Michigan Compiled Laws Act 234 Of 2008 Divestment From Terror Act (129.291 - 129.301)

AN ACT to prohibit the investment of certain state money or other assets in companies with certain types of business operations in countries designated as state sponsors of terror; to require divestment of any current investments in those companies; and to provide for the powers and duties of certain state and local governmental officers and entities.

History: 2008, Act 234, Imd. Eff. July 17, 2008

Section 129.291 Short Title.
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.
As used in this act: (a) "Active business operations" means all business operations that are not inactive business operations. Active business operations do not...
Section 129.293 Scrutinized Companies; Identification By Fiduciary.
Within 90 days after the effective date of this act, the fiduciary shall make its best efforts to identify all scrutinized companies in which...
Section 129.294 Scrutinized Companies; Assembly Into List; Modification; Procedure To Be Adhered To By Fiduciary.
(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,...
Section 129.295 Internet Website; Collection And Publication Of Information.
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...
Section 129.296 Exemption From Conflicting Statutory Or Common Law Obligations.
(1) With respect to actions taken in compliance with this act, including all good faith determinations regarding companies as required by this act, the...
Section 129.297 Severability.
If any provision, section, subsection, sentence, clause, phrase, or word of this act or its application to any person or circumstance is found to...
Section 129.298 Business With Sudan; Fiduciary Subject To Provisions Of Public Employee Retirement System Investment Act.
If a scrutinized company does business with the government of Sudan and the fiduciary is subject to the divestment provisions of section 13c of...
Section 129.299 Business With Iran; Fiduciary Subject To Provisions Of Public Employee Retirement System Investment Act.
If a scrutinized company does business with the government of Iran and the fiduciary is subject to the divestment provisions of section 13d of...
Section 129.300 Applicability Of Act; Dates; Extension.
(1) If a state sponsor of terror is any of the following countries, then, except as provided in subsection (2), the provisions of this...
Section 129.301 Divestment Of Funds; Recommendations Of Department Of Treasury.
Not later than October 1, 2010 and October 1, 2011, and not later than 9 months immediately following the determination of another country as...

Last modified: October 10, 2016