{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-178","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-178","heading":"Trustees - Appointment of succession, powers, duties,","body":"term, removal and compensation - Applicability to public trusts\n\ncreated and existing prior to July 1, 1988.\n\nA. The instrument or will creating such trust may provide for\n\nthe appointment, succession, powers, duties, term, manner of removal\n\nand compensation of the trustee or trustees subject to the\n\nprovisions of subsections C and E of this section, and in all such\n\nrespects the terms of said instrument or will shall be controlling.\n\nTrustees, who are public officers, shall serve without compensation,\n\nbut may be reimbursed for actual expenses incurred in the\n\nperformance of their duties as trustees. If the said instrument or\n\nwill makes no provisions in regard to any of the foregoing, then the\n\ngeneral laws of the state shall control as to such omission or\n\nomissions. Every person hereafter becoming a trustee of a public\n\ntrust first shall take the oath of office required of an elected\n\npublic officer and every officer and employee who handles funds of a\n\npublic trust shall furnish a good and sufficient fidelity bond in an\n\namount and with surety as may be specified and approved by the\n\npersons constituting a majority of each of the governing bodies of\n\nthe beneficiaries of the trust, such bond to be in a surety company\n\nauthorized to transact surety business in the State of Oklahoma but\n\nin no event shall any bond be required of a trustee. The cost of\n\nsaid bond shall be paid from funds of the trust authority. The\n\noaths of office shall be administered by any person authorized to\n\nadminister oaths in the State of Oklahoma, and shall be filed with\n\nthe Secretary of State in trusts wherein the State of Oklahoma is\n\nthe beneficiary; in the office of the county clerk in a trust\n\nwherein any county is beneficiary; and in the office of the clerk of\n\nthe municipality in a trust wherein any municipality is the\n\nbeneficiary.\n\nB. Unless otherwise specified in another state law authorizing\n\nthe creation of a state-beneficiary public trust, any public trust\n\nthat hereafter names the State of Oklahoma as the beneficiary shall\n\nhave five (5) trustees appointed by the Governor of the State of\n\nOklahoma with the advice and consent of the Senate. The terms of\n\nthe trustees shall be as follows: of the trustees first appointed,\n\none member shall be appointed for a term of one (1) year; one member\n\nshall be appointed for a term of two (2) years; one member shall be\n\nappointed for a term of three (3) years; one member shall be\n\nappointed for a term of four (4) years; and one member shall be\n\nappointed for a term of five (5) years. At the expiration of the\n\nterm of each member and of each succeeding member, the Governor\n\nshall appoint a successor who shall serve for a term of five (5)\n\nyears. Whenever a vacancy on such trust shall occur by death,\n\nresignation or otherwise, the Governor shall fill the same by\n\nappointment and the appointee shall hold office during the unexpired\n\nterm. Each member shall hold office until his successor has been\n\nappointed and qualified.\n\nC. Any instrument or will creating a trust which is not within\n\nthe scope of subsection B of this section shall provide for the\n\nappointment of a minimum of three trustees, their succession,\n\npowers, duties, term, manner of removal and compensation subject to\n\nthe provisions of subsection E of this section, and in all such\n\nrespects the terms of said instrument or will shall be controlling.\n\nIf the instrument or will makes no provision in regard to any of the\n\nforegoing, then the general laws of the state shall control as to\n\nthe omissions.\n\nD. Meetings of trustees of all public trusts shall be open to\n\nthe public to the same extent as is required by law for other public\n\nboards and commissions. Such meetings shall also be open to the\n\npress and any such equipment deemed necessary by the press to record\n\nor report the activities of the meetings. In such trusts wherein\no\n\nthe omissions.\n\nD. Meetings of trustees of all public trusts shall be open to\n\nthe public to the same extent as is required by law for other public\n\nboards and commissions. Such meetings shall also be open to the\n\npress and any such equipment deemed necessary by the press to record\n\nor report the activities of the meetings. In such trusts wherein\n\nthe State of Oklahoma is the beneficiary, a written notice of\n\ntrustees' meetings shall be filed with the office of the Secretary\n\nof State at least three (3) days prior to the meeting date. Records\n\nof the trust and minutes of the trust meetings of any public trust\n\nshall be written and kept in a place, the location of which shall be\n\nrecorded in the office of the county clerk of each county, wherein\n\nthe trust instrument shall be recorded. Such records and minutes\n\nshall be available for inspection by any person during regular\n\nbusiness hours. Every trust created under Sections 176 et seq. of\n\nthis title shall file a monthly report of all expenditures of bond\n\nproceeds with the governing body of each beneficiary and with the\n\nGovernor, the Speaker of the House of Representatives and the\n\nPresident Pro Tempore of the Senate in the case of a public trust\n\nhaving the State of Oklahoma as beneficiary.\n\nE. Trustees of any public trust may be removed from office for\n\ncause, including incompetency, neglect of duty, or malfeasance in\n\noffice, by a district court having jurisdiction. In the case of\n\npersons appointed by the Governor, such persons shall be appointed\n\nfor terms not in excess of five (5) years, and shall be subject to\n\nremoval for cause. In the event of removal of a trustee under this\n\nsubsection, a successor trustee shall be appointed as provided in\n\nthe trust instrument. Provided, however, in the event a trustee is\n\nso removed who is also a member of the governing board of a\n\nmunicipal beneficiary, the successor trustee shall be appointed by\n\nthe judge of the court wherein the removal occurred; said successor\n\ntrustee shall serve only until the removed trustee ceases to serve\n\nas a member of the governing board of the municipal beneficiary and\n\nhis successor on said board has qualified.\n\nF. The provisions of this section shall be inapplicable to any\n\npublic trust created and existing prior to July 1, 1988, if the\n\ninstrument or will creating such public trust shall have been held\n\nto be a valid and binding agreement in an opinion of the Supreme\n\nCourt of the State of Oklahoma; and nothing in this section shall\n\nimpair or be deemed to impair the trust indenture or existing or\n\nfuture obligations of such public trust.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b0d22c270c0044d54e4c90235dc8e75871b834f788dac8a60ad5bf8a25854981","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-177.5","next":"us-ok/okla.-stat.-tit.-60-60-178.10"},"notice":"GroundRules: Original legal text. Not legal advice."}