Oklahoma § 74-1305.2 Fiduciaries - Duties, powers and responsibilities.

Oklahoma Statutes

§ 74-1305.2 — Fiduciaries - Duties, powers and responsibilities.

Oklahoma § 74-1305.2

Title 74State Government

This text of Oklahoma § 74-1305.2 (Fiduciaries - Duties, powers and responsibilities.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 74, § 74-1305.2 (2026).

Text

(1)A fiduciary with respect to the State and Education Employees Group Insurance Board shall not cause the Board to engage in a transaction if the fiduciary knows or should knowthat such transaction constitutes a direct or indirect:

(a)sale or exchange, or leasing of any property from the Board to a party in interest for less than adequate consideration or from a party in interest to the Board for more than adequate consideration;

(b)lending of money or other extension of credit from the Board to a party in interest without the receipt of adequate security and a reasonable rate of interest, or from a party in interest to the Board with provision of excessive security or an unreasonably high rate of interest;

(c)furnishing of goods, services or facilities from the Board to a party in in

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(1) A fiduciary with respect to the State and Education Employees Group Insurance Board shall not cause the Board to engage in a transaction if the fiduciary knows or should knowthat such transaction constitutes a direct or indirect: (a) sale or exchange, or leasing of any property from the Board to a party in interest for less than adequate consideration or from a party in interest to the Board for more than adequate consideration; (b) lending of money or other extension of credit from the Board to a party in interest without the receipt of adequate security and a reasonable rate of interest, or from a party in interest to the Board with provision of excessive security or an unreasonably high rate of interest; (c) furnishing of goods, services or facilities from the Board to a party in interest for less than adequate consideration, or from a party in interest to the Board for more than adequate consideration; or (d) transfer to, or use by or for the benefit of, a party in interest of any assets of the Board for less than adequate consideration. (2) A fiduciary with respect to the Board shall not: (a) deal with the assets of the Board in the fiduciary's own interest or for the fiduciary's own account; (b) in the fiduciary's individual or any other capacity act in any transaction involving the Board on behalf of a party whose interests are adverse to the interests of the Board or the interests of its participants or beneficiaries; or (c) receive any consideration for the fiduciary's own personal account from any party dealing with the Board in connection with a transaction involving the assets of the Board. (3) A fiduciary with respect to the Board may: (a) invest all or part of the assets of the Board in deposits which bear a reasonable interest rate in a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such plan; or (b) provide any ancillary service by a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such plan. (4) A person or a financial institution is a fiduciary with respect to the Board to the extent that the person or the financial institution: (a) exercises any discretionary authority or discretionary control respecting management of the Board or exercises any authority or control respecting management or disposition of the assets of the Board; (b) renders investment advice for a fee or other compensation, direct or indirect, with respect to any monies or other property of the Board, or has any authority or responsibility to do so; or (c) has any discretionary authority or discretionary responsibility in the administration of the Board.