senate Bill S1266

2013-2014 Legislative Session

Relates to prohibiting investment of certain public funds in companies doing business in Sudan

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to civil service and pensions
Jan 09, 2013 referred to civil service and pensions

Co-Sponsors

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S1266 - Details

Current Committee:
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2477
2009-2010: S2612

S1266 - Summary

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.

S1266 - Sponsor Memo

S1266 - Bill Text download pdf

                    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:

  Section 1. The retirement and social security law is amended by adding
a new section 423-d to read as follows:
  S  423-D.  INVESTMENT OF CERTAIN PUBLIC FUNDS IN COMPANIES DOING BUSI-
NESS IN SUDAN. 1. ON AND AFTER THE EFFECTIVE DATE OF  THIS  SECTION,  NO
MONEYS  OR ASSETS OF THE COMMON RETIREMENT FUND SHALL BE INVESTED IN THE
STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY  INSTITUTION  OR  COMPANY
DOING  BUSINESS  IN  OR WITH SUDAN OR WITH AGENCIES OR INSTRUMENTALITIES
THEREOF. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, NO ASSETS
OF ANY PENSION OR ANNUITY FUND  UNDER  THE  JURISDICTION  OF  THE  COMP-
TROLLER,  SHALL  BE  INVESTED IN ANY BANK OR FINANCIAL INSTITUTION WHICH
DIRECTLY OR THROUGH A SUBSIDIARY HAS OUTSTANDING LOANS TO  OR  FINANCIAL
ACTIVITIES IN SUDAN OR ITS INSTRUMENTALITIES AND NO SUCH ASSETS SHALL BE
INVESTED  IN  THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY COMPANY
WHICH DIRECTLY OR THROUGH A SUBSIDIARY IS ENGAGED IN BUSINESS IN OR WITH
SUDAN OR ITS INSTRUMENTALITIES.
  2. THE COMPTROLLER SHALL TAKE  APPROPRIATE  ACTION  TO  SELL,  REDEEM,
DIVEST OR WITHDRAW ANY INVESTMENT HELD IN VIOLATION OF THE PROVISIONS OF
THIS  SECTION. THIS SECTION SHALL NOT BE CONSTRUED TO REQUIRE THE PREMA-
TURE OR OTHERWISE IMPRUDENT SALE, REDEMPTION, DIVESTMENT  OR  WITHDRAWAL
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

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