In making investments pursuant to ORS 294.035, the custodial officer shall not:
(1) Make a commitment to invest funds or sell securities more than 14 business days prior to the anticipated date of settlement of the purchase or sale transaction;
(2) Enter into any agreement to invest funds or sell securities for future delivery for a fee other than interest;
(3) Lend securities to any person or institution, except on a fully collateralized basis, and except when such lending is specifically permitted under an investment policy adopted pursuant to ORS 294.135 (1)(a);
(4) Pay for any securities purchased by the custodial officer until the officer has received sufficient evidence of title thereof. Evidence of title shall be consistent with modern investment, banking and commercial practices and may include physical possession, book entry and automated recordation of such title. However, the custodial officer may instruct one or more custodian banks, as defined in ORS 295.001, to accept or release securities as that custodial officer considers advisable to be held in safekeeping for collection of principal and interest or other income; or
(5) Deliver securities to the purchaser thereof upon sale prior to receiving payment in full therefor. However, the custodial officer may deliver the securities to any custodian bank, defined in ORS 295.001 upon instructions to hold the same pending receipt by the institution of full payment therefor. [1981 c.880 §7; 1991 c.88 §5; 1995 c.245 §8]
Section: Previous 294.100 294.105 294.110 294.115 294.120 294.125 294.135 294.145 294.155 294.160 294.175 294.178 294.181 294.184 294.187 NextLast modified: August 7, 2008