{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5085.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5085.8","heading":"Investment of capital","body":"A. Except as otherwise provided by subsections F and G of this\n\nsection, the Oklahoma Science and Technology Research and\n\nDevelopment Board shall have the power to solicit proposals from\n\nqualified investor groups for investment of capital in accordance\n\nwith the requirements of the Oklahoma Capital Formation Act. The\n\nBoard shall establish criteria for selection of persons, firms,\n\ncorporations, or other entities deemed qualified to generate capital\n\nfor investment in a manner which will result in a significant\n\npotential to create jobs and to diversify and stabilize the economy\n\nof this state. Such criteria shall include the applicant’s level of\n\nexperience, quality of management, investment philosophy and\n\nprocess, historical investment performance, probability of success\n\nin fund raising, the amount and timing of fees to be paid, and such\n\nother investment criteria as may be commonly used in professional\n\nportfolio management as the Board may deem appropriate.\n\nB. Except as otherwise provided by subsections F and G of this\n\nsection, the Board shall have the power to extend a guarantee in the\n\nform of a put option or such other method as selected by the Board.\n\nGuarantees may extend to principal plus interest over the term of\n\nthe guarantee at a rate set by Board resolution from time to time.\n\nGuarantees in whatever form negotiated by the Board may be made for\n\nany period of time, but no term shall expire prior to January 1,\n\n1992. The Board may charge a reasonable fee for costs and the fair\n\ncompensation of risk associated with its guarantee. The guarantees\n\nextended by the Board shall in no way be an obligation of the state\n\nand may be restricted to specific funds or assets of the Board;\n\nprovided, however, proceeds from the sale of any tax credits shall\n\nbe sufficient to meet contractual guarantee obligations of the\n\nBoard. The Board shall have the right to contract freely to protect\n\nthe interests of this state. The Board shall ensure that at least\n\nTwo Dollars ($2.00) will be invested in Oklahoma businesses or\n\nprojects for every One Dollar ($1.00) of principal guaranteed by the\n\nBoard.\n\nC. If the Board purchases any security pursuant to an agreement\n\nwith an investor group, the Board shall acquire such securities and\n\nmay invest, manage, transfer, or dispose of such securities in\n\naccordance with policies for management of assets adopted by the\n\nBoard.\n\nD. Except as otherwise provided by subsections F and G of this\n\nsection, the Board shall have the power to make any contract,\n\nexecute any document, perform any act, or enter into any financial\n\nor other transaction necessary in order to carry out its mission.\n\nThe Board may employ such persons as may be required for the\n\nperformance of any function authorized or required by the Oklahoma\n\nCapital Formation Act or necessary for the accomplishment of any\n\nsuch function. Such persons shall be selected based upon\n\noutstanding knowledge and leadership in the field for which the\n\nperson performs services for the Board. In selecting such persons,\n\nthe Board shall hire persons who meet standards applicable to\n\npersons responsible for investment of equity and near-equity\n\nsecurities.\n\nE. In carrying out the mission of the Board as authorized in\n\nthe Oklahoma Capital Formation Act, neither the Board nor its\n\nofficers, directors, or employees shall be considered to be broker-\n\ndealers, agents, investment advisors, or investment adviser\n\nrepresentatives under Title 71 of the Oklahoma Statutes. The tax\n\ncredits issued or transferred pursuant to the Oklahoma Capital\n\nFormation Act and Section 2357.7 of Title 68 of the Oklahoma\n\nStatutes shall not be considered to be securities under Title 71 of\n\nthe Oklahoma Statutes.\n\nF. On and after June 8, 2012, except for the investment of\n\nfunds required by provisions in a contract executed by the Board or\n\nits issued or transferred pursuant to the Oklahoma Capital\n\nFormation Act and Section 2357.7 of Title 68 of the Oklahoma\n\nStatutes shall not be considered to be securities under Title 71 of\n\nthe Oklahoma Statutes.\n\nF. On and after June 8, 2012, except for the investment of\n\nfunds required by provisions in a contract executed by the Board or\n\nby any subsidiary or affiliate of the Board prior to June 8, 2012,\n\nor executed by an entity that was not a subsidiary or affiliate of\n\nthe Board at the time such contract was executed but which became a\n\nsubsidiary or affiliate of the Board subsequent to the execution of\n\nsuch contract, but prior to June 8, 2012, neither the Board nor any\n\nentity which is a subsidiary or affiliate of the Board nor any\n\nentity which is controlled either directly or indirectly by the\n\nBoard or which acts under the authority of or pursuant to the\n\ndirection of the Board shall:\n\n1. Enter into any contract authorizing or requiring the\n\ninvestment of any funds obtained by the Board, or commitment binding\n\nthe Board to make any investment of any funds obtained by the Board,\n\nor the investment of any funds obtained by a subsidiary, affiliate,\n\nor any entity under the direct or indirect control of the Board, in\n\nany corporation, general partnership, limited partnership, limited\n\nliability company, private equity or hedge fund, or other lawfully\n\nrecognized business entity; or\n\n2. Modify any agreement executed prior to June 8, 2012, by the\n\nBoard or executed by any subsidiary or affiliate of the Board or\n\nexecuted by any entity that was not a subsidiary or affiliate of the\n\nBoard at the time such contract was executed, but which subsequently\n\nbecame a subsidiary or affiliate, in any manner that would have the\n\neffect of increasing the amount of any contractual commitment to\n\nmake an investment of funds in a general or limited partnership,\n\ncorporation, limited liability company, private equity or hedge\n\nfund, or any other lawfully recognized entity.\n\nG. On and after June 8, 2012, except for the use of funds\n\nrequired by provisions in a contract executed by the Board or by any\n\nsubsidiary or affiliate of the Board prior to June 8, 2012, or\n\nexecuted by an entity that was not a subsidiary or affiliate of the\n\nBoard at the time such contract was executed but which became a\n\nsubsidiary or affiliate of the Board subsequent to the execution of\n\nsuch contract, but prior to June 8, 2012, neither the Board nor any\n\nentity which is a subsidiary or affiliate of the Board nor any\n\nentity which is controlled either directly or indirectly by the\n\nBoard or which acts under the authority of or pursuant to the\n\ndirection of the Board shall:\n\n1. Enter into any contract for the purpose of guaranteeing, in\n\nwhole or in part, the repayment of obligations owed by a business\n\nentity, other than a subsidiary of the Board, in connection with a\n\nloan of money from a bank, financial institution, or any other\n\nentity; or\n\n2. Modify any contract described by paragraph 1 of this\n\nsubsection executed prior to June 8, 2012, by the Board or executed\n\nby any subsidiary or affiliate of the Board or executed by any\n\nentity that was not a subsidiary or affiliate of the Board at the\n\ntime such contract was executed, but which subsequently became a\n\nsubsidiary or affiliate, in a manner that would increase any\n\nexisting obligation of the Board or its subsidiary or affiliate or\n\nextend the term of any such contract.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e9ba6aca82980d2a5b3d72552cb8b77928e4c8ea0bc38474ff36fcc347109fd1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5085.7","next":"us-ok/okla.-stat.-tit.-74-74-5085.9"},"notice":"GroundRules: Original legal text. Not legal advice."}