Bill Text: NY S01266 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to prohibiting investment of funds of the common retirement fund in companies doing business in Sudan and requires divestiture of any such investments within three years.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2014-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S01266 Detail]
Download: New_York-2013-S01266-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1266
2013-2014 Regular Sessions
I N S E N A T E
(PREFILED)
January 9, 2013
___________
Introduced by Sens. PERKINS, BRESLIN, DIAZ, DILAN, HASSELL-THOMPSON,
KRUEGER, MONTGOMERY, PARKER, SERRANO, SMITH -- read twice and ordered
printed, and when printed to be committed to the Committee on Civil
Service and Pensions
AN ACT to amend the retirement and social security law, in relation to
prohibiting investment of certain public funds in companies doing
business in Sudan
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The retirement and social security law is amended by adding
2 a new section 423-d to read as follows:
3 S 423-D. INVESTMENT OF CERTAIN PUBLIC FUNDS IN COMPANIES DOING BUSI-
4 NESS IN SUDAN. 1. ON AND AFTER THE EFFECTIVE DATE OF THIS SECTION, NO
5 MONEYS OR ASSETS OF THE COMMON RETIREMENT FUND SHALL BE INVESTED IN THE
6 STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY INSTITUTION OR COMPANY
7 DOING BUSINESS IN OR WITH SUDAN OR WITH AGENCIES OR INSTRUMENTALITIES
8 THEREOF. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, NO ASSETS
9 OF ANY PENSION OR ANNUITY FUND UNDER THE JURISDICTION OF THE COMP-
10 TROLLER, SHALL BE INVESTED IN ANY BANK OR FINANCIAL INSTITUTION WHICH
11 DIRECTLY OR THROUGH A SUBSIDIARY HAS OUTSTANDING LOANS TO OR FINANCIAL
12 ACTIVITIES IN SUDAN OR ITS INSTRUMENTALITIES AND NO SUCH ASSETS SHALL BE
13 INVESTED IN THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY COMPANY
14 WHICH DIRECTLY OR THROUGH A SUBSIDIARY IS ENGAGED IN BUSINESS IN OR WITH
15 SUDAN OR ITS INSTRUMENTALITIES.
16 2. THE COMPTROLLER SHALL TAKE APPROPRIATE ACTION TO SELL, REDEEM,
17 DIVEST OR WITHDRAW ANY INVESTMENT HELD IN VIOLATION OF THE PROVISIONS OF
18 THIS SECTION. THIS SECTION SHALL NOT BE CONSTRUED TO REQUIRE THE PREMA-
19 TURE OR OTHERWISE IMPRUDENT SALE, REDEMPTION, DIVESTMENT OR WITHDRAWAL
20 OF AN INVESTMENT, BUT SUCH SALE, REDEMPTION, DIVESTMENT OR WITHDRAWAL
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04236-01-3
S. 1266 2
1 SHALL BE COMPLETED NOT LATER THAN THREE YEARS FOLLOWING THE EFFECTIVE
2 DATE OF THIS SECTION.
3 3. WITHIN SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS SECTION, THE
4 COMPTROLLER SHALL FILE WITH THE LEGISLATURE A REPORT OF ALL INVESTMENTS
5 HELD AS OF THE EFFECTIVE DATE OF THIS SECTION WHICH ARE IN VIOLATION OF
6 THE PROVISIONS OF THIS SECTION. EVERY YEAR THEREAFTER, THE COMPTROLLER
7 SHALL REPORT ON ALL INVESTMENTS SOLD, REDEEMED, DIVESTED OR WITHDRAWN IN
8 COMPLIANCE WITH THIS SECTION. EACH REPORT AFTER THE INITIAL REPORT
9 SHALL PROVIDE A DESCRIPTION OF THE PROGRESS WHICH THE COMPTROLLER HAS
10 MADE SINCE THE PREVIOUS REPORT AND SINCE THE EFFECTIVE DATE OF THIS
11 SECTION.
12 S 2. This act shall take effect immediately.
