§ 35-10-12 - Investment in corporations doing business in South Africa. - Rhode Island Statutes

SECTION 35-10-12

   § 35-10-12  Investment in corporationsdoing business in South Africa. – (a) It is hereby found by the general assembly that:

   (1) The African national congress (ANC), led by NelsonMandela, has called upon the international community to lift all sanctionspreviously imposed to censure South Africa for its apartheid policies and toapply economic pressure to leverage political and humanitarian change in thatcountry; and

   (2) South Africa has held elections in April, 1994, allowingblack South Africans their first opportunity to vote in national elections.

   (b) Following democratically-held elections in the Republicof South Africa, the commission and all quasi-public agencies shall be free tohold the stocks, bonds, and other forms of financial investments of any banksor publicly-traded corporations which operate in South Africa, hereby liftingthe sanctions previously imposed on these investments.

   (c) The commission shall encourage, through the voting ofproxies with other institutional investors, United States corporationsoperating in the Republic of South Africa to endorse and comply with theresponsible reinvestment standard set forth by the South African council ofchurches (SACC), known as the "Code of Conduct for Businesses Operating inSouth Africa", which is designed to promote equal opportunity, workers' rights,environmental protection, and community economic development benefitting allSouth Africans.