EXCEPTIONS TO POWER OF DISTRIBUTION An authorized trustee shall not exercise a power to distribute principal of a trust under Section 3 or 4 of this act to: 1. Reduce, limit or modify a beneficiary's current, vested right to: a. receive a mandatory distribution of income or principal, b. receive a mandatory annuity or unitrust interest, c. withdraw a percentage of the value of the trust, or d. withdraw a specified dollar amount from the trust; 2. Materially limit a trustee's fiduciary duty: a. under the terms of the trust, or b. in a manner that would be prohibited by the Oklahoma Trust Act, Section 175.1 et seq. of Title 60 of the Oklahoma Statutes, the Oklahoma Prudent Investor Act, Section 175.60 et seq. of Title 60 of the Oklahoma Statutes, the Oklahoma Principal and Income Act, Section 175.101 et seq. of Title 60 of the Oklahoma Statutes or the Oklahoma Charitable Fiduciary Act, Section 301.1 et seq. of Title 60 of the Oklahoma Statutes; 3. Decrease or indemnify against a trustee's liability or exonerate a trustee from liability; 4. Add a provision exonerating a trustee for failure to exercise reasonable care, diligence and prudence; 5. Eliminate a provision granting another person the right to remove or replace the authorized trustee exercising the distribution power under Section 3 or 4 of this act; or 6. Reduce, limit or modify in the second trust a perpetuities provision included in the first trust, unless expressly permitted by the terms of the first trust.
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