Iowa Code 12K.3 – Divestment
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1. A public fund shall not acquire any direct holdings in publicly traded securities of a prohibited company.
Terms Used In Iowa Code 12K.3
- Company: means any business or business entity that is publicly traded and that is not based in the United States. See Iowa Code 12K.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Prohibited company: means a company that is owned or controlled by Chinese military or government services and has been designated by the United States government as a company that citizens of the United States are restricted or prohibited from entering into transactions with, limited to companies on any of the following lists:a. See Iowa Code 12K.1
- Public fund: means the treasurer of state, the state board of regents, the public safety peace officers' retirement system created in chapter 97A, the Iowa public employees' retirement system created in chapter 97B, the statewide fire and police retirement system created in chapter 411, or the judicial retirement system created in chapter 602. See Iowa Code 12K.1
2. a. A public fund shall sell, redeem, divest, or withdraw all direct holdings in publicly traded securities of a prohibited company no later than one hundred eighty days following the date the company is included on the prohibited companies list.b. This subsection shall not be construed to require the premature or otherwise imprudent sale, redemption, divestment, or withdrawal of an investment, but such sale, redemption, divestment, or withdrawal shall be completed as provided by this subsection.