Okla. Stat. tit. 60, § 60-180
This is the official text of Okla. Stat. tit. 60, § 60-180, 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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Termination of trust - Contracts not impaired
Official statutory text
A. Any such trust may be terminated by agreement of the
trustee, or, if there be more than one, then all of the trustees and
the approval of a majority of the governing body of the beneficiary,
and for trusts whose beneficiary is the State of Oklahoma, with the
approval of the Governor of the State of Oklahoma; provided, that
such trust shall not be terminated while there exists outstanding
any contractual obligations chargeable against the trust property,
Oklahoma Statutes - Title 60. Property Page 138
which, by reason of such termination, might become an obligation of
the beneficiary of such trust.
B. Nothing in this act shall operate to impair existing
obligations of contracts or existing trust indentures of any trust
created prior to July 15, 1970; but to the extent that such existing
obligations of contracts are not impaired by the provisions hereof,
all of the provisions shall be applicable; provided further, that
nothing in this act shall operate to impair or alter the trust
indenture of the Oklahoma Ordinance Works Authority or contracts
executed prior to July 15, 1970.
trustee, or, if there be more than one, then all of the trustees and
the approval of a majority of the governing body of the beneficiary,
and for trusts whose beneficiary is the State of Oklahoma, with the
approval of the Governor of the State of Oklahoma; provided, that
such trust shall not be terminated while there exists outstanding
any contractual obligations chargeable against the trust property,
Oklahoma Statutes - Title 60. Property Page 138
which, by reason of such termination, might become an obligation of
the beneficiary of such trust.
B. Nothing in this act shall operate to impair existing
obligations of contracts or existing trust indentures of any trust
created prior to July 15, 1970; but to the extent that such existing
obligations of contracts are not impaired by the provisions hereof,
all of the provisions shall be applicable; provided further, that
nothing in this act shall operate to impair or alter the trust
indenture of the Oklahoma Ordinance Works Authority or contracts
executed prior to July 15, 1970.
Status: in_force · Read it on the official government site
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