Transfer to Oklahoma Center for the Advancement of Science and Technology. A. Until the effective date of this act, the Oklahoma Capital Investment Board shall consist of five (5) Directors who shall be appointed by the Governor with the advice and consent of the Senate. Directors shall be selected based upon outstanding knowledge and leadership and shall possess experience in the management of investments similar in nature and in value to those of the Board. Directors shall serve for a term of office of five (5) years. Provided, the initial Board of Directors of the Oklahoma Capital Investment Board shall consist of the trustees of the trust certified as the Oklahoma Capital Investment Board pursuant to the provisions of Section 5085.2 of this title and the Directors of the Oklahoma Capital Investment Board. Positions on the Board of Directors held by trustees of such trust shall not be filled as the terms of office for the trustees expire. Positions on the Board of Directors held by Directors of the Oklahoma Capital Investment Board shall be filled by the Governor with the advice and consent of the Senate as the terms of office for the Directors expire and in a manner to allow one member to rotate off of the Board each year. B. Annually, the Directors shall select a chair to preside at their meetings. The Directors shall have the authority to manage the Oklahoma Capital Investment Board in accordance with the requirements of the Oklahoma Capital Formation Act and its trust indenture. C. The meetings of the Directors shall be subject to the Oklahoma Open Meeting Act, Section 301 et seq. of Title 25 of the Oklahoma Statutes, and the Oklahoma Open Records Act, Section 24A.1 et seq. of Title 51 of the Oklahoma Statutes. Any information submitted to or compiled by the Oklahoma Capital Investment Board with respect to the marketing plans, financial statements, trade secrets, research concepts, methods or products, or any other proprietary information of persons, firms, associations, partnerships, agencies, corporations, or other entities shall be confidential, except to the extent that the person or entity that provided such information or that is the subject of such information consents to disclosure. Executive sessions may be held to discuss such materials if deemed necessary by the Directors. D. A conflict of interest shall be deemed to exist in any contractual relationship in which a Director of the Board, officer, agent, or employee or any for-profit firm or corporation in which such Director, officer, agent, or employee or any member of his or her immediate family is an officer, partner, or principal stockholder, shall directly or indirectly buy or sell goods or services to, or otherwise contract with the Board. Upon a showing thereof, such Director, officer, agent, or employee shall be subject to removal and such contract shall be deemed unenforceable as against the Board unless the records of the Board shall reflect that such Director, officer, agent, or employee fully and publicly disclosed all such interest or interests, and unless such contractual relationship shall have been secured by competitive bidding following a public invitation to bid. If a Director, officer, agent, or employee holds such an interest, he or she shall refrain from any further official involvement in regard to such contract or agreement, from voting on any matter pertaining to such contract or agreement, and from communicating with other Board members, officers, agents, or employees concerning the contract or agreement. E. Bonds issued by the Oklahoma Capital Investment Board shall be subject to oversight pursuant to the Oklahoma Bond Oversight and Reform Act, Section 695.1 et seq. of Title 62 of the Oklahoma Statutes. F. Upon the effective date of this act, the Oklahoma Capital Investment Board shall be dissolved. Any contracts or agreements executed by the Board or by any subsidiary or affiliate of the Board and any investment of funds required by the provisions of a contract executed by the Board or by any subsidiary or affiliate of the Board shall be transferred to and managed by the Oklahoma Center for the Advancement of Science and Technology.
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