§ 27-106-1. Short title
This chapter shall be known and may be cited as the “Iran Divestment Act of 2015.”
§ 27-106-11. Annual reporting by the Executive Director of the Department of Finance and Administration
The executive director shall report annually to the Governor, Lieutenant Governor and Speaker of the House of Representatives before October 1 on the status of the federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-195), the “Iran Divestment Act of 2015,” and any rules or regulations adopted thereunder.
§ 27-106-13. Limitation on the Public Employees’ Retirement System and State Treasury Investments
The Public Employees’ Retirement System and the State Treasurer may not invest funds with a person that is identified on a list created pursuant to Section 27-106-9 as a person engaging in investment activities in Iran, as described in Section 27-106-7. Any existing investments in violation of subsection (1) as of July 1, 2015, must […]
§ 27-106-15. Exception to investment prohibition
Notwithstanding Section 27-106-13, an investment may be made in a person engaged in investment activities in Iran, as described in Section 27-106-7, on a case by case basis, if: The investment activities in Iran were made before July 1, 2015, the investment activities in Iran have not been expanded or renewed after July 1, 2015, […]
§ 27-106-17. Limitation of chapter due to fiduciary obligations
Nothing in this chapter requires the Public Employees’ Retirement System of Mississippi or the State Treasurer or their agents to take any action as described in this chapter unless it is determined, in good faith, that: the action described in this chapter is consistent with the fiduciary responsibilities of the Public Employees’ Retirement System of […]
§ 27-106-19. Indemnification of employees and officials for compliance with this chapter
Present, future and former board members, officers, employees and agents of the Public Employees’ Retirement System and the Department of Finance and Administration, as well as present, future and former State Treasurers, officers and employees of the State Treasurer and agents retained by the State Treasurer, must be indemnified from the State General Fund and […]
§ 27-106-21. Continued application of this chapter
The restrictions established under this chapter apply only until: The President or Congress of the United States, by means including, but not limited to, legislation, executive order or written certification, declares that divestment of the type provided for in this chapter interferes with the conduct of United States foreign policy; or The United States revokes […]
§ 27-106-23. Notice to the Attorney General of the United States
The Secretary of State, in consultation with the Mississippi Attorney General, shall submit to the Attorney General of the United States a written notice describing this chapter before August 1, 2015.
§ 27-106-25. Severability
If any section, subsection, paragraph, subparagraph, sentence, clause, phrase or word of this chapter is for any reason held to be unconstitutional or invalid, the holding shall not affect the constitutionality or validity of the remaining portions of this chapter. The Legislature hereby declares that it would have passed this chapter, and each and every […]
§ 27-106-3. Legislative findings
The Mississippi Legislature finds the following: Congress and the President have determined that the illicit nuclear activities of the Government of Iran, combined with its development of unconventional weapons and ballistic missiles, and its support of international terrorism represent a serious threat to the security of the United States, Israel and other allies of the […]
§ 27-106-5. Definitions
As used in this chapter, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise: “Energy sector of Iran” means activities to develop petroleum or natural gas resources or nuclear power in Iran. “Expense” means all explicit costs associated with divesting of investments, including, but not limited […]
§ 27-106-7. Persons engaged in investments
For purposes of this chapter, a person engages in investment activities in Iran if the person provides goods or services valued at Twenty Million Dollars ($20,000,000.00) or more in the energy sector of Iran, including a person that provides oil liquefied natural gas tankers or products used to construct or maintain pipelines used to transport […]
§ 27-106-9. Duties of the Executive Director of the Department of Finance and Administration
Before November 1, 2015, the Executive Director of the Department of Finance and Administration shall develop or contract to develop, using credible information available to the public, a list of persons determined to engage in investment activities in Iran, as described in this section. If the executive director elects to contract for the development of […]