ORS 543.540¹
Consideration for bonds, stocks and other securities
  • restrictions
  • corporate shares
  • sale price of securities
  • discount from face value

No bonds, notes or other obligations or securities or corporate stock shall be issued in connection with the financing, construction or acquisition of any project or part of a project, under a license issued pursuant to ORS 543.010 (Definitions for ORS 543.010 to 543.610) to 543.610 (Acquisition of project by state or municipality), except for cash or property. If issued for property, the price or value at which the property is to be acquired by the licensee and made a part of any such project must be submitted to and approved by the Water Resources Commission before it is purchased or acquired. All corporate shares issued in connection with any such project shall have a nominal or par value. All bonds, notes or other obligations or securities, and all shares of corporate stock issued or sold by any licensee in connection with the acquisition, construction or financing of any project, or part of a project, shall be issued or sold or used in the purchase or acquisition of property at the full face or nominal value thereof, unless the commission consents to and approves the sale for cash, or the use of cash in the purchase or acquisition of property at a discount from the face or nominal value of the property. Any discount so approved and consented to shall be considered a part of the cost of financing. [Amended by 1985 c.673 §160]

Notes of Decisions

Water control district, in applying for wa­ter appropria­tion permit for hydroelectric project, was exempt from licensing pro­vi­sions of these sec­tions and needed only to comply with require­ments of ORS chapter 537. Steamboaters v. Winchester Water Control Dist., 69 Or App 596, 688 P2d 92 (1984), Sup Ct review denied

Law Review Cita­tions

16 EL 583, 592 (1986)

Chapter 543

Law Review Cita­tions

16 EL 583, 593 (1986)

1 Legislative Counsel Committee, CHAPTER 543—Hydroelectric Projects, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­543.­html (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 543, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­543ano.­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. Currency Information