Okla. Stat. tit. 62, § 62-71.1
This is the official text of Okla. Stat. tit. 62, § 62-71.1, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Invest in Oklahoma Board — Members — Duties
Official statutory text
A. There is hereby created the Invest in Oklahoma Board. The
Board shall consist of five (5) members as follows:
1. The Governor, or designee;
2. The Lieutenant Governor, or designee;
3. The State Treasurer, or designee;
4. An appointee of the Speaker of the House of Representatives
who shall serve at the Speaker's pleasure; and
5. An appointee of the President Pro Tempore of the Oklahoma
State Senate who shall serve at the President Pro Tempore's
pleasure.
B. The appointed and designated members shall have no direct or
indirect business relationship with the State Treasurer or the State
Treasurer's Office.
C. The Governor or Governor's designee shall serve as
chairperson.
D. The Board shall hold regular meetings not less than one per
quarter, and at such other times as it deems necessary for the
performance of its duties. The date, time and place of the meetings
shall be set by the chairperson. The State Treasurer shall provide
the administrative support required by the Board. The Board shall
be staffed by efforts under the control of the State Treasurer who
shall prepare all materials and information needed by the Board to
perform its duties and responsibilities. Meetings of the Board
shall be subject to the Oklahoma Open Meeting Act, and their records
shall be public records pursuant to the Oklahoma Open Records Act.
E. The Board shall develop a standardized and uniform reporting
system which the State Treasurer shall use to make the reports
required by Section 89.7 of this title. The Board shall prescribe
such forms in order to obtain an objective and accurate analysis of
the investment of state funds by the State Treasurer and to obtain
Oklahoma Statutes - Title 62. Public Finance Page 295
an accurate analysis of investment performance according to an
objective standard established by the Board. The Board shall not be
subject to the provisions of the Administrative Procedures Act for
purposes of developing the reporting system required by this
subsection. The Board shall review the reports prepared by the
State Treasurer pursuant to Section 89.7 of this title. The Board
shall review with the State Treasurer investment strategies and
practices and the development of internal auditing procedures and
practices. The Board shall review the reports submitted by the
State Treasurer and shall identify any event, transaction or trend
which the Board determines to represent a violation or potential
violation of law or public policy regarding the investment of state
funds. The Board shall specifically identify its concerns or
objections and shall communicate such concerns or objections in
writing to the State Treasurer.
F. The State Treasurer shall maintain a report available to
each member of the Board which specifically identifies entities with
whom or with which the State Treasurer has transacted business
related to investment of any state funds. Any person or entity to
whom or to which any form of compensation has been or will be paid
for services rendered to the State Treasurer's Office related to the
investment of state funds shall be identified in such report. Such
report shall also be available to the Director of the Office of
Management and Enterprise Services, the State Auditor and Inspector,
the Speaker of the House of Representatives, the President Pro
Tempore of the Senate and the Governor.
G. Members of the Board shall serve without compensation,
except for travel, pursuant to the State Travel Reimbursement Act,
to be paid by the appointing authority.
H. The Board shall establish and adopt investment parameters
related to investments in Oklahoma-based private equity funds,
venture capital funds, growth funds, and direct investments in
Oklahoma companies authorized under the Invest in Oklahoma program;
provided that by a unanimous vote of the Board such parameters may
be exceeded with regard to investments to the extent allowable under
ty.
H. The Board shall establish and adopt investment parameters
related to investments in Oklahoma-based private equity funds,
venture capital funds, growth funds, and direct investments in
Oklahoma companies authorized under the Invest in Oklahoma program;
provided that by a unanimous vote of the Board such parameters may
be exceeded with regard to investments to the extent allowable under
the Oklahoma Constitution.
I. The Board shall exercise confirmation and approval authority
over the appointment and contractual relationships of qualified
investment advisors and fiduciary managers engaged by the State
Treasurer to assist in the selection of the investments authorized
under the Invest in Oklahoma program.
Board shall consist of five (5) members as follows:
1. The Governor, or designee;
2. The Lieutenant Governor, or designee;
3. The State Treasurer, or designee;
4. An appointee of the Speaker of the House of Representatives
who shall serve at the Speaker's pleasure; and
5. An appointee of the President Pro Tempore of the Oklahoma
State Senate who shall serve at the President Pro Tempore's
pleasure.
B. The appointed and designated members shall have no direct or
indirect business relationship with the State Treasurer or the State
Treasurer's Office.
C. The Governor or Governor's designee shall serve as
chairperson.
D. The Board shall hold regular meetings not less than one per
quarter, and at such other times as it deems necessary for the
performance of its duties. The date, time and place of the meetings
shall be set by the chairperson. The State Treasurer shall provide
the administrative support required by the Board. The Board shall
be staffed by efforts under the control of the State Treasurer who
shall prepare all materials and information needed by the Board to
perform its duties and responsibilities. Meetings of the Board
shall be subject to the Oklahoma Open Meeting Act, and their records
shall be public records pursuant to the Oklahoma Open Records Act.
E. The Board shall develop a standardized and uniform reporting
system which the State Treasurer shall use to make the reports
required by Section 89.7 of this title. The Board shall prescribe
such forms in order to obtain an objective and accurate analysis of
the investment of state funds by the State Treasurer and to obtain
Oklahoma Statutes - Title 62. Public Finance Page 295
an accurate analysis of investment performance according to an
objective standard established by the Board. The Board shall not be
subject to the provisions of the Administrative Procedures Act for
purposes of developing the reporting system required by this
subsection. The Board shall review the reports prepared by the
State Treasurer pursuant to Section 89.7 of this title. The Board
shall review with the State Treasurer investment strategies and
practices and the development of internal auditing procedures and
practices. The Board shall review the reports submitted by the
State Treasurer and shall identify any event, transaction or trend
which the Board determines to represent a violation or potential
violation of law or public policy regarding the investment of state
funds. The Board shall specifically identify its concerns or
objections and shall communicate such concerns or objections in
writing to the State Treasurer.
F. The State Treasurer shall maintain a report available to
each member of the Board which specifically identifies entities with
whom or with which the State Treasurer has transacted business
related to investment of any state funds. Any person or entity to
whom or to which any form of compensation has been or will be paid
for services rendered to the State Treasurer's Office related to the
investment of state funds shall be identified in such report. Such
report shall also be available to the Director of the Office of
Management and Enterprise Services, the State Auditor and Inspector,
the Speaker of the House of Representatives, the President Pro
Tempore of the Senate and the Governor.
G. Members of the Board shall serve without compensation,
except for travel, pursuant to the State Travel Reimbursement Act,
to be paid by the appointing authority.
H. The Board shall establish and adopt investment parameters
related to investments in Oklahoma-based private equity funds,
venture capital funds, growth funds, and direct investments in
Oklahoma companies authorized under the Invest in Oklahoma program;
provided that by a unanimous vote of the Board such parameters may
be exceeded with regard to investments to the extent allowable under
ty.
H. The Board shall establish and adopt investment parameters
related to investments in Oklahoma-based private equity funds,
venture capital funds, growth funds, and direct investments in
Oklahoma companies authorized under the Invest in Oklahoma program;
provided that by a unanimous vote of the Board such parameters may
be exceeded with regard to investments to the extent allowable under
the Oklahoma Constitution.
I. The Board shall exercise confirmation and approval authority
over the appointment and contractual relationships of qualified
investment advisors and fiduciary managers engaged by the State
Treasurer to assist in the selection of the investments authorized
under the Invest in Oklahoma program.
Status: in_force · Read it on the official government site
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