{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-178.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-178.8","heading":"Conflict of interest - Transactions exempt -","body":"Applicability to public trusts created and existing prior to July 1,\n\n1988.\n\nA. Except with regard to residents of a facility for aged\n\npersons operated by a public trust, who are trustees of the public\n\ntrust operating the facility and who comprise less than a majority\n\nof the trustees, a conflict of interest shall be deemed to exist in\n\nany contractual relationship in which a trustee of a public trust,\n\nor any for-profit firm or corporation in which such trustee or any\n\nmember of his or her immediate family is an officer, partner,\n\nprincipal stockholder, shall directly or indirectly buy or sell\n\ngoods or services to, or otherwise contract with such trust. Upon a\n\nshowing thereof, such trustee shall be subject to removal and such\n\ncontract shall be deemed unenforceable as against such trust unless\n\nthe records of such trust shall reflect that such trustee fully and\n\npublicly disclosed all such interest or interests, and unless such\n\ncontractual relationship shall have been secured by competitive\n\nbidding following a public invitation to bid.\n\nThe following types of transactions are exempt from the\n\naforementioned provisions of this section:\n\n1. The making of any loan or advance of any funds to, or the\n\npurchase of any obligations issued by such public trust, in\n\nconnection with the performance of any of its authorized purposes;\n\n2. Any legal advertising required by law or indenture or\n\ndetermined necessary by the trustees of such public trust;\n\n3. The performance by any bank, trust company or similar entity\n\nor any services as a depository; or\n\n4. The sale of any public utility services to such public\n\ntrust, in which the price of said services is regulated by law.\n\nIt shall be the duty of each public trust to compile a list of\n\nall conflicts of interest for which its trustees have made\n\ndisclosure. It shall also be the duty of each trust to compile a\n\nlist of all dealings between its trustees and the trust which\n\ninvolve the exempted transactions listed above. Such lists shall be\n\ncompiled semiannually for periods ending June 30 and December 31 of\n\neach year. Such lists shall be compiled on forms prescribed by the\n\nOklahoma Tax Commission and shall be matters of public record.\n\nCopies of such lists shall be filed with the Secretary of State by\n\nSeptember 1 and March 1 of each year.\n\nB. The provisions of this section shall be inapplicable to any\n\npublic trust created and existing prior to July 1, 1988, if all\n\nbonds issued by such public trust are required to be issued under\n\nand pursuant to a single bond indenture by amendment or supplement\n\nthereto and if the instrument or will creating such public trust and\n\nthe bond indenture under which such trust must issue all bonds shall\n\nhave been held to be valid and binding agreements in an opinion of\n\nthe Supreme Court of the State of Oklahoma; and nothing in this\n\nsection shall impair or be deemed to impair the trust indenture, the\n\nbond indenture, or existing or future obligations of such public\n\ntrust.","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":"742704f3e5eb387521671991c39431ce09d62112612ea02e0f1f3e1418306c60","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-178.7","next":"us-ok/okla.-stat.-tit.-60-60-178.9"},"notice":"GroundRules: Original legal text. Not legal advice."}