OAR 441-720-0215: Procedures Required Prior to Exercise of Certain Investment Powers

(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.