Oklahoma § 52-555 Investment of funds - Apportionment of interest.

Oklahoma Statutes

§ 52-555 — Investment of funds - Apportionment of interest.

Oklahoma·Title 52 Oil And Gas

The State Treasurer shall invest the monies in the Mineral Owner's Fund and shall annually apportion the interest earned as follows: 1. Twenty-five percent (25%) to the Corporation Commission to be used for plugging abandoned oil and gas wells, pursuant to Sections 308 et seq. of this title, not to exceed Three Hundred Thousand Dollars ($300,000.00) per year; provided, that any amount that would cause funds available for that purpose to exceed Five Hundred Thousand Dollars ($500,000.00) in any one (1) year shall remain in the Mineral Owner's Fund; 2. Fifty percent (50%) to the State Treasurer but not more than Two Hundred Thousand Dollars ($200,000.00) per year, to be spent for advertising, personnel and other expenses incurred to search for the rightful owners of unclaimed intangible prop

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The State Treasurer shall invest the monies in the Mineral Owner's Fund and shall annually apportion the interest earned as follows: 1. Twenty-five percent (25%) to the Corporation Commission to be used for plugging abandoned oil and gas wells, pursuant to Sections 308 et seq. of this title, not to exceed Three Hundred Thousand Dollars ($300,000.00) per year; provided, that any amount that would cause funds available for that purpose to exceed Five Hundred Thousand Dollars ($500,000.00) in any one (1) year shall remain in the Mineral Owner's Fund; 2. Fifty percent (50%) to the State Treasurer but not more than Two Hundred Thousand Dollars ($200,000.00) per year, to be spent for advertising, personnel and other expenses incurred to search for the rightful owners of unclaimed intangible property generated by mineral interests; and 3. Any remaining interest shall be added to the principal of the Mineral Owner's Fund.

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