Article XI, § 6 — State not to be stockholder in company; exceptions; inapplicability to public universities

(1) Except as provided in subsection (3) of this section, the. state shall not subscribe to, or be interested in the stock of any company, association or corporation. However, as provided by law the state may hold and dispose of stock, including stock already received, that is donated or bequeathed; and may invest, in the stock of any company, association or corporation, any funds or moneys that: (a) Are donated or bequeathed for higher education purposes; (b) Are the proceeds from the disposition of stock that is donated or bequeathed for higher education purposes, including stock already received; or (c) Are dividends paid with respect to stock that is donated or bequeathed for higher education purposes, including stock already received. (2) Notwithstanding the limits contained in subsection (1) of this section, the state may hold and dispose of stock: (a) Received in exchange for technology created in whole or in part by a public institution of post-secondary education; or (b) Received prior to December 5, 2002, as a state asset invested in the creation or development of technology or resources within Oregon. (3) Subsections (1) and (2) of this section do not apply to public universities.