|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to civil service and pensions|
|Jan 09, 2013||referred to civil service and pensions|
senate Bill S1266
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1266 - Details
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
BILL NUMBER:S1266 TITLE OF BILL: 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 PURPOSE: Directs the New York State Comptroller and all state governmental entities to cease and desist from the investment of public monies in companies, corporations or other business entities which are conducting business or maintaining commercial ties with the government of Sudan or its governmental subdivisions. SUMMARY OF PROVISIONS: Amends Retirement and Social Security Law by adding a new § 423-d, to prohibit New York State from investing in business or commercial entities which maintain economic ties with the Sudanese government. EXISTING LAW: Nothing in current law prohibits such investment. JUSTIFICATION: The Darfur region of western Sudan is site of the 21st century's first great episode of genocide. In February 2003, an insurgency war
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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