Okla. Stat. tit. 60, § 60-178

term, removal and compensation - Applicability to public trusts

created and existing prior to July 1, 1988.

A. The instrument or will creating such trust may provide for

the appointment, succession, powers, duties, term, manner of removal

and compensation of the trustee or trustees subject to the

provisions of subsections C and E of this section, and in all such

respects the terms of said instrument or will shall be controlling.

Trustees, who are public officers, shall serve without compensation,

but may be reimbursed for actual expenses incurred in the

performance of their duties as trustees. If the said instrument or

will makes no provisions in regard to any of the foregoing, then the

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general laws of the state shall control as to such omission or

omissions. Every person hereafter becoming a trustee of a public

trust first shall take the oath of office required of an elected

public officer and every officer and employee who handles funds of a

public trust shall furnish a good and sufficient fidelity bond in an

amount and with surety as may be specified and approved by the

persons constituting a majority of each of the governing bodies of

the beneficiaries of the trust, such bond to be in a surety company

authorized to transact surety business in the State of Oklahoma but

in no event shall any bond be required of a trustee. The cost of

said bond shall be paid from funds of the trust authority. The

oaths of office shall be administered by any person authorized to

administer oaths in the State of Oklahoma, and shall be filed with

the Secretary of State in trusts wherein the State of Oklahoma is

the beneficiary; in the office of the county clerk in a trust

wherein any county is beneficiary; and in the office of the clerk of

the municipality in a trust wherein any municipality is the

beneficiary.

B. Unless otherwise specified in another state law authorizing

the creation of a state-beneficiary public trust, any public trust

that hereafter names the State of Oklahoma as the beneficiary shall

have five (5) trustees appointed by the Governor of the State of

Oklahoma with the advice and consent of the Senate. The terms of

the trustees shall be as follows: of the trustees first appointed,

one member shall be appointed for a term of one (1) year; one member

shall be appointed for a term of two (2) years; one member shall be

appointed for a term of three (3) years; one member shall be

appointed for a term of four (4) years; and one member shall be

appointed for a term of five (5) years. At the expiration of the

term of each member and of each succeeding member, the Governor

shall appoint a successor who shall serve for a term of five (5)

years. Whenever a vacancy on such trust shall occur by death,

resignation or otherwise, the Governor shall fill the same by

appointment and the appointee shall hold office during the unexpired

term. Each member shall hold office until his successor has been

appointed and qualified.

C. Any instrument or will creating a trust which is not within

the scope of subsection B of this section shall provide for the

appointment of a minimum of three trustees, their succession,

powers, duties, term, manner of removal and compensation subject to

the provisions of subsection E of this section, and in all such

respects the terms of said instrument or will shall be controlling.

If the instrument or will makes no provision in regard to any of the

foregoing, then the general laws of the state shall control as to

the omissions.

D. Meetings of trustees of all public trusts shall be open to

the public to the same extent as is required by law for other public

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boards and commissions. Such meetings shall also be open to the

press and any such equipment deemed necessary by the press to record

or report the activities of the meetings. In such trusts wherein
o

the omissions.

D. Meetings of trustees of all public trusts shall be open to

the public to the same extent as is required by law for other public

Oklahoma Statutes - Title 60. Property Page 131

boards and commissions. Such meetings shall also be open to the

press and any such equipment deemed necessary by the press to record

or report the activities of the meetings. In such trusts wherein

the State of Oklahoma is the beneficiary, a written notice of

trustees' meetings shall be filed with the office of the Secretary

of State at least three (3) days prior to the meeting date. Records

of the trust and minutes of the trust meetings of any public trust

shall be written and kept in a place, the location of which shall be

recorded in the office of the county clerk of each county, wherein

the trust instrument shall be recorded. Such records and minutes

shall be available for inspection by any person during regular

business hours. Every trust created under Sections 176 et seq. of

this title shall file a monthly report of all expenditures of bond

proceeds with the governing body of each beneficiary and with the

Governor, the Speaker of the House of Representatives and the

President Pro Tempore of the Senate in the case of a public trust

having the State of Oklahoma as beneficiary.

E. Trustees of any public trust may be removed from office for

cause, including incompetency, neglect of duty, or malfeasance in

office, by a district court having jurisdiction. In the case of

persons appointed by the Governor, such persons shall be appointed

for terms not in excess of five (5) years, and shall be subject to

removal for cause. In the event of removal of a trustee under this

subsection, a successor trustee shall be appointed as provided in

the trust instrument. Provided, however, in the event a trustee is

so removed who is also a member of the governing board of a

municipal beneficiary, the successor trustee shall be appointed by

the judge of the court wherein the removal occurred; said successor

trustee shall serve only until the removed trustee ceases to serve

as a member of the governing board of the municipal beneficiary and

his successor on said board has qualified.

F. The provisions of this section shall be inapplicable to any

public trust created and existing prior to July 1, 1988, if the

instrument or will creating such public trust shall have been held

to be a valid and binding agreement in an opinion of the Supreme

Court of the State of Oklahoma; and nothing in this section shall

impair or be deemed to impair the trust indenture or existing or

future obligations of such public trust.