§ 35-10.3-8. Reinvestment in certain companies with scrutinized active business operations. [Expires July 1, 2018.]
(a) Notwithstanding anything herein to the contrary, the public fund shall be permitted to cease divesting from certain scrutinized companies pursuant to § 35-10.3-4 and/or reinvest in certain scrutinized companies from which it divested pursuant to § 35-10.3-4 if clear and convincing evidence shows that the value for all assets under management by the public fund becomes equal to or less than ninety-nine and one-half percent (99.50%) or fifty (50) basis points of the hypothetical value of all assets under management by the public fund assuming no divestment for any company had occurred under subdivision 35-10.3-4(2).
(b) Cessation of divestment, reinvestment, and/or any subsequent ongoing investment authorized by this section shall be strictly limited to the minimum steps necessary to avoid the contingency set forth in subsection (a). For any cessation of divestment, reinvestment, and/or subsequent ongoing investment authorized by this section, the public fund shall provide a written report to the Rhode Island general assembly and the office of the attorney general in advance of initial reinvestment, updated semi-annually thereafter as applicable, setting forth the reasons and justification, supported by clear and convincing evidence, for its decisions to cease divestment, reinvest, and/or remain invested in companies with scrutinized active business operations.
(c) This section has no application to reinvestment in companies on the ground that they have ceased to be a scrutinized company engaged in active business operations.
History of Section.
P.L. 2013, ch. 173, § 1; P.L. 2013, ch. 225, § 1.