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§ 555. Investment of funds--Apportionment of interest

Oklahoma Statutes AnnotatedTitle 52. Oil and Gas

Oklahoma Statutes Annotated
Title 52. Oil and Gas (Refs & Annos)
Chapter 12A. Unknown or Unlocated Property Owners (Refs & Annos)
52 Okl.St.Ann. § 555
§ 555. Investment of funds--Apportionment of interest
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.

Credits

Laws 1983, c. 320, § 5; Laws 1999, c. 10, § 36, eff. July 1, 1999; Laws 2003, c. 468, § 7, eff. July 1, 2003.
52 Okl. St. Ann. § 555, OK ST T. 52 § 555
Current with legislation of the Second Regular Session and First and Second Extraordinary Sessions of the 58th Legislature (2022).
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