Okla. Stat. tit. 11, § 11-49-122.3
This is the official text of Okla. Stat. tit. 11, § 11-49-122.3, part of Oklahoma’s Stat. tit. 11, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 11,." Browse the sections below, each linked to its official government source.
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Assets of funds - Right to assets - Valuation
Official statutory text
The assets of the Fund shall consist of such assets and the
income therefrom, including monthly contributions made to the State
Board by each municipality, or property for which any of the same
shall be exchanged or into which any of the same shall be converted,
together with any other assets held from time to time hereunder by
the State Board. All legal right, title and interest in and to the
assets of the Fund shall at all times be held in trust and vested
exclusively in the State Board or its nominee and no municipality
shall be deemed to have severable ownership of any asset of the Fund
or any right of partition or possession.
The State Board shall appraise and place valuation upon the
assets of the Fund held by it as of the last business day of each
month. Any assets not held by the State Board shall be appraised
and valued by the Executive Director on said date.
The valuation of all assets of the Fund shall be both at cost
and at the fair market value thereof, as determined by reference to
the best available source or sources, in the opinion of the
Executive Director and the State Board and both the Executive
Director and State Board may rely on figures, or statements
appearing in any reputable publication purporting to state sales
prices, market quotations, values, bid and asking prices or any
facts affecting values and upon the opinion of one or more persons
familiar with the reasonable market value of any assets to be valued
and shall incur no liability for error in any such valuation made in
good faith. The reasonable and equitable decision of the Executive
Director and State Board regarding the method used in determining
values shall be conclusive and binding upon all persons, natural or
legal, having interest, direct or indirect, in the Fund's assets.
Effective July 1, 2011, upon termination or partial termination
of the System, or a permanent discontinuance of contributions, the
benefits accrued up to the date of termination or discontinuance, to
the extent then funded, by the affected members and their
beneficiaries, respectively, or the amounts credited to the affected
members' accounts, shall be nonforfeitable.
income therefrom, including monthly contributions made to the State
Board by each municipality, or property for which any of the same
shall be exchanged or into which any of the same shall be converted,
together with any other assets held from time to time hereunder by
the State Board. All legal right, title and interest in and to the
assets of the Fund shall at all times be held in trust and vested
exclusively in the State Board or its nominee and no municipality
shall be deemed to have severable ownership of any asset of the Fund
or any right of partition or possession.
The State Board shall appraise and place valuation upon the
assets of the Fund held by it as of the last business day of each
month. Any assets not held by the State Board shall be appraised
and valued by the Executive Director on said date.
The valuation of all assets of the Fund shall be both at cost
and at the fair market value thereof, as determined by reference to
the best available source or sources, in the opinion of the
Executive Director and the State Board and both the Executive
Director and State Board may rely on figures, or statements
appearing in any reputable publication purporting to state sales
prices, market quotations, values, bid and asking prices or any
facts affecting values and upon the opinion of one or more persons
familiar with the reasonable market value of any assets to be valued
and shall incur no liability for error in any such valuation made in
good faith. The reasonable and equitable decision of the Executive
Director and State Board regarding the method used in determining
values shall be conclusive and binding upon all persons, natural or
legal, having interest, direct or indirect, in the Fund's assets.
Effective July 1, 2011, upon termination or partial termination
of the System, or a permanent discontinuance of contributions, the
benefits accrued up to the date of termination or discontinuance, to
the extent then funded, by the affected members and their
beneficiaries, respectively, or the amounts credited to the affected
members' accounts, shall be nonforfeitable.
Status: in_force · Read it on the official government site
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