07 LC 21
9341
Senate
Bill 199
By:
Senator Hill of the 32nd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-20-84 of the Official Code of Georgia Annotated, relating
to large retirement systems, so as to provide that no public retirement system
shall invest funds in certain corporations or obligations of corporations doing
business with or in the Islamic Republic of Iran, Republic of Sudan, Syrian Arab
Republic, and Democratic People´s Republic of Korea or certain other
states; 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.
Code
Section 47-20-84 of the Official Code of Georgia Annotated, relating to large
retirement systems, is amended by adding a new subsection to read as
follows:
"(f)
No large retirement system shall invest funds in corporations or obligations of
corporations organized in a country other than the United States or Canada,
which corporation is included in the terrorism sanctions issued by the Office of
Foreign Assets Control of the United States Department of the Treasury pursuant
to Executive Order 13224, signed by the President on September 23, 2001,
specifically including, but not limited to, any company doing business with or
in the Islamic Republic of Iran, Republic of Sudan, Syrian Arab Republic, and
Democratic People´s Republic of Korea. Any large retirement system which
holds such investments on July 1, 2007, shall divest itself of all such
investments as soon as is economically practicable, but not later than December
31, 2007."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.