, or

(d) be licensed by the Oklahoma Accountancy Board to

practice in this state as a public accountant or a

certified public accountant.

The appointing authorities, in making appointments that conform

to the requirements of this subsection, shall give due consideration

to balancing the appointments among the criteria specified in

paragraphs (a) through (d) of this subsection.

(6) No member of the Board of Trustees shall be a lobbyist

registered in this state as provided by law.

(7) Any vacancy that occurs on the Board of Trustees shall be

filled for the unexpired term in the same manner as the office was

previously filled.

(8) Notwithstanding any of the provisions of this section to

the contrary, any person serving as an appointed member of the Board

on July 1, 1988, shall be eligible for reappointment when the term

of office of the member expires.

(9) The Board shall elect one of its members as Chairman of the

Board at its annual meeting. He shall preside over meetings of the

Board and perform such other duties as may be required by the Board.

Oklahoma Statutes - Title 74. State Government

(10) The Board shall also elect another member to serve as Vice

Chairman, and the Vice Chairman shall perform duties of Chairman in

the absence of the latter or upon his inability or refusal to act.

Added by Laws 1963, c. 50, § 5, emerg. eff. May 6, 1963. Amended by

Laws 1967, c. 213, § 1, emerg. eff. May 1, 1967; Laws 1969, c. 349,

§ 3, emerg. eff. May 13, 1969; Laws 1973, c. 279, § 2, emerg. eff.

May 30, 1973; Laws 1975, c. 267, § 3, emerg. eff. June 5, 1975; Laws

1975, c. 317, § 5, emerg. eff. June 12, 1975; Laws 1976, c. 207, §

9, emerg. eff. June 7, 1976; Laws 1977, c. 147, § 4, eff. July 1,

1977; Laws 1979, c. 241, § 12, operative July 1, 1979; Laws 1985, c.

300, § 2, emerg. eff. July 24, 1985; Laws 1986, c. 238, § 2,

operative July 1, 1986; Laws 1987, c. 236, § 181, emerg. eff. July

20, 1987; Laws 1988, c. 321, § 31, operative July 1, 1988; Laws

1992, c. 376, § 13, eff. July 1, 1992; Laws 2004, c. 536, § 21, eff.

July 1, 2004; Laws 2012, c. 304, § 926; Laws 2013, c. 342, § 2, eff.

Nov. 1, 2013; Laws 2017, c. 312, § 2.