Texas Government Code Title 8, Chapter 807 - Prohibition On Investment In Iran

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 807.001 - Definitions
  In this chapter: (1) "Active business operations" means all business operations that are not inactive business operations. (2) "Board" means the State Pension Review Board....
• Texas Section 807.002 - Scrutinized Business Operations
  A company engages in scrutinized business operations if: (1) the company has business operations that involve contracts with or providing supplies or services to the...
• Texas Section 807.003 - Exception
  Notwithstanding any provision of this chapter, a company that the United States government affirmatively declares to be excluded from its federal sanctions regime relating to...
• Texas Section 807.004 - Other Legal Obligations
  With respect to actions taken in compliance with this chapter, including all good faith determinations regarding companies as required by this chapter, a state governmental...
• Texas Section 807.005 - Indemnification Of State Governmental Entities, Employees, And Others
  In a cause of action based on an action, inaction, decision, divestment, investment, company communication, report, or other determination made or taken in connection with...
• Texas Section 807.006 - No Private Cause Of Action
  (a) A person, including a member, retiree, or beneficiary of a retirement system to which this chapter applies, an association, a research firm, a company,...
• Texas Section 807.007 - Inapplicability Of Requirements Inconsistent With Fiduciary Responsibilities And Related Duties
  A state governmental entity is not subject to a requirement of this chapter if the state governmental entity determines that the requirement would be inconsistent...

SUBCHAPTER B DUTIES REGARDING INVESTMENTS

• Texas Section 807.008 - Reliance On Company Response
  The board and a state governmental entity may rely on a company's response to a notice or communication made under this chapter without conducting any...
• Texas Section 807.051 - Listed Companies
  (a) The board shall prepare and maintain, and provide to each state governmental entity, a list of all scrutinized companies. In maintaining the list, the...
• Texas Section 807.052 - Identification Of Investment In Listed Companies
  Not later than the 30th day after the date a state governmental entity receives the list provided under Section 807.051, the state governmental entity shall...
• Texas Section 807.053 - Notice To Listed Company Engaged In Inactive Business Operations
  For each listed company identified under Section 807.052 that is engaged in only scrutinized inactive business operations, the state governmental entity shall send a written...
• Texas Section 807.054 - Actions Relating To Listed Company Engaged In Active Business Operations
  (a) For each listed company identified under Section 807.052 that is engaged in scrutinized active business operations, the state governmental entity shall send a written...
• Texas Section 807.055 - Divestment Of Assets
  (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...
• Texas Section 807.056 - Investments Exempted From Divestment
  A state governmental entity is not required to divest from any indirect holdings in actively or passively managed investment funds or private equity funds. The...
• Texas Section 807.057 - Authorized Investment In Listed Companies
  (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:...

SUBCHAPTER C EXPIRATION; REPORT; ENFORCEMENT

• Texas Section 807.058 - Prohibited Investments
  Except as provided by Sections 807.003 and 807.057, a state governmental entity may not acquire securities of a listed company. Added by Acts 2013, 83rd...
• Texas Section 807.101 - Expiration Of Chapter
  This chapter expires on the earlier of: (1) the date the United States revokes its sanctions against the government of Iran; or (2) the date...
• Texas Section 807.102 - Report
  Not later than December 31 of each year, each state governmental entity shall file a publicly available report with the presiding officer of each house...
• Texas Section 807.103 - Enforcement
  The attorney general may bring any action necessary to enforce this chapter. Added by Acts 2013, 83rd Leg., R.S., Ch. 1152 (S.B. 200), Sec. 14(a),...

Last modified: September 28, 2016