§ 4001.3. Use of financial institutions as depositories and managers
Oklahoma Statutes AnnotatedTitle 56. Poor Persons
56 Okl.St.Ann. § 4001.3
§ 4001.3. Use of financial institutions as depositories and managers
B. The Treasurer may solicit proposals from financial institutions to act as the depositories and managers of the program. Financial institutions that submit proposals shall provide all information required by the Treasurer which is sufficient to enable the evaluation of the investment strategies and asset allocations consistent with the program objectives set by the Treasurer.
5. The ability of the financial institutions, directly or through a subcontract, to satisfy recordkeeping and reporting requirements, including those created by Section 529A of the Internal Revenue Code1 and Internal Revenue Service regulations;
4. If there is more than one program manager, the program managers shall provide the Treasurer with sufficient information to determine compliance with this act;2
I. The Treasurer may terminate a contract with a financial institution at any time for good cause. If a contract is terminated pursuant to this section, the Treasurer shall take custody of accounts held at that financial institution and shall seek to promptly transfer the accounts to another financial institution that is selected as a program manager and into investment instruments as similar to the original investments as possible.
Credits
Laws 2016, c. 354, § 4, eff. Jan. 1, 2017.
56 Okl. St. Ann. § 4001.3, OK ST T. 56 § 4001.3
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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