Since ray OC is the angle bisector of ∠AOB and the measure of ∠AOB is 74 degrees, we can determine the measure of ∠AOC by dividing the measure of ∠AOB by 2.
The measure of ∠AOC is:
\[ m∠AOC = \frac{m∠AOB}{2} = \frac{74 \text{ degrees}}{2} = 37 \text{ degrees}. \]
So, the m∠AOC is 37 degrees.