- (1) A credit union shall not exercise the investment powers granted credit unions by OAR 441-720-0220 and 441-720-0225, unless it first adopts investment procedures and policies covering the type of investment programs it intends to engage in.
(2) The investment policies and procedures shall:
- (a) Describe the particular type of investment it intends to engage in, summarize the procedures and policies developed for each program and describe investment objectives for the program;
- (b) Name the person who will do the investing and any professionals who will be used as adviser; and
- (c) Show the ability and training of the person that qualifies the person to do the investing.
Statutory/Other Authority
ORS 723.102
Statutes/Other Implemented
ORS 723.156 & 723.602
History
Renumbered from 441-710-0180, FCS 2-2005, f. & cert. ef. 8-25-05
FID 5-1986, f. & ef. 8-27-86; Renumbered from 805-072-0260