§ 175.13. Trustee purchasing stock, bond or securities of self, affiliate, etc.
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.13
§ 175.13. Trustee purchasing stock, bond or securities of self, affiliate, etc.
No corporate trustee shall purchase for a trust, shares of its own stock, or its bonds, or other securities, or the stock, bonds or other securities of an affiliate.
This section shall not prohibit the exercise of stock rights issued in connection with shares of the trustee bank or its affiliates owned in a fiduciary capacity, nor payments for the rounding out of fractional shares received in connection with the stock dividends issued by the trustee bank or its affiliates; provided that,
(1) in the election of directors, shares of its own stock held by a bank as sole trustee, whether registered in its own name as such trustee or in the name of its nominee, shall not be voted by the registered owner unless under the terms of the trust the manner in which such shares shall be voted may be determined by a donor or beneficiary of the trust and unless such donor or beneficiary actually directs how such shares shall be voted,
No noncorporate trustee shall purchase for a trust the stock, bonds, or other securities of a corporation with which he is connected as director, owner, manager, or in executive capacity.
Credits
Laws 1941, p. 252, § 13; Laws 1968, c. 15, § 3, emerg. eff. Feb. 19, 1968.
60 Okl. St. Ann. § 175.13, OK ST T. 60 § 175.13
Current with emergency effective legislation through Chapter 277 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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