§ 25-1-1003 — Divestment of public funds

(a) The Treasurer of State shall divest the state of all direct or indirect holdings with a financial services provider included on the list published on the Treasurer of State's website under § 25-1-1002 for: (1) Retirement holdings, as soon as practicable but no later than three hundred sixty-five (365) calendar days after the financial services provider's inclusion on the list published under § 25-1-1002 ; and (2) All other holdings, within sixty (60) days of the financial services provider's inclusion on the list published under § 25-1-1002 . (b) A public entity shall divest itself of all direct or indirect holdings with a financial services provider included on the list published on the Treasurer of State's website under § 25-1-1002 for: (1) Retirement holdings, as soon as practicable but no later than three hundred sixty-five (365) calendar days after the financial services provider's inclusion on the list published under § 25-1-1002 ; and (2) All other holdings, within sixty (60) days of the financial services provider's inclusion on the list published under § 25-1-1002 . (c) This subchapter shall not be construed to create a cause of action against an investment advisor, financial services provider, or any public entity, or their respective trustees, officers, directors, agents, or employees. (d) An investment advisor or public entity, or their respective trustees, officers, directors, agents, or employees, shall not be sued for breach of fiduciary duty for complying with their divestment obligations under this section.

Legislative History

Added by Act 2023, No. 411,§ 1, eff. 8/1/2023.