Okla. Stat. tit. 11, § 11-50-132: Assets of Fund - Contents - Right to assets -

Valuation.

The assets of the Fund shall consist of such assets and the

income therefrom, including such contributions as shall from time to

time be made to the State Board by each municipality, or property

for which any of the same shall be exchanged or into which any of

the same shall be converted, together with any other assets held

from time to time hereunder by the State Board. All legal right,

title and interest in and to the assets of the Fund shall at all

times be held in trust and vested exclusively in the State Board or

its nominee and no municipality shall be deemed to have severable

ownership of any asset of the Fund or any right of partition or

possession.

The State Board shall appraise and place valuation upon the

assets of the Fund held by it as of the last business day of each

month. Any assets not held by the State Board shall be appraised

and valued by the Executive Director on said date.

The valuation of all assets of the Fund shall be both at cost

and at the fair market value thereof, as determined by reference to

the best available source or sources, in the opinion of the

Executive Director and the State Board and both the Executive

Director and State Board may rely on figures, or statements

appearing in any reputable publication purporting to state sales

prices, market quotations, values, bid and asking prices or any

facts affecting values and upon the opinion of one or more persons

familiar with the reasonable market value of any assets to be valued

and shall incur no liability for error in any such valuation made in

good faith. The reasonable and equitable decision of the Executive

Director and State Board regarding the method used in determining

values shall be conclusive and binding upon all persons, natural or

legal, having interest, direct or indirect, in the Fund's assets.

Upon termination or partial termination of the System, or a

permanent discontinuance of contributions, the benefits accrued up

to the date of termination by the affected members and their

beneficiaries, respectively, shall be nonforfeitable.