Okla. Stat. tit. 69, § 69-306.2
This is the official text of Okla. Stat. tit. 69, § 69-306.2, part of Oklahoma’s Stat. tit. 69, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 69,." Browse the sections below, each linked to its official government source.
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Trust for benefit of Transportation Department
Official statutory text
employees.
The Department of Transportation is hereby authorized to
establish, with funds currently held by the Department of
Transportation which accrued to its health insurance rate
stabilization account, a trust for the benefit of Department of
Transportation employees. The trust shall be under the control of
three (3) trustees who shall invest the funds constituting the trust
in interest bearing accounts in federally insured institutions or in
Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries Page 37
U.S. Treasury instruments. The trustees shall be the Director,
Deputy Director and Chief Engineer of the Department of
Transportation. The trustees shall serve without compensation from
the trust and shall be immune from any legal action relating to the
trust except in the case of fraud, theft or misappropriation of
trust funds. The Attorney General shall defend any legal action
against the trustees, which may arise from the trustees'
administration of the trust. The cost and expense of participating
in such litigation shall be payable from funds in the trust estate,
or in the event there are no such funds or insufficient funds, the
cost and expense of participating in such litigation shall be borne
by the Department of Transportation. The trustees shall be entitled
to full indemnity from funds of this trust provided, however, if
there are no such trust funds or insufficient trust funds to
reimburse the trustees for any liability or loss they may sustain by
reason of any such litigation, then the trustees shall be
indemnified from funds of the Department of Transportation; provided
further, the trustees shall not be entitled to indemnity from either
source if they are adjudged guilty of fraud, theft or
misappropriation of trust funds in connection with any such
litigation.
The term of this trust shall be for two (2) years from the
effective date of this act, provided however, the district court of
Oklahoma County may extend the term of this trust in the best
interest of the beneficiaries. Upon formation of this trust, the
trustees shall immediately bring an action in the district court of
Oklahoma County for a determination of beneficiaries and their
interest in the trust, and when determined, the trustees shall
distribute the trust in accordance with the determination of the
court.
The Department of Transportation is hereby authorized to
establish, with funds currently held by the Department of
Transportation which accrued to its health insurance rate
stabilization account, a trust for the benefit of Department of
Transportation employees. The trust shall be under the control of
three (3) trustees who shall invest the funds constituting the trust
in interest bearing accounts in federally insured institutions or in
Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries Page 37
U.S. Treasury instruments. The trustees shall be the Director,
Deputy Director and Chief Engineer of the Department of
Transportation. The trustees shall serve without compensation from
the trust and shall be immune from any legal action relating to the
trust except in the case of fraud, theft or misappropriation of
trust funds. The Attorney General shall defend any legal action
against the trustees, which may arise from the trustees'
administration of the trust. The cost and expense of participating
in such litigation shall be payable from funds in the trust estate,
or in the event there are no such funds or insufficient funds, the
cost and expense of participating in such litigation shall be borne
by the Department of Transportation. The trustees shall be entitled
to full indemnity from funds of this trust provided, however, if
there are no such trust funds or insufficient trust funds to
reimburse the trustees for any liability or loss they may sustain by
reason of any such litigation, then the trustees shall be
indemnified from funds of the Department of Transportation; provided
further, the trustees shall not be entitled to indemnity from either
source if they are adjudged guilty of fraud, theft or
misappropriation of trust funds in connection with any such
litigation.
The term of this trust shall be for two (2) years from the
effective date of this act, provided however, the district court of
Oklahoma County may extend the term of this trust in the best
interest of the beneficiaries. Upon formation of this trust, the
trustees shall immediately bring an action in the district court of
Oklahoma County for a determination of beneficiaries and their
interest in the trust, and when determined, the trustees shall
distribute the trust in accordance with the determination of the
court.
Status: in_force · Read it on the official government site
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