§ 5-10.2-13-14 — Cessation or deferral of divestment

The board, as directed by the legislative
council, shall consult with the interim study committee on pension
management oversight to determine whether to cease or defer
divestment in the entity or product initiated under this chapter and
resume investment in the entity or product during any period in which
the entity or product has not returned to being a restricted entity or
restricted investment product if any of the following conditions are
met:
(1) The United States Secretary of State has issued a
determination that the People's Republic of China is in
compliance with each of the following:
(A) The December 19, 1984, Joint Declaration of the
Government of the United Kingdom of Great Britain and
Northern Ireland and the Government of the People's Republic
of China on the Question of Hong Kong.
(B) The Basic Law of the Hong Kong Special Administrative
Region of the People's Republic of China.
(C) The Uyghur Human Rights Policy Act of 2020.
(D) The December 10, 1948, Universal Declaration of Human
Rights.
(E) The December 19, 1966, International Covenant on Civil
and Political Rights.
(2) The entity or product meets or exceeds the rules and standards
of the Public Company Accounting Oversight Board and the
Sarbanes-Oxley Act of 2002 (Public Law 107-204).
(3) The board determines that a fund has holdings in a passively
managed commingled fund that includes a restricted entity and
the estimated cost of divestment of the commingled fund is
greater than ten percent (10%) of the total value of the restricted
entities held in the commingled fund.

Legislative History

As added by P.L.104-2023, SEC.1.