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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. 806.058. AUTHORIZED INVESTMENT IN LISTED COMPANIES
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(a) A state governmental entity may cease divesting from or may reinvest in one or more listed companies if clear and convincing evidence shows that the value for all assets under management by the state governmental entity becomes equal to or less than 99.7 percent of the hypothetical value of all assets under management by the state governmental entity had the state governmental entity not divested from listed companies under this chapter.
(b) A state governmental entity may invest in a listed company as provided by this section only to the extent necessary to ensure that the value of the assets managed by the state governmental entity does not fall below the value described by Subsection (a).
(c) Before a state governmental entity may invest in a listed company under this section, the state governmental entity must provide a written report to the presiding officer of each house of the legislature and the attorney general setting forth the reason and justification, supported by clear and convincing evidence, for its decisions to cease divestment, to reinvest, or to remain invested in a listed company.
(d) The state governmental entity shall update the report required by Subsection (c) semiannually, as applicable.
(e) This section does not apply to reinvestment in a company that has ceased to be a listed company.