2007 ORS 293.790¹
Holding, investing and disposing of corporate stock

(1) Under authority of section 6, Article XI of the Oregon Constitution, the state, subject to subsection (2) of this section, may hold and dispose of the stock of any company, association or corporation, including stock already received, that is donated or bequeathed and the state, acting by and through the State Board of Higher Education, subject to subsection (2) of this section, may invest and reinvest in the stock of any company, association or corporation, any funds or moneys of the State Board of Higher Education that:

(a) Are or have been donated or bequeathed for higher education purposes;

(b) Are the proceeds from the disposition of stock that is donated or bequeathed for higher education purposes, including stock already received; or

(c) Are dividends paid with respect to stock that is donated or bequeathed for higher education purposes, including stock already received.

(2) The state, including any of its agencies having control of, or authority to invest and reinvest in, any stock described in subsection (1) of this section, in holding, disposing of or investing and reinvesting in such stock, shall be governed by ORS 130.750 (Trustee's duty to comply with prudent investor rule) to 130.775 (Trust language authorizing investments permitted under prudent investor rule), notwithstanding the date of acquisition of such stock. Moneys received from the disposition of such stock, including dividends, shall be maintained separate and distinct from the General Fund, and those moneys, including interest earned thereon, are appropriated continuously for the purposes of the donation or bequest and of the investments and reinvestments authorized by subsection (1) of this section and by ORS 351.130 (Encouragement of gifts to institutions). Except as specifically authorized by law, the state or any of its agencies may not purchase stock.

(3)(a) This section does not apply to investment and reinvestment of moneys in the Public Employees Retirement Fund, the Industrial Accident Fund, the Deferred Compensation Fund and the Education Stability Fund or to acquisition, retention, management and disposition of investments of those funds as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.820) to 293.820 (Separate accounts for each local government).

(b) This section does not apply to investment or reinvestment of moneys or stock resulting from the holding and disposing of stock by the state as allowed under section 6 (2), Article XI of the Oregon Constitution. [Formerly 291.630; 1967 c.335 §32; 1971 c.339 §1; 1989 c.966 §21; 1995 c.12 §4; 1995 c.157 §25; 1997 c.179 §24; 2001 c.835 §13; 2002 s.s.3 c.6 §12; 2005 c.348 §122]

Atty. Gen. Opinions

Interpreta­tions of this sec­tion, (1976) Vol 38, p 271

Chapter 293

Atty. Gen. Opinions

Duty or authority of Secretary of State to con­duct performance audits, (1985) Vol. 44, p 381

1 Legislative Counsel Committee, CHAPTER 293—Administration of Public Funds, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­293.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 293, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­293ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.