{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3955","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3955","heading":"Fiduciary duties - Conflict of interest","body":"A. A fiduciary with respect to the Oklahoma State Regents'\n\nEndowment Trust Fund, the Oklahoma State Regents' Academic Scholars\n\nTrust Fund, the Oklahoma Higher Learning Access Trust Fund, the\n\nOklahoma GEAR UP Scholarship Trust Fund, or the Oklahoma Tuition\n\nEqualization Grant Trust Fund, hereafter the \"Trust Fund,\" shall not\n\ncause the Trust Fund to engage in a transaction if the fiduciary\n\nknows or should know that such transaction constitutes a direct or\n\nindirect:\n\n1. Sale or exchange, or leasing of any property from the Trust\n\nFund to a party in interest;\n\n2. Lending of money or other extension of credit from the Trust\n\nFund to a party in interest;\n\n3. Furnishing of goods, services, or facilities from the Trust\n\nFund to a party in interest; or\n\n4. Transfer to, or use by or for the benefit of, a party in\n\ninterest of any assets of the Trust Fund.\n\nB. A fiduciary with respect to the Trust Fund shall not:\n\n1. Deal with the assets of the Trust Fund in the fiduciary's\n\nown interest or for the fiduciary's own account;\n\n2. In the fiduciary's individual or any other capacity act in\n\nany transaction involving the Trust Fund on behalf of a party whose\n\ninterests are adverse to the interests of the Trust Fund; or\n\n3. Receive any consideration for the fiduciary's own personal\n\naccount from any party dealing with the Trust Fund in connection\n\nwith a transaction involving the assets of the Trust Fund.\n\nC. A fiduciary with respect to the Trust Fund may:\n\n1. Invest all or part of the assets of the Trust Fund in\n\ndeposits which bear the highest interest rate available for funds\n\nwith the necessary degree of availability in a bank or similar\n\nfinancial institution supervised by the United States or a state, if\n\nsuch bank or other institution is a fiduciary of such plan; or\n\n2. Provide any ancillary service by a bank or similar financial\n\ninstitution supervised by the United States or a state, if such bank\n\nor other institution is a fiduciary of such plan.\n\nD. A person or a financial institution is a fiduciary with\n\nrespect to the Trust Fund to the extent that the person or the\n\nfinancial institution:\n\n1. Exercises any discretionary authority or discretionary\n\ncontrol respecting management of the Trust Fund or exercises any\n\nauthority or control respecting management or disposition of the\n\nassets of the Trust Fund;\n\n2. Renders investment advice for a fee or other compensation,\n\ndirect or indirect, with respect to any monies or other property of\n\nthe Trust Fund, or has any authority or responsibility to do so; or\n\n3. Has any discretionary authority or discretionary\n\nresponsibility in the administration of the Trust Fund.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"01b822a38999a85d2fed01a3333db09a71d7e08342ea7358616ae297bba6c745","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3954","next":"us-ok/okla.-stat.-tit.-70-70-3970.1"},"notice":"GroundRules: Original legal text. Not legal advice."}