In making investments pursuant to ORS 294.805 to 294.895, the investment 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;
(4) Pay for any securities purchased by the investment officer until the investment officer has received physical possession, or other sufficient evidence, as determined under ORS 293.751 (1), of title thereof. However, the investment officer may instruct any custodian bank, defined in ORS 295.001, to accept securities on the investment officer’s behalf against payment therefor previously deposited with the institution by the investment officer; or
(5) Deliver securities to the purchaser thereof upon sale prior to receiving payment in full therefor. However, the investment 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 §11; 1991 c.88 §6; 2007 c.871 §27]
Note: The amendments to 294.847 by section 27, chapter 871, Oregon Laws 2007, become operative July 1, 2008, and apply to all public funds on deposit on or after July 1, 2008. See sections 36 and 37, chapter 871, Oregon Laws 2007, as amended by sections 39 and 40, chapter 871, Oregon Laws 2007. The text that is operative until July 1, 2008, is set forth for the user’s convenience.
294.847 In making investments pursuant to ORS 294.805 to 294.895, the investment 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;
(4) Pay for any securities purchased by the investment officer until the investment officer has received physical possession, or other sufficient evidence, as determined under ORS 293.751 (1), of title thereof. However, the investment officer may instruct any custodian bank, defined in ORS 295.001 (2), to accept securities on the investment officer’s behalf against payment therefor previously deposited with the institution by the investment officer; or
(5) Deliver securities to the purchaser thereof upon sale prior to receiving payment in full therefor. However, the investment officer may deliver the securities to any custodian bank, defined in ORS 295.001 (2), upon instructions to hold the same pending receipt by the institution of full payment therefor.
Section: Previous 294.820 294.825 294.830 294.831 294.835 294.840 294.845 294.847 294.850 294.855 294.860 294.865 294.870 294.875 294.880 NextLast modified: August 7, 2008