(1) Moneys that a person collects or receives from an assessment levied by the Oregon Wheat Commission and other moneys that the commission receives must be paid to the authorized agent of the commission and, except as provided under subsection (3) of this section, promptly deposited into an account established in accordance with ORS § 295.001 to 295.108.

Terms Used In Oregon Statutes 578.155

  • Commission: means the Oregon Wheat Commission. See Oregon Statutes 578.010
  • 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.
  • Director: means the Director of Agriculture. See Oregon Statutes 578.010
  • 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

(2) Subject to approval by the Director of Agriculture, the commission may invest moneys the commission collects or receives. Except as provided in subsection (3) of this section, 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.

(3) In addition to or in lieu of investments described in subsection (2) 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 a local government official.

(4) Interest earned from any moneys a commission deposits or invests under this section is available to the commission in a manner consistent with the commission’s annual budget.

(5) Moneys may not be withdrawn from or paid out of an account established by the commission except upon order of the commission, and upon checks or other orders on the account that are signed by the secretary-treasurer or by another commission member designated by the commission and countersigned by the chairperson or vice chairperson or by another member designated by the commission. The secretary-treasurer of the commission shall keep a receipt, voucher or other written record, showing clearly the nature and items covered by each check or other order. [2013 c.93 § 5; 2019 c.587 § 48]