Sec. 8. (a) For purposes of this chapter, a person engages in investment activities in Iran if either of the following is true:

(1) The person provides goods or services of twenty million dollars ($20,000,000) or more in value in the energy sector of Iran, including providing any of the following for the energy sector of Iran:

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Terms Used In Indiana Code 5-22-16.5-8

  • Contract: A legal written agreement that becomes binding when signed.
  • energy sector of Iran: includes any activity to develop petroleum or natural gas resources or nuclear power in Iran. See Indiana Code 5-22-16.5-3
  • financial institution: has the meaning set forth in Section 14 of the Iran Sanctions Act of 1996 (Public Law 104-172, Indiana Code 5-22-16.5-4
  • Iran: includes the government of Iran and any agency or instrumentality of the government of Iran. See Indiana Code 5-22-16.5-5
  • list: refers to the list developed under section 9 of this chapter. See Indiana Code 5-22-16.5-6
(A) Oil or liquified natural gas tankers.

(B) Products used to construct or maintain pipelines used to transport oil or liquified natural gas.

(2) The person is a financial institution that extends twenty million dollars ($20,000,000) or more in credit to another person, for forty-five (45) days or more, if that other person:

(A) will use the credit to provide goods or services in the energy sector in Iran; and

(B) is, at the time the financial institution extends credit, a person identified on the list as a person engaging in investment activities in Iran under subdivision (1).

     (b) A person’s investment contract with the Indiana public retirement system may not be used as the basis for making a determination under this chapter that the person is engaged in investment activities in Iran.

As added by P.L.21-2012, SEC.4.

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