Okla. Stat. tit. 74, § 74-5085.6

Transfer to Oklahoma Center for the Advancement of Science and

Technology.

A. Until the effective date of this act, the Oklahoma Capital

Investment Board shall consist of five (5) Directors who shall be

appointed by the Governor with the advice and consent of the Senate.

Directors shall be selected based upon outstanding knowledge and

leadership and shall possess experience in the management of

investments similar in nature and in value to those of the Board.

Directors shall serve for a term of office of five (5) years.

Provided, the initial Board of Directors of the Oklahoma Capital

Investment Board shall consist of the trustees of the trust

certified as the Oklahoma Capital Investment Board pursuant to the

provisions of Section 5085.2 of this title and the Directors of the

Oklahoma Capital Investment Board. Positions on the Board of

Directors held by trustees of such trust shall not be filled as the

terms of office for the trustees expire. Positions on the Board of

Directors held by Directors of the Oklahoma Capital Investment Board

shall be filled by the Governor with the advice and consent of the

Senate as the terms of office for the Directors expire and in a

manner to allow one member to rotate off of the Board each year.

B. Annually, the Directors shall select a chair to preside at

their meetings. The Directors shall have the authority to manage

the Oklahoma Capital Investment Board in accordance with the

requirements of the Oklahoma Capital Formation Act and its trust

indenture.

C. The meetings of the Directors shall be subject to the

Oklahoma Open Meeting Act, Section 301 et seq. of Title 25 of the

Oklahoma Statutes, and the Oklahoma Open Records Act, Section 24A.1

et seq. of Title 51 of the Oklahoma Statutes. Any information

submitted to or compiled by the Oklahoma Capital Investment Board

with respect to the marketing plans, financial statements, trade

secrets, research concepts, methods or products, or any other

proprietary information of persons, firms, associations,

partnerships, agencies, corporations, or other entities shall be

confidential, except to the extent that the person or entity that

Oklahoma Statutes - Title 74. State Government Page 1166

provided such information or that is the subject of such information

consents to disclosure. Executive sessions may be held to discuss

such materials if deemed necessary by the Directors.

D. A conflict of interest shall be deemed to exist in any

contractual relationship in which a Director of the Board, officer,

agent, or employee or any for-profit firm or corporation in which

such Director, officer, agent, or employee or any member of his or

her immediate family is an officer, partner, or principal

stockholder, shall directly or indirectly buy or sell goods or

services to, or otherwise contract with the Board. Upon a showing

thereof, such Director, officer, agent, or employee shall be subject

to removal and such contract shall be deemed unenforceable as

against the Board unless the records of the Board shall reflect that

such Director, officer, agent, or employee 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. If a Director,

officer, agent, or employee holds such an interest, he or she shall

refrain from any further official involvement in regard to such

contract or agreement, from voting on any matter pertaining to such

contract or agreement, and from communicating with other Board

members, officers, agents, or employees concerning the contract or

agreement.

E. Bonds issued by the Oklahoma Capital Investment Board shall

be subject to oversight pursuant to the Oklahoma Bond Oversight and

Reform Act, Section 695.1 et seq. of Title 62 of the Oklahoma

Statutes.

F. Upon the effective date of this act, the Oklahoma Capital
agreement, and from communicating with other Board

members, officers, agents, or employees concerning the contract or

agreement.

E. Bonds issued by the Oklahoma Capital Investment Board shall

be subject to oversight pursuant to the Oklahoma Bond Oversight and

Reform Act, Section 695.1 et seq. of Title 62 of the Oklahoma

Statutes.

F. Upon the effective date of this act, the Oklahoma Capital

Investment Board shall be dissolved. Any contracts or agreements

executed by the Board or by any subsidiary or affiliate of the Board

and any investment of funds required by the provisions of a contract

executed by the Board or by any subsidiary or affiliate of the Board

shall be transferred to and managed by the Oklahoma Center for the

Advancement of Science and Technology.