Sec. 12. (a) Not later than January 31, 2017, the board shall make a good faith effort to identify all restricted businesses in which a fund has direct or indirect holdings.

     (b) In carrying out its responsibilities under subsection (a), and at the board’s discretion, the board may use existing research or contract with a research firm.

     (c) The board or a research firm with which the board contracts under subsection (b) may take any of the following actions to determine a business‘s connections with respect to boycott, divest from, or sanction Israel activity:

(1) Review publicly available information regarding businesses.

(2) Contact other institutional investors that invest in businesses.

(3) Contact asset managers that invest in businesses and are contracted by a fund.

     (d) Not later than the first meeting of the board after January 31, 2017, the board shall compile the names of all restricted businesses into a restricted business list.

     (e) The board shall update the restricted business list at least on an annual basis based on evolving information from sources described in subsections (b) and (c).

As added by P.L.177-2016, SEC.1.