A. There is hereby created a trust fund to be known as the "William P. Willis Trust Fund". The Trust Fund shall be managed and controlled by a Board of Trustees. The Oklahoma State Regents for Higher Education shall constitute the Board of Trustees of the William P. Willis Trust Fund.
B. The trust capital shall consist of:
1. any monies the Legislature may appropriate and transfer to the Trust Fund; and
2. any monies or assets contributed to the Trust Fund from any other source.
C. The Board of Trustees shall invest the trust capital in a reasonable and prudent manner which, consistent with any long-term investment needs, will produce the greatest trust income over the term of the investment while preserving the trust capital.
D. All trust income shall be deposited in the William P. Willis Scholarship Fund to be used for the payment of scholarships awarded from said Fund.
Added by Laws 1986, c. 246, § 12, operative July 1, 1986.