{"data":{"id":"us-ok/okla.-stat.-tit.-63-63-3290","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 63, § 63-3290","heading":"Oklahoma State University Medical Trust","body":"A. The State of Oklahoma expressly approves the creation of a\n\npublic trust to be named the “Oklahoma State University Medical\n\nTrust”, of which the State of Oklahoma shall be the beneficiary,\n\nprovided such approval shall be contingent upon satisfaction of the\n\nfollowing 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 Medical Trust is to\n\neffectuate the purposes of the Oklahoma State\n\nUniversity Medical Authority as established in the\n\nOklahoma State University Medical 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 Medical Authority shall not be transferred,\n\nconveyed, or assigned to the Oklahoma State University\n\nMedical Trust without the express consent of the\n\nLegislature as the governing entity of the beneficiary\n\npursuant to Section 176 of Title 60 of the Oklahoma\n\nStatutes,\n\nc. provide that any indebtedness incurred by the Oklahoma\n\nState University Medical Trust or the trustees of the\n\nTrust shall not be secured with or create a lien upon\n\nreal property to which title is held by the Oklahoma\n\nState University Medical Authority and shall not\n\ninvolve the bonding capacity of the Oklahoma State\n\nUniversity Medical Authority,\n\nd. provide that the trust estate of the Oklahoma State\n\nUniversity Medical Trust shall not include fee simple\n\ntitle to real property owned by the Oklahoma State\n\nUniversity Medical Authority,\n\ne. clearly state that the creation of the Oklahoma State\n\nUniversity Medical Trust shall not in any way reduce,\n\nlimit or interfere with the power granted to the\n\nOklahoma State University Medical Authority in the\n\nOklahoma State University Medical 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 Medical\n\nAuthority and any improvements thereto shall contain a\n\nprovision 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 Medical Trust shall be the acting members\n\nof the Oklahoma State University Medical Authority as\n\nprovided in the Oklahoma State University Medical\n\nAuthority Act, and\n\nh. provide that the trustees of the Oklahoma State\n\nUniversity Medical Trust shall have the duty to submit\n\nan annual report to the Governor, the President Pro\n\nTempore of the Oklahoma State Senate and the Speaker\n\nof the Oklahoma House of Representatives. The report\n\nshall be submitted by January 1 of each year and shall\n\ninclude an account of all operations, actions of the\n\nTrust, account of all revenue received and disbursed\n\nby the Trust for the previous fiscal year. The report\n\nshall also provide a complete accounting of how the\n\nTrust meets its primary function of effectuating the\n\npurposes of the Oklahoma State University Medical\n\nAuthority, as established in the Oklahoma State\n\nUniversity Medical Authority Act.\n\nB. The Oklahoma State University Medical Trust shall require\n\nany agreements which it enters into with any entity pursuant to\n\nSection 3292 of this title for the operations of facilities leased\n\nby the Oklahoma State University Medical Authority to the Trust to\n\ninclude, but not be limited to:\n\n1. The inclusion of all the members of the Trust, except the\n\nChief Executive Officer of the Oklahoma Health Care Authority, as\n\nfive of the six members representing the State of Oklahoma in a\n\ngoverning committee, and the sixth member of the governing committee\nthe operations of facilities leased\n\nby the Oklahoma State University Medical Authority to the Trust to\n\ninclude, but not be limited to:\n\n1. The inclusion of all the members of the Trust, except the\n\nChief Executive Officer of the Oklahoma Health Care Authority, as\n\nfive of the six members representing the State of Oklahoma in a\n\ngoverning committee, and the sixth member of the governing committee\n\nrepresenting the State of Oklahoma to be designated by the President\n\nof Oklahoma State University;\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 Five Hundred\n\nThousand Dollars ($500,000.00),\n\nc. the termination or transfer or material addition or\n\nmaterial diminution of medical services at the\n\nOklahoma State University Medical Center related to\n\nand part of a teaching program of the Oklahoma State\n\nUniversity Center for Health Sciences, 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 thirty (30) days’\n\nwritten notice from the Oklahoma State University Medical Authority,\n\nsuch sum or sums to the Oklahoma State University Medical Authority.\n\nD. In the event the Trust enters into a joint venture or\n\nacquires an interest in a not-for-profit entity to effectuate the\n\nadministration of the mission of the Trust, that entity shall not be\n\nsubject to the Oklahoma Open Meeting Act and the Oklahoma Open\n\nRecords Act. Any information submitted to or compiled by the Trust\n\nwith respect to marketing plans, financial statements, trade\n\nsecrets, research concepts, methods or products or any other\n\nproprietary information submitted to or compiled by the Trust,\n\npersons, firms, associations, partnerships, agencies, corporations,\n\ninstitutions of higher education, nonprofit research institutions or\n\nother entities shall be confidential, except to the extent that the\n\nperson or entity which provided such information or which is the\n\nsubject of such information consents to disclosure. Executive\n\nsessions may be held to discuss such materials if deemed necessary\n\nby the Trust. The provisions of this subsection shall not apply to\n\nbudgetary information related to appropriations or the\n\nappropriations process.","path":["OK Code","Title 63"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os63.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bb3f7e6d1f3c1d8739e6c82f539ce41e268cea03d8a810fe92d10a998c68a96d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-63-63-3289","next":"us-ok/okla.-stat.-tit.-63-63-3291"},"notice":"GroundRules: Original legal text. Not legal advice."}