{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-612","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-612","heading":"Disposition of funds until invested","body":"Until such time as said funds may be safely and advantageously\n\ninvested in the securities mentioned in the preceding section, said\n\nCommissioners of the Land Office are hereby authorized and empowered\n\nto deposit said sums in such banks or trust companies as they may\n\nselect, but shall in every case take as security for such deposits\n\nthe following classes of securities and no others: Bonds of the\n\nState of Oklahoma, bonds of the counties, school districts, cities\n\nand towns of this state, state and county warrants, and approved\n\nState, county and municipal bonds of other states, bonds of the\n\nUnited States, first mortgages on real estate, warrants or other\n\nlegal evidence of indebtedness authorized by law to be issued by\n\nmunicipalities in payment of paving, sewer, waterworks, electric\n\nlight, or other public indebtedness and for the payment of which a\n\nspecial tax is authorized to be levied and collected, and as\n\nadditional security on any deposit which said Board may make the\n\nsaid Commissioners of the Land Office shall have authority to accept\n\nsurety companies or trust companies as sureties, but in each case\n\nsaid Board of Land Commissioners shall accurately investigate the\n\nvalue of securities offered for such deposits: Provided, however,\n\nthat such surety company or trust company shall neither be in any\n\nmanner interested directly or indirectly in any bank or trust\n\ncompany for which it becomes additional surety; nor shall any\n\nsurety, bonding or trust company be accepted as additional surety\n\nthat has more than one-fourth (1/4) of its paid capital invested in\n\nbank stock. The said Board of Land Commissioners may, whenever they\n\ndeem it advisable require additional securities after a deposit is\n\nmade as they deem necessary to secure the safety of the deposit.","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":"0a5a4110efcedaefa5ea1a608dbb37e7b4fa02d8146e2b7a291f92c8dfc5050c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-611","next":"us-ok/okla.-stat.-tit.-70-70-613"},"notice":"GroundRules: Original legal text. Not legal advice."}