Chapter 623
AN ACT
HB 2283
Relating to the Oregon Investment Council; amending ORS 293.706 and
293.711 and section 28, chapter 625, Oregon Laws 2003; and declaring an
emergency.
Be It Enacted by the People of
the State of Oregon:
SECTION 1.
Section 28, chapter 625, Oregon Laws 2003, is amended to read:
Sec. 28. The
amendments to ORS 293.706 and 293.711 by sections 25 and 27 [of this 2003 Act], chapter 625,
Oregon Laws 2003, become operative on [October
1, 2007] the effective date of this 2007 Act.
SECTION 2.
ORS 293.706, as amended by section 25, chapter 625, Oregon Laws 2003, and
section 2, chapter 180, Oregon Laws 2005, is amended to read:
293.706. (1) There is
created the Oregon Investment Council, consisting of five voting members and
one nonvoting member.
[(2) The Governor shall appoint four voting members, subject to Senate
confirmation in the manner provided in ORS 171.562 and 171.565. Of the members
appointed under this subsection:]
[(a) One must be a person who is appointed to serve on the Public
Employees Retirement Board under ORS 238.640 (4); and]
[(b) Three must be qualified by training and experience in the field of
investment or finance and may not hold any other public office or employment.]
(2) The Governor
shall appoint four voting members, subject to Senate confirmation in the manner
provided in ORS 171.562 and 171.565. The members appointed by the Governor must
be qualified by training and experience in the field of investment or finance.
(3) The Governor may appoint
a member of the council under subsection (2) of this section who is also a
member of the Public Employees Retirement Board appointed under ORS 238.640
(4). Except as provided in this subsection, members appointed by the Governor
may not hold any other public office or public employment.
[(3)] (4) The State Treasurer shall be a voting member.
[(4)] (5) The Director of the Public Employees Retirement
System shall be an ex officio member of the council with no voting power.
[(5)] (6) The term of office of each appointed member of the
council is four years, but each appointed member serves at the pleasure of the
Governor. A vacancy in the appointed membership occurring other than by
expiration of term shall be filled in the same manner as the original
appointment, but for the unexpired term only.
[(6)] (7) An appointed member may not be appointed to more
than two full terms in any 12-year period.
SECTION 3.
ORS 293.711, as amended by section 27, chapter 625, Oregon Laws 2003, and
section 4, chapter 180, Oregon Laws 2005, is amended to read:
293.711. (1) Except
as provided in subsection (2) of this section, a member of the Oregon
Investment Council is entitled to compensation and expenses as provided in ORS
292.495 [except that the member of the
council who is also a member of the Public Employees Retirement Board shall be
compensated in the manner provided in ORS 238.640 (7)].
(2) A member of the
council who is also a member of the Public Employees Retirement Board is
entitled to compensation and expenses as provided in ORS 238.640 (7) and (8).
[(2)] (3) The council shall select one of its members as
chairperson, for a term and with powers and duties necessary for the
performance of the functions of the office as the council determines.
[(3)] (4) A person may not serve as chairperson of the
council for more than four years in any 12-year period.
SECTION 4. This
2007 Act being necessary for the immediate preservation of the public peace,
health and safety, an emergency is declared to exist, and this 2007 Act takes
effect on its passage.
Approved by the Governor June 26, 2007
Filed in the office of Secretary of State June 27, 2007
Effective date June 26, 2007
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