§ 5-10.2-9-34 — Cessation of divestment and reinvestment in scrutinized companies

Indiana § 5-10.2-9-34

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.2: PUBLIC RETIREMENT AND DISABILITY
• Ch. 9: Sudan Divestment

Text

(a) Notwithstanding any provision to the
contrary, the fund (before July 1, 2011) or system shall be permitted to
cease divesting and to reinvest in certain scrutinized companies on the
scrutinized company list with active business operations in Sudan if
evidence shows that the value for all assets under management by the
fund (before July 1, 2011) or the system on a fund's behalf becomes
equal to or less than ninety-nine and five-tenths percent (99.5%) of the
value of all assets under management by the fund (before July 1, 2011)
or the system on a fund's behalf, including the companies divested
under section 26 of this chapter.
(b) As provided by this section, any cessation of divestment or
reinvestment shall be strictly limited to the minimum steps necessary
to avoid the contingency set forth in subsection (a).
(c) For any cessation of divestment, reinvestment, and subsequent
ongoing investment authorized by this section, the fund (before July 1,
2011) or board shall submit a report in an electronic format under IC 5-14-6 to the legislative council for distribution to the members of the
general assembly in advance of any initial reinvestment. The report
shall be updated annually thereafter as applicable, setting forth the
reasons and justifications for the decision to cease divestment, reinvest,
or remain invested with companies with scrutinized active business
operations. This section does not apply to companies that have ceased
to have scrutinized business operations.

Legislative History

As added by P.L.149-2007, SEC.3. Amended by P.L.35-2012, SEC.64.