(a)  Notwithstanding anything herein to the contrary, the public fund shall be permitted to cease divesting from certain scrutinized companies pursuant to § 35-10.3-4 and/or reinvest in certain scrutinized companies from which it divested pursuant to § 35-10.3-4 if clear and convincing evidence shows that the value for all assets under management by the public fund becomes equal to or less than ninety-nine and one-half percent (99.50%) or fifty (50) basis points of the hypothetical value of all assets under management by the public fund assuming no divestment for any company had occurred under subdivision 35-10.3-4(2).

Terms Used In Rhode Island General Laws 35-10.3-8

  • Active business operations: means all business operations that are not inactive business operations. See Rhode Island General Laws 35-10.3-2
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Business operations: means engaging in commerce in any form in Iran, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce. See Rhode Island General Laws 35-10.3-2
  • Company: means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly-owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of such entities or business associations, that exist for profit-making purposes. See Rhode Island General Laws 35-10.3-2
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Public fund: means Rhode Island state pension funds or the state investment commission in charge of the Rhode Island state pension funds. See Rhode Island General Laws 35-10.3-2
  • Scrutinized company: means any company engaging in scrutinized business operations. See Rhode Island General Laws 35-10.3-2

(b)  Cessation of divestment, reinvestment, and/or any subsequent ongoing investment authorized by this section shall be strictly limited to the minimum steps necessary to avoid the contingency set forth in subsection (a). For any cessation of divestment, reinvestment, and/or subsequent ongoing investment authorized by this section, the public fund shall provide a written report to the Rhode Island general assembly and the office of the attorney general in advance of initial reinvestment, updated semi-annually thereafter as applicable, setting forth the reasons and justification, supported by clear and convincing evidence, for its decisions to cease divestment, reinvest, and/or remain invested in companies with scrutinized active business operations.

(c)  This section has no application to reinvestment in companies on the ground that they have ceased to be a scrutinized company engaged in active business operations.

History of Section.
P.L. 2013, ch. 173, § 1; P.L. 2013, ch. 225, § 1.