{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-306.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-306.2","heading":"Trust for benefit of Transportation Department","body":"employees.\n\nThe Department of Transportation is hereby authorized to\n\nestablish, with funds currently held by the Department of\n\nTransportation which accrued to its health insurance rate\n\nstabilization account, a trust for the benefit of Department of\n\nTransportation employees. The trust shall be under the control of\n\nthree (3) trustees who shall invest the funds constituting the trust\n\nin interest bearing accounts in federally insured institutions or in\n\nU.S. Treasury instruments. The trustees shall be the Director,\n\nDeputy Director and Chief Engineer of the Department of\n\nTransportation. The trustees shall serve without compensation from\n\nthe trust and shall be immune from any legal action relating to the\n\ntrust except in the case of fraud, theft or misappropriation of\n\ntrust funds. The Attorney General shall defend any legal action\n\nagainst the trustees, which may arise from the trustees'\n\nadministration of the trust. The cost and expense of participating\n\nin such litigation shall be payable from funds in the trust estate,\n\nor in the event there are no such funds or insufficient funds, the\n\ncost and expense of participating in such litigation shall be borne\n\nby the Department of Transportation. The trustees shall be entitled\n\nto full indemnity from funds of this trust provided, however, if\n\nthere are no such trust funds or insufficient trust funds to\n\nreimburse the trustees for any liability or loss they may sustain by\n\nreason of any such litigation, then the trustees shall be\n\nindemnified from funds of the Department of Transportation; provided\n\nfurther, the trustees shall not be entitled to indemnity from either\n\nsource if they are adjudged guilty of fraud, theft or\n\nmisappropriation of trust funds in connection with any such\n\nlitigation.\n\nThe term of this trust shall be for two (2) years from the\n\neffective date of this act, provided however, the district court of\n\nOklahoma County may extend the term of this trust in the best\n\ninterest of the beneficiaries. Upon formation of this trust, the\n\ntrustees shall immediately bring an action in the district court of\n\nOklahoma County for a determination of beneficiaries and their\n\ninterest in the trust, and when determined, the trustees shall\n\ndistribute the trust in accordance with the determination of the\n\ncourt.","path":["OK Code","Title 69"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os69.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"073aa190ec98310fe89b8191b96db039d5bfac9582a39d68bcb2be3d1af89510","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-306.1","next":"us-ok/okla.-stat.-tit.-69-69-308"},"notice":"GroundRules: Original legal text. Not legal advice."}