Okla. Stat. tit. 60, § 60-178.8

Applicability to public trusts created and existing prior to July 1,

1988.

A. Except with regard to residents of a facility for aged

persons operated by a public trust, who are trustees of the public

trust operating the facility and who comprise less than a majority

of the trustees, a conflict of interest shall be deemed to exist in

any contractual relationship in which a trustee of a public trust,

or any for-profit firm or corporation in which such trustee or any

member of his or her immediate family is an officer, partner,

principal stockholder, shall directly or indirectly buy or sell

goods or services to, or otherwise contract with such trust. Upon a

showing thereof, such trustee shall be subject to removal and such

contract shall be deemed unenforceable as against such trust unless

the records of such trust shall reflect that such trustee fully and

publicly disclosed all such interest or interests, and unless such

contractual relationship shall have been secured by competitive

bidding following a public invitation to bid.

The following types of transactions are exempt from the

aforementioned provisions of this section:

1. The making of any loan or advance of any funds to, or the

purchase of any obligations issued by such public trust, in

connection with the performance of any of its authorized purposes;

2. Any legal advertising required by law or indenture or

determined necessary by the trustees of such public trust;

3. The performance by any bank, trust company or similar entity

or any services as a depository; or

4. The sale of any public utility services to such public

trust, in which the price of said services is regulated by law.

It shall be the duty of each public trust to compile a list of

all conflicts of interest for which its trustees have made

disclosure. It shall also be the duty of each trust to compile a

list of all dealings between its trustees and the trust which

involve the exempted transactions listed above. Such lists shall be

compiled semiannually for periods ending June 30 and December 31 of

each year. Such lists shall be compiled on forms prescribed by the

Oklahoma Tax Commission and shall be matters of public record.

Copies of such lists shall be filed with the Secretary of State by

September 1 and March 1 of each year.

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

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

bonds issued by such public trust are required to be issued under

Oklahoma Statutes - Title 60. Property Page 136

and pursuant to a single bond indenture by amendment or supplement

thereto and if the instrument or will creating such public trust and

the bond indenture under which such trust must issue all bonds shall

have been held to be valid and binding agreements 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, the

bond indenture, or existing or future obligations of such public

trust.