2017 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 may 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 to the securities. However, the investment officer may instruct any custodial agent or bank to accept securities on the investment officer’s behalf against payment for the securities previously deposited with the custodial agent or bank by the investment officer; or

(5) Deliver securities to the purchaser of the securities upon sale prior to receiving payment in full for the securities. However, the investment officer may deliver the securities to any custodial agent or bank upon instructions to hold the securities pending receipt by the custodial agent or bank of full payment for the securities. [1981 c.880 §11; 1991 c.88 §6; 2007 c.871 §27; 2008 c.18 §§2,3]

1 Legislative Counsel Committee, CHAPTER 294—County and Municipal Financial Administration, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors294.­html (2017) (last ac­cessed Mar. 30, 2018).
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.