ORS 294.847¹
Prohibited conduct for investment officer

In making investments pursuant to ORS 294.805 (Definitions for ORS 294.805 to 294.895) to 294.895 (Board duties, generally), 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 (Custody of title instruments) (1), of title thereof. However, the investment officer may instruct any custodian bank, defined in ORS 295.001 (Definitions for ORS 295.001 to 295.108) (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 (Definitions for ORS 295.001 to 295.108) (2), upon instructions to hold the same pending receipt by the institution of full payment therefor.

1 Legislative Counsel Committee, CHAPTER 294—County and Municipal Financial Administration, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors294.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
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. Currency Information