2007 ORS 348.707¹
Oregon Growth Account Board
  • members
  • terms
  • compensation
  • powers and duties

(1) There is established an Oregon Growth Account Board consisting of:

(a) The State Treasurer or the treasurer’s designated representative, who shall be the chairperson of the board.

(b) Three members appointed by the Governor from a list of candidates recommended by the State Treasurer who are qualified by training and experience in the field of venture capital and emerging growth businesses in Oregon.

(c) Three members from the general public appointed by the Governor from a list of candidates recommended by the State Treasurer.

(2) The term of office of each board member appointed by the Governor is three years. However, each member, except the State Treasurer or the treasurer’s designated representative, shall serve at the pleasure of the Governor. Before the expiration of the term of a member, the Governor shall appoint a successor. A member is eligible for reappointment. If there is a vacancy for any cause, the Governor shall make an appointment to become immediately effective for the unexpired term.

(3) A member of the board may receive reimbursement of expenses under ORS 292.495 (Compensation and expenses of members of state boards and commissions) (2), but shall not receive compensation under ORS 292.495 (Compensation and expenses of members of state boards and commissions) (1) or otherwise for participation as a board member.

(4) The State Treasurer may establish investment policies for the Oregon Growth Account. The investment policies may include, but are not limited to:

(a) The reinvestment of the principal of the account after an original investment;

(b) The reinvestment of returns from an original investment;

(c) The retention of amounts for unfunded commitments owed to a management company;

(d) The determination of when and how earnings are calculated and declared available from the account on behalf of the Education Stability Fund; and

(e) Other policies that the State Treasurer determines may increase the total earnings of the account over time.

(5) Subject to investment policies established for moneys in the account by the State Treasurer, the board shall have authority to approve or direct specific investments or strategies for the investment of moneys in the Oregon Growth Account and to make investments directly, without the use of a management company, in any form or manner that would be lawful for a private corporation having similar intent. In addition, the board may:

(a) Acquire, own, hold, dispose of and encumber real or personal property of any nature, both tangible and intangible, or any interest in property, and exercise or acquire any rights in property necessary or desirable to protect or secure any investments in which the account has an interest;

(b) Trade, buy or sell securities;

(c) Own, possess, take license in and grant license to patents, copyrights, proprietary processes and other intellectual property, and negotiate and enter into contracts and establish charges for the use of such patents, copyrights, proprietary processes and other intellectual property; and

(d) Exercise any other powers necessary or desirable for the operation and functioning of the account within the purposes authorized in ORS 348.702 (Oregon Growth Account).

(6) When performing the board’s duties, the board shall exercise the care, skill and diligence that a prudent investor acting in a similar capacity and familiar with such investments would use in managing and investing a similar account.

(7) The State Treasurer shall report on the development of the policies described in subsection (4) of this section to the legislative interim committees on trade and economic development and government finance and tax policy. [1997 c.323 §3; 2001 c.52 §3; 2001 c.922 §4; 2002 s.s.3 c.6 §7]

1 Legislative Counsel Committee, CHAPTER 348—Student Aid; Education Stability Fund; Planning, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­348.­html (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.