Okla. Stat. tit. 11, § 11-50-132
This is the official text of Okla. Stat. tit. 11, § 11-50-132, 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 Fund - Contents - Right to assets -
Official statutory text
Valuation.
The assets of the Fund shall consist of such assets and the
income therefrom, including such contributions as shall from time to
time be 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.
Oklahoma Statutes - Title 11. Cities and Towns Page 681
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.
Upon termination or partial termination of the System, or a
permanent discontinuance of contributions, the benefits accrued up
to the date of termination by the affected members and their
beneficiaries, respectively, shall be nonforfeitable.
The assets of the Fund shall consist of such assets and the
income therefrom, including such contributions as shall from time to
time be 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.
Oklahoma Statutes - Title 11. Cities and Towns Page 681
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.
Upon termination or partial termination of the System, or a
permanent discontinuance of contributions, the benefits accrued up
to the date of termination by the affected members and their
beneficiaries, respectively, shall be nonforfeitable.
Status: in_force · Read it on the official government site
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