79R2260 KEG-D
By: Burnam, Giddings, McClendon, Van Arsdale, H.B. No. 815
Veasey, et al.
A BILL TO BE ENTITLED
AN ACT
relating to a prohibition on the investment of state funds in
private business entities doing business in Sudan.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle F, Title 10, Government Code, is
amended by adding Chapter 2264 to read as follows:
CHAPTER 2264. PROHIBITION ON INVESTMENT IN SUDAN
Sec. 2264.001. APPLICABILITY OF CHAPTER. (a) This chapter
applies in connection with the management or investment of state
funds managed or invested:
(1) under the Texas Constitution or other law,
including Chapters 404 and 2256; and
(2) by or for:
(A) a public retirement system as defined by
Section 802.001 that provides service retirement, disability
retirement, or death benefits for officers or employees of the
state;
(B) an institution of higher education as defined
by Section 61.003, Education Code; or
(C) another entity that is part of state
government and that manages or invests state funds or for which
state funds are managed or invested.
(b) This chapter applies in connection with the management
or investment of state funds without regard to whether the funds are
held in the state treasury.
(c) This chapter does not apply to the extent that an
investment standard prescribed by the Texas Constitution prohibits
the legislature from restricting the investment of a fund or the
investment discretion of an entity responsible for the management
or investment of a fund.
Sec. 2264.002. PROHIBITION ON INVESTMENT IN SUDAN. State
funds may not be invested in equities or obligations of a private
corporation or other private business entity doing business in the
Democratic Republic of Sudan.
SECTION 2. Chapter 2264, Government Code, as added by this
Act, applies only to an investment made by or for a state
governmental entity on or after the effective date of this Act.
SECTION 3. This Act takes effect September 1, 2005.