§ 147-86.48. Reinvestment in certain companies with Scrutinized Active Business Operations. - North Carolina Statutes

§ 147‑86.48. Reinvestment in certain companies with Scrutinized Active Business Operations.

Notwithstanding anything inthis article, the Public Fund is permitted to cease divesting from certainScrutinized Companies pursuant to G.S. 147‑86.44(c) and/or reinvest incertain Scrutinized Companies from which it divested pursuant to G.S. 147‑86.44(c)if clear and convincing evidence shows that the value for all assets undermanagement by the Public Fund becomes equal to or less than 99.50% (50 basispoints) of the hypothetical value of all assets under management by the PublicFund assuming no divestment for any company had occurred under G.S. 147‑86.44(c).Cessation of divestment, reinvestment, and/or any subsequent ongoing investmentauthorized by this section shall be strictly limited to the minimum stepsnecessary to avoid the contingency set forth in the preceding sentence. For anycessation of divestment, reinvestment, and/or subsequent ongoing investmentauthorized by this section, the Public Fund shall provide a written report tothe General Assembly in advance of initial reinvestment, updated semiannuallythereafter as applicable, setting forth the reasons and justification,supported by clear and convincing evidence, for its decisions to cease divestment,reinvest, and/or remain invested in Companies with Scrutinized Active BusinessOperations. This section has no application to reinvestment in Companies on theground that they have ceased to have Scrutinized Active Business Operations. (2007‑486, s. 8.)