When any unconditional gift, testamentary or otherwise, of any property to the State of Oklahoma and a county therein and a city or town within such county shall have been accepted, upon behalf of all such governmental units, as provided for in Sections 3, 10 and 13 hereof, the Attorney General of the State of Oklahoma, and the county treasurer of such county, and the presiding officer of the governing board of such city or town, at the time of the first distribution under such gift, if testamentary, or at the time of such acceptance of such gift, if other than a testamentary gift, shall be cotrustees and the official representatives and agents of their respective governmental units for all property or monies involved in, and derived from, such gift, for the use and benefit of such governmental units, for the purposes specified in Section 12 hereof; and as such, shall be authorized to execute and deliver any receipts required in connection therewith.

They shall continue as such trustees until the trust estate, resulting hereunder, shall have been fully administered, irrespective of their continuance in such public offices; provided, that in event of the death, resignation, disqualification or incapacity of any trustee before such trust estate shall have been fully administered, the person then holding the public office corresponding to that held by such deceased or resigned trustee at the time he became trustee hereunder, or, in event such death, disqualification, resignation or incapacity occurs while such trustee still holds such public office, the person elected or appointed to fill the vacancy in such public office, or the temporary or other successor thereto shall become and be his successor as such trustee.

Each such trustee shall furnish a bond in a sum equal to the value of such trust estate at the time he becomes such trustee, but not to exceed Fifty Thousand Dollars ($50,000.00), with some surety company authorized to do business within the State of Oklahoma, as surety thereon, conditioned upon the faithful performance of his duties as such trustee and truly accounting for all monies and property coming into the custody and control of such cotrustees. Such bond shall run in the name of the State of Oklahoma and such county and city or town, and shall be filed in the office of the Secretary of State of the State of Oklahoma, and the premiums thereon shall be payable from such trust estate. The trust estate shall be designated as "The (name of donor here) Public Improvements Trust Estate".

All cash, or the equivalent thereof, belonging to such trust estate and received by the trustees shall, upon receipt, be deposited in a special depository account in the State Treasury to be designated as "The (name of donor here) Public Improvements Trust Fund", and shall be subject to withdrawal or disbursement therefrom upon, but only upon, check or voucher signed by all three of the cotrustees, for the purposes provided for herein, and each such check or voucher shall state thereon the specific purpose for which the withdrawal or disbursement is made.

Before selling, exchanging, or making any other disposition of any tangible property or intangible property (other than cash or the equivalent thereof) belonging to such a trust estate, and before investing any cash or the equivalent thereof belonging to such a trust estate in securities or other property (as distinguished from expending the same for public improvement purposes as authorized herein), the cotrustees shall, by written application, obtain the written approval of the district judge of the county involved as one of the donees of the gift in question. Such cotrustees shall also file with the district judge of such county verified annual reports, containing a detailed statement of all assets and liabilities of the trust estate, and a report of the acts and doings of the trustees during the period covered by such reports. No notice shall be required in connection with any such application or report, and no fees shall be charged for the filing of any such application, report, or order of approval, or in connection with the entry, recording, or certification of any such order of approval.

Laws 1953, p. 291, § 14.