Conflicts of interest for council members

(1) As used in this section: (a) “Business” has the meaning given that term in ORS 244.020. (b) “Business with which the person is associated” has the meaning given that term in ORS 244.020. (c) “Member of the household” has the meaning given that term in ORS 244.020. (d) “Relative” has the meaning given that term in ORS 244.020. (2) When a person who is a member of the Oregon Investment Council becomes aware that action on a matter pending before the council might lead to private pecuniary benefit or detriment to the person, to a relative or member of the household of the person or to a business with which the person or a relative or member of the household of the person is associated, the member shall notify in writing the State Treasurer or the Deputy State Treasurer that any action, decision or recommendation by the member might constitute an actual or potential conflict of interest. The member shall provide the notice not later than three business days after the member becomes aware of the possibility of an actual or potential conflict. (3) Subsection (2) of this section does not apply if the pecuniary benefit or detriment arises out of circumstances described in ORS 244.020 (13). (4) Complaints of violations of this section may be made to the Oregon Government Ethics Commission for review and investigation as provided by ORS 244.260 and for possible imposition of civil penalties as provided by ORS 244.350 or 244.360. (5) Nothing in this section excuses a member of the council from compliance with ORS 244.120.