Oregon Statutes 571.471 – Financial activity of Oregon Hemp Commission
(1)(a) Moneys a person collects or receives from the assessment levied pursuant to ORS § 571.447, and other moneys the Oregon Hemp Commission receives, must be paid to the authorized agent of the commission and promptly deposited into an account established by the commission in a depository, as defined in ORS § 295.001, that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
Terms Used In Oregon Statutes 571.471
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(b) In a manner consistent with the requirements of ORS § 295.001 to 295.108, the chairperson, vice chairperson and secretary-treasurer for the commission shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the coverage limits established by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
(c) All moneys in the account are continuously appropriated to the commission for the purposes of carrying out the commission’s duties, functions and powers.
(2) Moneys may not be withdrawn from or paid out of the account except upon order of the commission, and upon checks or other orders upon accounts signed by the secretary-treasurer or other member of the commission that the commission designates and countersigned by another member, officer or employee of the commission that the commission designates. The commission shall keep a receipt, voucher or other written record showing clearly the nature and items covered by each check or other order.
(3) Subject to approval by the Director of Agriculture, the commission may invest moneys the commission collects or receives. Investments the commission makes are:
(a) Limited to investments described in ORS § 294.035;
(b) Subject to the investments maturity date limitations described in ORS § 294.135; and
(c) Subject to the conduct prohibitions listed in ORS § 294.145.
(4) Interest earned from any moneys the commission invests under subsection (3) of this section is available to the commission in a manner consistent with the commission’s annual budget.
(5) In addition to, or in lieu of, investments described in subsection (3) of this section, the commission may invest in the investment pool described in ORS § 294.805. For purposes of ORS § 294.805 to 294.895, the commission is a public corporation and the secretary-treasurer of the commission is the local government official. [2021 c.216 § 26]
See note under 571.400.