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.