New Jersey § 52:18a-89

§ 52:18a-89.

a. Notwithstanding any provision of law to the contrary, no assets of any pension

or annuity fund under the jurisdiction of the Division of Investment in the Department

of the Treasury, or its successor, shall be invested in any foreign company that has

an equity tie to the government of Iran or its instrumentalities and is engaged in

business operations with entities in the defense sector or nuclear sector of Iran,

or engaged in business operations with entities involved in the natural gas or petroleum

sectors of Iran, in or with that government and its instrumentalities. This prohibition shall not apply to the activities of any foreign company providing

humanitarian aid to the Iranian people through either a governmental or non-governmental

organization. As used in this section, “ equity tie ” means manufacturing or mining plants, employees or advisors, facilities, or an investment,

fiduciary, monetary or physical presence of any kind, including an ownership stake

in one or more subsidiary or joint venture with one or more companies in the country;

“ humanitarian aid ” means the provision of goods and services intended to relieve human suffering or

to promote general welfare and health; “ defense sector ” means every industry or company, be it private or owned in whole or in part by the

government of Iran or its instrumentalities, that is involved in the purchase, sale,

manufacturing, testing or deployment of military supplies and weapons, including every

company that provides military advisors and non-military personnel or that sells strategic

information or services to companies that purchase, sell, manufacture, test or deploy

military supplies and weapons, or the government of Iran or its instrumentalities;

“ nuclear sector ” means every industry or company, be it private or owned in whole or in part by the

government of Iran or its instrumentalities, that is involved in the purchase, sale,

development, testing or deployment of nuclear technology of any kind or that provides

advisors, researchers, scientists or technicians who are involved in the purchase,

sale, development, testing or deployment of nuclear technology of any kind; and “ natural gas or petroleum sectors ” means those industries and companies that have as their business the owning rights

to oil blocks, exporting, extracting, producing, refining, processing, exploring for,

transporting, selling or trading of oil or natural gas, constructing, maintaining

or operating a pipeline, refinery or other infrastructure and facilitating such activities,

including supplies or services in support of such activities. b. The State Investment Council and the Director of the Division of Investment, after

reviewing the recommendations of and consulting with an independent research firm

that specializes in global security risk for portfolio determinations selected by

the State Treasurer, shall take appropriate action to sell, redeem, divest or withdraw

any investment held in violation of subsection a. of this section. This section shall not be construed to require the premature or otherwise imprudent

sale, redemption, divestment or withdrawal of an investment, but such sale, redemption,

divestment or withdrawal shall be completed not later than three years following the

effective date of P.L.2007, c. 250 ( C.52:18A-89.12 ). c. Within 60 days after the effective date of P.L.2007, c. 250 ( C.52:18A-89.12 ), the Director of the Division of Investment shall file with the Legislature, pursuant

to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ), a report of all investments held as of the effective date that are in violation

of subsection a. of this section. Every year thereafter, the director shall report on all investments sold, redeemed,

divested or withdrawn in compliance with subsection b. of this section. Each report after the initial report shall provide a description of the progress that

the division has made since the previous report and since the enactment of P.L.2007, c. 250 ( C.52:18A-89.12 ) in implementing subsection b. of this section. d. Notwithstanding the other provisions of this section to the contrary, this act

shall be of no effect if: (1) the Congress or the President of the United States, affirmatively and unambiguously,

declares by means including, but not limited to, legislation, executive order, or

written certification from the President to Congress that the government of Iran has

ceased to acquire or develop weapons of mass destruction and, to support international

terrorism; or (2) the United States revokes all sanctions imposed against the government of Iran. e. State Investment Council members, jointly and individually, and State officers

and employees involved therewith, shall be indemnified and held harmless by the State

of New Jersey from all claims, demands, suits, actions, damages, judgments, costs,

charges and expenses, including court costs and attorney's fees, and against all liability,

losses and damages of any nature whatsoever that these State Investment Council members,

and State officers and employees, shall or may at any time sustain by reason of any

decision to restrict, reduce or eliminate investments pursuant to this act.