Home Table of Contents

§ 1738. Disclosure of conflicts of interest

Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies

Oklahoma Statutes Annotated
Title 6. Banks and Trust Companies (Refs & Annos)
Chapter 1B. Trust Institutions
State Trust Institution Charter Modernization Act
6 Okl.St.Ann. § 1738
§ 1738. Disclosure of conflicts of interest
Currentness
A. Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after the effective date of this act,1 which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment of such trustee or fiduciary, shall deliver a disclosure statement to the prospective client:
1. Not less than forty-eight (48) hours prior to entering into any written or oral trust or fiduciary agreement with such client or prospective client; or
2. At the time of entering into any such agreement if the client has a right to terminate the agreement without penalty within three (3) or more business days after entering into the agreement.
B. The disclosure statement shall contain appropriate information concerning the actual or potential conflict of interest. If such trustee or other fiduciary proposes to delegate any fiduciary function to an affiliate, the nature of the affiliation and whether the trustee or other fiduciary may directly benefit from the delegation shall be disclosed in the disclosure statement.

Credits

Laws 1998, c. 104, § 34, eff. Nov. 1, 1998.

Footnotes

1
O.S.L.1998, c. 104, effective November 1, 1998.
6 Okl. St. Ann. § 1738, OK ST T. 6 § 1738
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.
End of Document