06 LC 21
8660
House
Bill 1278
By:
Representatives Brooks of the
63rd,
Watson of the
91st,
Mangham of the
94th,
Benfield of the
85th,
Abdul-Salaam of the
74th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 1 of Title 47 of the Official Code of Georgia
Annotated, relating to general provisions relative to retirement and pensions,
so as to provide that no public retirement system shall invest funds in public
obligations of companies doing business with or in the Republic of Sudan; to
provide for divestiture of such investments; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
1 of Chapter 1 of Title 47 of the Official Code of Georgia Annotated, relating
to general provisions relative to retirement and pensions, is amended by
inserting at the end thereof a new Code section to read as follows:
∀47-1-16.
No
public retirement system shall invest funds in public obligations of companies
doing business with or in the Republic of Sudan. Any public retirement system
which holds such investments on July 1, 2006, shall divest itself of all such
investments not later than July 1,
2007.∀
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.