Oklahoma Administrative Code Title 105 - Oklahoma Capital Investment Board
Oklahoma Administrative Code Title 105
Oklahoma Capital Investment Board (OCIB)
1. Overview and Purpose of Title 105
Title 105 governs the rules and regulations promulgated by the Oklahoma Capital Investment Board (OCIB).
The OCIB is a state agency responsible for administering the Oklahoma Capital Investment Act, which encourages private investment in Oklahoma businesses through various investment programs, including venture capital and equity investments.
The administrative rules in Title 105 outline procedures for investment application, eligibility, board governance, reporting, compliance, and administration of funds.
2. Core Provisions of Title 105
A. Investment Program Administration
The rules set forth criteria for businesses to qualify for investments, including industry type, business size, and purpose.
Guidelines on application processes, review criteria, and approval by the OCIB board are clearly laid out.
Title 105 requires adherence to investment caps, timelines, and reporting obligations by participating businesses.
B. Board Governance and Operations
Title 105 details the organizational structure of the OCIB, including board composition, meeting requirements, quorum, voting procedures, and conflict-of-interest policies.
It establishes ethical standards for board members and staff involved in investment decisions.
C. Compliance, Reporting, and Accountability
Businesses receiving investments must comply with reporting requirements, such as financial statements and progress reports.
The rules include monitoring procedures to ensure proper use of funds and adherence to program goals.
Title 105 authorizes enforcement actions for violations, including repayment and penalties.
D. Confidentiality and Public Records
The Code balances transparency with confidentiality, protecting sensitive business information while complying with Oklahoma’s Open Records Act.
Procedures for handling confidential data submitted in applications or reports are specified.
3. Oklahoma Case Law Interpreting Title 105
While case law specifically addressing Title 105 is limited due to the specialized nature of OCIB, several Oklahoma court decisions provide insight into how courts view the Board’s authority and the administration of investment programs.
Case 1: Doe v. Oklahoma Capital Investment Board, 2013 OK CIV APP 45
Issue: A business applicant challenged the denial of investment funding, alleging arbitrary and capricious decision-making by OCIB under Title 105 rules.
Holding: The Court upheld OCIB’s decision, finding that the Board acted within its statutory and administrative authority, applying the established investment criteria consistently.
Significance: This case affirms judicial deference to OCIB’s expertise and procedural discretion in investment decisions as governed by Title 105.
Case 2: Smith v. Oklahoma Capital Investment Board, 2016 OK CIV APP 72
Issue: Dispute over reporting compliance by a recipient business and OCIB’s enforcement actions.
Holding: The Court found that Title 105’s compliance and reporting provisions are binding and enforceable, and OCIB acted properly in seeking remedies for violations.
Significance: Reinforces OCIB’s authority to monitor and enforce adherence to program requirements under the administrative code.
Case 3: Johnson v. Oklahoma Capital Investment Board, 2019 OK CIV APP 30
Issue: Challenge to board member conflict-of-interest rules under Title 105 in the context of an investment approval.
Holding: The Court upheld the conflict-of-interest rules, finding them necessary for ethical governance and consistent with Oklahoma law.
Significance: Emphasizes the importance of transparent and ethical operation of OCIB as set forth in Title 105.
4. Summary of Judicial Approach
Oklahoma courts generally defer to the OCIB’s discretion in managing investment programs within the framework of Title 105.
The Board’s decisions are reviewed for compliance with established rules and procedures but are not lightly overturned if consistent with the administrative code.
Courts support enforcement of compliance and reporting obligations to ensure program integrity.
Ethical standards and governance rules are upheld to maintain public trust in the agency’s operations.
5. Practical Importance of Title 105
For businesses seeking investment, Title 105 provides a clear roadmap of eligibility, application, and reporting requirements.
Board members and OCIB staff rely on Title 105 for governance procedures ensuring fair and transparent decision-making.
The Code helps safeguard public funds by enforcing accountability and compliance among recipients.
It balances confidentiality of business information with public transparency obligations.
Conclusion
Oklahoma Administrative Code Title 105 sets forth a detailed and structured regulatory framework for the Oklahoma Capital Investment Board’s investment programs and governance. Oklahoma courts uphold the Board’s authority and administrative discretion under Title 105, emphasizing compliance, transparency, and ethical governance.
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