Okla. Stat. tit. 60, § 60-175.13
This is the official text of Okla. Stat. tit. 60, § 60-175.13, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Trustee purchasing stock, bond or securities of self,
Official statutory text
affiliate, etc.
No corporate trustee shall purchase for a trust, shares of its
own stock, or its bonds, or other securities, or the stock, bonds or
other securites of an affiliate.
This section shall not prohibit the exercise of stock rights
issued in connection with shares of the trustee bank or its
affiliates owned in a fiduciary capacity, nor payments for the
rounding out of fractional shares received in connection with the
stock dividends issued by the trustee bank or its affiliates;
provided that,
(1) in the election of directors, shares of its own stock held
by a bank as sole trustee, whether registered in its own name as
such trustee or in the name of its nominee, shall not be voted by
the registered owner unless under the terms of the trust the manner
in which such shares shall be voted may be determined by a donor or
beneficiary of the trust and unless such donor or beneficiary
actually directs how such shares shall be voted,
(2) shares of its own stock held by a bank and one or more
persons as trustees may be voted by such other person or persons, as
trustees, in the same manner as if he or they were the sole trustee.
No noncorporate trustee shall purchase for a trust the stock, bonds,
or other securities of a corporation with which he is connected as
director, owner, manager, or in executive capacity.
No corporate trustee shall purchase for a trust, shares of its
own stock, or its bonds, or other securities, or the stock, bonds or
other securites of an affiliate.
This section shall not prohibit the exercise of stock rights
issued in connection with shares of the trustee bank or its
affiliates owned in a fiduciary capacity, nor payments for the
rounding out of fractional shares received in connection with the
stock dividends issued by the trustee bank or its affiliates;
provided that,
(1) in the election of directors, shares of its own stock held
by a bank as sole trustee, whether registered in its own name as
such trustee or in the name of its nominee, shall not be voted by
the registered owner unless under the terms of the trust the manner
in which such shares shall be voted may be determined by a donor or
beneficiary of the trust and unless such donor or beneficiary
actually directs how such shares shall be voted,
(2) shares of its own stock held by a bank and one or more
persons as trustees may be voted by such other person or persons, as
trustees, in the same manner as if he or they were the sole trustee.
No noncorporate trustee shall purchase for a trust the stock, bonds,
or other securities of a corporation with which he is connected as
director, owner, manager, or in executive capacity.
Status: in_force · Read it on the official government site
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