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Current through October 23, 2012
(a)(1) Notwithstanding anything herein to the contrary, the Public Fund shall be permitted to cease divesting from certain Scrutinized Companies pursuant to § 1-335.03(b) or reinvest in certain Scrutinized Companies from which it divested pursuant to § 1-335.03(a) if clear and convincing evidence shows that the value for all assets under management by the Public Fund becomes equal to or less than 50% (50 basis points) of the hypothetical value of all assets under management by the Public Fund assuming no divestment for any company had occurred under § 1-335.03(a).
(2) Cessation of divestment, reinvestment, or any subsequent ongoing investment authorized by this section shall be strictly limited to the minimum steps necessary to avoid the contingency set forth in paragraph (1) of this subsection.
(b) For any cessation of divestment, reinvestment, or subsequent ongoing investment authorized by this section, the Public Fund shall provide a written report to the Council and the Mayor in advance of initial reinvestment, updated semiannually thereafter, as applicable, setting forth the reasons and justification, supported by clear and convincing evidence, for its decisions to cease divestment, reinvest, or remain invested in companies with Active Business Operations.
(c) This section shall not apply to reinvestment in companies on the ground that they have ceased to have Active Business Operations.
(Feb. 2, 2008, D.C. Law 17-106, § 7, 54 DCR 12223.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 17-106, see notes following § 1-335.01.
