Chapter 481 Oregon Laws 1999

Session Law

AN ACT

SB 197

Relating to investment holding companies; amending ORS 293.778.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 293.778 is amended to read:

293.778. (1) The investment officer singly, or jointly with other public or institutional investors, may authorize establishment of investment holding companies, which may be corporations, partnerships or limited liability companies, and placement of investment funds or investments in such companies, when it is appropriate to do so under the investment standard prescribed in ORS 293.726. An investment holding company authorized by this section has the powers and authority granted by the laws of the jurisdiction in which the company is established.

(2) Any person qualified under the laws of the jurisdiction in which an investment holding company is established may serve as an officer, director, member or manager of the company. Officers and employees of the office of the State Treasurer may [be appointed by the investment officer to] serve as directors, [and] officers and members of investment holding companies authorized by this section. However, if a conflict arises between the [officer's] duties of the officer or employee of the office of the State Treasurer under state law and the [officer's] duties of the officer or employee of the office of the State Treasurer as a director, officer or member of [to] the investment holding company, the officer or employee shall abstain from acting on behalf of the company. If the conflict cannot be avoided by abstention, the officer or employee shall immediately resign from the company.

Approved by the Governor July 6, 1999

Filed in the office of Secretary of State July 6, 1999

Effective date October 23, 1999

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