Mich. Comp. Laws § 129.291
Short title.
This act shall be known and may be cited as the "divestment from terror act".
Michigan Compiled Laws — DIVESTMENT FROM TERROR ACT (Act 234 of 2008)
Michigan · statute · 234 of 2008, Mich. Comp. Laws · 11 active provisions
Mich. Comp. Laws § 129.292
Definitions.
As used in this act: (a) "Active business operations" means all business operations that are not inactive business operations. Active business operations do not include the activities of any business, legal, or governmental entity or institution that provides humanitarian aid to the people of any state sponsors of terr…
Mich. Comp. Laws § 129.293
Scrutinized companies; identification by fiduciary.
Within 90 days after the effective date of this act, the fiduciary shall make its best efforts to identify all scrutinized companies in which the fiduciary has direct or indirect holdings or has a current option to have such holdings in the future. The efforts may include 1 or more of the following: (a) Reviewing and r…
Mich. Comp. Laws § 129.294
Scrutinized companies; assembly into list; modification; procedure to be adhered to by fiduciary.
(1) At the end of the 90-day period or by the first meeting of the fiduciary following the 90-day period described in section 3, the fiduciary shall assemble all scrutinized companies identified into a scrutinized companies list. (2) The fiduciary shall update the scrutinized companies list described in subsection (1)…
Mich. Comp. Laws § 129.295
Internet website; collection and publication of information.
The department of treasury shall collect and publish the following information on the department's internet website no later than 1 year after the effective date of this act and shall periodically update the information at reasonable intervals: (a) All investments sold, redeemed, divested, or withdrawn in compliance wi…
Mich. Comp. Laws § 129.296
Exemption from conflicting statutory or common law obligations.
(1) With respect to actions taken in compliance with this act, including all good faith determinations regarding companies as required by this act, the fiduciary shall be exempt from any conflicting statutory or common law obligations, including any obligations in respect to choice of asset managers, investment funds,…
Mich. Comp. Laws § 129.297
Severability.
If any provision, section, subsection, sentence, clause, phrase, or word of this act or its application to any person or circumstance is found to be invalid, illegal, unenforceable, or unconstitutional, the same is hereby declared to be severable and the balance of this legislation shall remain effective and functional…
Mich. Comp. Laws § 129.298
Business with Sudan; fiduciary subject to provisions of public employee retirement system investment act.
If a scrutinized company does business with the government of Sudan and the fiduciary is subject to the divestment provisions of section 13c of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133c, for that period of time the fiduciary shall follow the divestment criteria contained in section…
Mich. Comp. Laws § 129.299
Business with Iran; fiduciary subject to provisions of public employee retirement system investment act.
If a scrutinized company does business with the government of Iran and the fiduciary is subject to the divestment provisions of section 13d of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133d, for that period of time the fiduciary shall follow the divestment criteria contained in section…
Mich. Comp. Laws § 129.300
Applicability of act; dates; extension.
(1) If a state sponsor of terror is any of the following countries, then, except as provided in subsection (2), the provisions of this act begin to apply on the following dates: (a) Syria, January 1, 2010. (b) Cuba, January 1, 2011. (c) Any other country, 12 months following the determination by the United States secre…
Mich. Comp. Laws § 129.301
Divestment of funds; recommendations of department of treasury.
Not later than October 1, 2010 and October 1, 2011, and not later than 9 months immediately following the determination of another country as a state sponsor of terror, the department of treasury shall make recommendations to each house of the legislature and to the standing committees of the senate and house of repres…