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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 8. PUBLIC RETIREMENT SYSTEMS |
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Subtitle A. PROVISIONS GENERALLY APPLICABLE TO PUBLIC RETIREMENT SYSTEMS |
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Chapter 806. PROHIBITION ON INVESTMENT IN SUDAN |
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Subchapter B. DUTIES REGARDING INVESTMENTS |
Sec. 806.056. DIVESTMENT OF ASSETS
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(a) A state governmental entity required to sell, redeem, divest, or withdraw all publicly traded securities of a listed company shall comply with the following schedule:
(1) at least 50 percent of those assets shall be removed from the state governmental entity's assets under management not later than the 270th day after the date the company receives notice under Section 806.054 or 806.055 or Subsection (b); and
(2) 100 percent of those assets shall be removed from the state governmental entity's assets under management not later than the 450th day after the date the company receives notice under Section 806.054 or 806.055 or Subsection (b).
(b) If a company that ceased scrutinized active business operations after receiving notice under Section 806.054 resumes scrutinized active business operations, the state governmental entity shall send a written notice to the company informing it that the state governmental entity will sell, redeem, divest, or withdraw all publicly traded securities of the scrutinized company according to the schedule in Subsection (a).
(c) A state governmental entity may delay the schedule for divestment under Subsection (a) only to the extent that the state governmental entity determines, in the state governmental entity's good faith judgment, that divestment from listed companies will likely result in a loss in value described by Section 806.058(a). If a state governmental entity delays the schedule for divestment, the state governmental entity shall submit a report to the presiding officer of each house of the legislature and the attorney general stating the reasons and justification for the state governmental entity's delay in divestment from listed companies. The report must include documentation supporting its determination that the divestment would result in a loss in value described by Section 806.058(a), including objective numerical estimates. The state governmental entity shall update the report every six months.