Section 555 - Investment of funds - Apportionment of interestThe 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; and3. Any remaining interest shall be added to the principal of the Mineral Owner's Fund.Okla. Stat. tit. 52, § 555
Added by Laws 1983, HB 1581, c. 320, § 5, eff. 7/1/1984; Amended by Laws 1999 , SB 659, c. 10, §36, emerg. eff. 7/1/1999; Amended by Laws 2003 , HB 1207, c. 468, §7, emerg. eff. 7/1/2003.