Section 129.279 – Severability.
129.279 Severability. Sec. 19. This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances is found to be invalid by a court, the invalidity of that portion or application shall not affect the remaining portions or applications that can be given […]
Section 129.291 – Short Title.
129.291 Short title. Sec. 1. This act shall be known and may be cited as the “divestment from terror act”. History: 2008, Act 234, Imd. Eff. July 17, 2008
Section 129.292 – Definitions.
129.292 Definitions. Sec. 2. 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 terror. (b) “Business […]
Section 129.266 – Board of Directors; Membership; Terms; Vacancy; Compensation; Reimbursement; Chairperson; Quorum; Vote; Agents and Employees; Discharge of Duties by Member, Officer, Employee, or Agent; Independent Public Financial Advisor.
129.266 Board of directors; membership; terms; vacancy; compensation; reimbursement; chairperson; quorum; vote; agents and employees; discharge of duties by member, officer, employee, or agent; independent public financial advisor. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of 7 members as follows: (a) […]
Section 129.293 – Scrutinized Companies; Identification by Fiduciary.
129.293 Scrutinized companies; identification by fiduciary. Sec. 3. 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 […]
Section 129.267 – Powers of Authority.
129.267 Powers of authority. Sec. 7. The authority shall have all of the following powers: (a) To solicit and accept gifts, grants, and loans from any person. (b) To invest any money of the authority at the authority’s discretion, in any obligations determined proper by the authority, and name and use depositories for its money. […]
Section 129.294 – Scrutinized Companies; Assembly Into List; Modification; Procedure to Be Adhered to by Fiduciary.
129.294 Scrutinized companies; assembly into list; modification; procedure to be adhered to by fiduciary. Sec. 4. (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 […]
Section 129.268 – Sale of State’s Tobacco Receipts; Terms; Agreement; Refunding, Refinancing, and Sale of Residual Interests; Purchase Price; Remedies; Approval by Resolution Adopted by State Administrative Board; Absolute Transfer; Limitation on Use of Net Proceeds and Earnings.
129.268 Sale of state’s tobacco receipts; terms; agreement; refunding, refinancing, and sale of residual interests; purchase price; remedies; approval by resolution adopted by state administrative board; absolute transfer; limitation on use of net proceeds and earnings. Sec. 8. (1) The state budget director with the approval of the state administrative board may sell to the […]
Section 129.295 – Internet Website; Collection and Publication of Information.
129.295 Internet website; collection and publication of information. Sec. 5. 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 […]
Section 129.269 – Obligations.
129.269 Obligations. Sec. 9. The issuance of bonds and the execution of any ancillary facility under the provisions of this act shall not directly, or indirectly, or contingently obligate the state or any political subdivision of this state to pay any amounts to the authority or owner of bonds or benefited parties or levy or […]