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STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
HOUSE BILL 4197 By: Echols
AS INTRODUCED
An Act relating to public lands; amending 64 O.S.
2021, Section 1001, which relates to the
Commissioners of the Land Office; establishing that
the agency under the Commissioners of the Land Office
shall be known as the Oklahoma Education Investment
Trust; and providing effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 64 O.S. 2021, Section 1001, is
amended to read as foll ows:
A. The Governor, Lieutenant Governor, State Auditor and
Inspector, Superintendent of Public Instruction, and the President
of the State Board of Agriculture shall constitute the Commissioner s
of the Land Office. The Commissioners of the Land Office shall have
charge of the sale, exchange, rental, disposal, and management of
the school lands and other public lands of the state and of the
funds and proceeds derived from the lands. The school lands and
public lands of the state and the funds and procee ds derived from
the lands shall be managed as a sacred trust for the exclusive
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benefit of the beneficiaries and for the return of full value from
the use and disposition of the trust property and as prescribed by
the Legislature to attain the trust goals b y protection of assets
coupled with maximum return and to provide standards to foster
evenhanded and proper administration of the trust.
B. The Commissioners of the Land Office shall possess and
retain all powers and duties irrevocably granted pursuant to the
Constitution of the State of Oklahoma, the Enabling Act of Oklahoma,
and laws governing the proper administration of trusts.
C. The agency under the Commissioners of the La nd Office shall
be known and may be cited as the "Oklahoma Education Investment
Trust".
SECTION 2. This act shall become effective November 1, 2022.
58-2-10127 MJ 12/27/21