{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-4019","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-4019","heading":"Oklahoma State University Veterinary Medicine Trust","body":"A. The State of Oklahoma expressly approves the creation of a\n\npublic trust to be named the \"Oklahoma State University Veterinary\n\nMedical Trust\", of which the State of Oklahoma shall be the\n\nbeneficiary, provided such approval shall be contingent upon\n\nsatisfaction of the following conditions:\n\n1. Finalizing of the declaration of trust;\n\n2. Adoption of the declaration of trust by an official action\n\nof the trustees of the Trust;\n\n3. Submission of the Trust for acceptance of the beneficial\n\ninterest and approval as required by Section 177 of Title 60 of the\n\nOklahoma Statutes; and\n\n4. The approved declaration of trust shall:\n\na. clearly state that the principal purpose of the\n\nOklahoma State University Veterinary Medical Trust is\n\nto effectuate the purposes of the Oklahoma State\n\nUniversity Veterinary Medicine Authority as\n\nestablished in the Oklahoma State University\n\nVeterinary Medicine Authority Act,\n\nb. except as otherwise provided by law, provide that the\n\ntitle to real property held by the Oklahoma State\n\nUniversity Veterinary Medicine Authority shall not be\n\ntransferred, conveyed, or assigned to the Oklahoma\n\nState University Veterinary Medical Trust without the\n\nexpress consent of the Legislature as the governing\n\nentity of the beneficiary pursuant to Section 176 of\n\nTitle 60 of the Oklahoma Statutes,\n\nc. provide that any indebtedness incurred by the Oklahoma\n\nState University Veterinary Medical Trust or the\n\ntrustees of the Trust shall not be secured with or\n\ncreate a lien upon real property to which title is\n\nheld by the Oklahoma State University Veterinary\n\nMedicine Authority and shall not involve the bonding\n\ncapacity of the Oklahoma State University Veterinary\n\nMedicine Authority,\n\nd. provide that the trust estate of the Oklahoma State\n\nUniversity Veterinary Medical Trust shall not include\n\nfee simple title to real property owned by the\n\nOklahoma State University Veterinary Medicine\n\nAuthority,\n\ne. clearly state that the creation of the Oklahoma State\n\nUniversity Veterinary Medical Trust shall not in any\n\nway reduce, limit or interfere with the power granted\n\nto the Oklahoma State University Veterinary Medicine\n\nAuthority in the Oklahoma State University Veterinary\n\nMedicine Authority Act,\n\nf. provide that any lease or contractual agreement\n\ninvolving use of the real property to which title is\n\nheld by the Oklahoma State University Veterinary\n\nMedicine Authority and any improvements thereto shall\n\ncontain a provision and covenants requiring the proper\n\nmaintenance and upkeep of the real property and\n\nimprovements,\n\ng. provide that the trustees of the Oklahoma State\n\nUniversity Veterinary Medical Trust shall be the\n\nacting members of the Oklahoma State University\n\nVeterinary Medicine Authority as provided in the\n\nOklahoma State University Veterinary Medicine\n\nAuthority Act, and\n\nh. provide that the trustees of the Oklahoma State\n\nUniversity Veterinary Medical Trust shall have the\n\nduty to submit an annual report to the Governor, the\n\nSpeaker of the House of Representatives, and the\n\nPresident Pro Tempore of the Senate. The report shall\n\nbe submitted by January 1 of each year and shall\n\ninclude an account of all operations, actions of the\n\nTrust, and an account of all revenue received and\n\ndisbursed by the Trust for the previous fiscal year.\n\nThe report shall also provide a complete accounting of\n\nhow the Trust meets its primary function of\n\neffectuating the purposes of the Oklahoma State\n\nUniversity Veterinary Medicine Authority, as\n\nestablished in the Oklahoma State University\n\nVeterinary Medicine Authority Act.\n\nB. The Oklahoma State University Veterinary Medical Trust shall\n\nrequire any agreements which it enters into with any entity pursuant\n\nto Section 22 of this act for the operations of facilities leased by\n\nthe Oklahoma State University Veterinary Medicine Authority to the\n\nTrust to include, but not be limited to:\nas\n\nestablished in the Oklahoma State University\n\nVeterinary Medicine Authority Act.\n\nB. The Oklahoma State University Veterinary Medical Trust shall\n\nrequire any agreements which it enters into with any entity pursuant\n\nto Section 22 of this act for the operations of facilities leased by\n\nthe Oklahoma State University Veterinary Medicine Authority to the\n\nTrust to include, but not be limited to:\n\n1. The inclusion of all the members of the Trust, representing\n\nthe State of Oklahoma in a governing committee;\n\n2. Binding arbitration shall not be required by such agreements\n\nfor resolving issues under consideration by the governing committee;\n\nand\n\n3. Major decisions shall be resolved by the governing\n\ncommittee, and approval of any major decision by the governing\n\ncommittee must include the approval of a majority of the state\n\nappointees and the approval of a majority of the private entity\n\nappointees to the governing committee. Major decisions shall\n\ninclude:\n\na. approval of the operating and capital budgets,\n\nb. sale or disposition of assets over Two Hundred Fifty\n\nThousand Dollars ($250,000.00),\n\nc. the termination, transfer, material addition, or\n\nmaterial diminution of animal medical services at the\n\nOklahoma State University Veterinary Hospital related\n\nto and part of a teaching program of the Oklahoma\n\nState University College of Veterinary Medicine, and\n\nd. other major decisions as may be agreed upon by the\n\nTrust and the private entity.\n\nC. To the extent it is determined by legislative enactment that\n\nthe Trust has expended funds in contravention of its mission as set\n\nforth in this section, the Trust shall remit, upon a thirty (30) day\n\nwritten notice from the Oklahoma State University Veterinary\n\nMedicine Authority, such sum or sums to the Oklahoma State\n\nUniversity Veterinary Medicine Authority.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8217bc02ca0fa85c4d4b8313b30292bc47638be25bf6f8b748c29dd0cba26a5a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-4018","next":"us-ok/okla.-stat.-tit.-2-2-4020"},"notice":"GroundRules: Original legal text. Not legal advice."}