| Introduced By : Representatives SanBento, Moura, Pires, Fox and Coelho |
| Date Introduced : March 25, 1997 |
| Referred To : Committee on Finance |
It is enacted by the General Assembly as follows:
SECTION 1. Chapter 35-10 of the General Laws entitled "STATE INVESTMENT COMMISSION" is hereby amended by adding thereto the following section:
{ADD 35-10-15. Investment in corporations doing business in East Timor, Indonesia. -- ADD} {ADD As a direct result and as a consequence of the recent hostilities toward the Portuguese people, notwithstanding the provisions of any general or public law, rule or regulation to the contrary, no assets subject to investment by or otherwise under the jurisdiction of the state investment commission shall be invested in any security representing an equity interest in or a debt or other obligation in East Timor, Indonesia. If, on the effective date of this section, as any such assets are invested in any such security in violation of the provisions hereof, the commission shall take appropriate action to sell, redeem, divest, or withdraw that investment. Such sale, redemption, divestment, or withdrawal shall be effected in strict accordance with the principles of prudent financial management and in such manner as shall best protect the interests of the public and of the active and retired members of the several state-administered retirement systems of this state, but shall in any case be completed not later than six (6) months following that effective date. ADD}
SECTION 2. This act shall take effect upon passage.
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This act would require divestment of any state funds in East Timor, Indonesia as a result of the hostilities toward the Portuguese people.
This act would take effect upon passage.
