Michigan Laws 129.293 – Scrutinized companies; identification by fiduciary
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 129.293
- Business operations: means engaging in commerce in any form with a state sponsor of terror, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce. See Michigan Laws 129.292
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means any of the following:
(i) The Michigan legislative retirement system board of trustees for the Tier 1 retirement plan available under the Michigan legislative retirement system act, 1957 PA 261, MCL 38. See Michigan Laws 129.292state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o State sponsor of terror: means , subject to section 10 as to applicability, any country determined by the United States Secretary of State to have repeatedly provided support for acts of international terrorism. See Michigan Laws 129.292 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
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 1 or more of the following:
(a) Reviewing and relying, as appropriate in the fiduciary’s judgment, on publicly available information regarding companies with business operations in a state sponsor of terror, including information provided by nonprofit organizations, research firms, international organizations, and government entities.
(b) Contacting asset managers contracted by the fiduciary that invest in companies with business operations in a state sponsor of terror.
(c) Contacting other institutional investors that have divested from or engaged with companies that have business operations in a state sponsor of terror.
(d) Reviewing the laws of the United States regarding the levels of business activity that would cause application of sanctions against companies conducting business or investing in countries that are designated state sponsors of terror.