H.B.
39
DIVESTMENT OF CERTAIN RETIREMENT FUND INVESTMENTS
house floor
Amendments
Amendment 3 February 19, 2008 10:09 am
Representative Julie Fisher
proposes the following amendments:
1. Page
1, Line 21
:
21
. exempts private equity
{
and
}
,
alternative investments
, and commingled funds
from application of the section;
2. Page
2, Line 47 through Page 3, Line 61
House Committee Amendments
2-4-2008
:
47
(b)
{
(i)
}
"Scrutinized company" means a publicly traded foreign company that:
48
{
(A) (I) H. (Aa)
}
(i)(A)
.H has business operations that involve a contract with or
provision of
48a
supplies or
49
services to a scrutinized entity;
50
H. [(II)]
{
(Bb)
}
(B)
.H has any direct or indirect equity share, consortium, or project
50a
commissioned by a
51
scrutinized entity; or
52
H. [(III)]
{
(Cc)
}
(C)
.H is involved in a consortium or project commissioned by a
scrutinized
52a
entity; H. [and] .H
53
H. [(B) (I)]
{
(II)
}
(ii)(A)
.H has more than 5% of the company's total revenues or assets
linked to a
54
scrutinized entity; and
55
H. [(II)]
{
(III)
}
(B)
.H has failed to adopt, publicize, and implement a formal plan to
reduce the
56
investment to 5% or below within one year; or
57
H. [ (C)]
{
(B)
}
(iii)
.H has, with actual knowledge, on or after August 5, 1996, made an
57a
investment of $20
58
million or more, or any combination of investments which in the aggregate exceeds $20 million
59
in any 12-month period, in a scrutinized entity.
60
{
(ii) "Scrutinized company" does not mean private equity and other alternative
61
investments.
}
3. Page
3, Lines 83 through 84
House Committee Amendments
2-4-2008
:
83
(c) Notwithstanding the provisions of Subsections (2)(a) and (b), the board
:
(i)
is not
84
required to divest any holdings at a loss, to be calculated on cost basis
{
.
}
; and
(ii) is not required to divest from investments in private equity, alternative investments, or
commingled funds.
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hb0039.hfa.03.wpd
LRGC
BenChristensen
EWeeks