For the purposes of this part, the term:
(1) “Company” means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association that exists for the purpose of making profit.
(2) “Direct holdings” in a company means all securities of the company that are held directly by the public fund or in an account or fund in which the public fund owns all shares or interests.
(3) “Government of Iran” means the government of Iran, its instrumentalities, and companies owned or controlled by the government of Iran.
(4) “Inactive business activities” means the mere continued holding or renewal of rights to property previously operated for the purpose of generating revenues but not presently deployed for such purpose.
(5) “Indirect holdings” in a company means all securities of the company that are held in an account or fund, such as a mutual fund, managed by one or more persons not employed by the public fund, in which the public fund owns shares or interests together with other investors not subject to the provisions of this part.
(6) “Iran” means the Islamic Republic of Iran.
(7) “Petroleum resources” means petroleum or natural gas.
(8) “Public fund” means the assets of the District of Columbia Retirement Board.
(9) “Scrutinized business activities” means business activities that have resulted in a company becoming a scrutinized company.
(10) “Scrutinized company” means any company that, with actual knowledge, on or after August 5, 1996, has made an investment of $20 million or more in Iran's petroleum sector which directly or significantly contributes to the enhancement of Iran's ability to develop the petroleum resources of Iran.
(11) “Substantial action specific to Iran” means adopting, publicizing, and implementing a formal plan to cease scrutinized business activities within one year and to refrain from any such new business activities.
CREDIT(S)
(Mar. 21, 2009, D.C. Law 17-337, § 101, 56 DCR 939.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) repeal of section 301 of D.C. Law 17-337, see § 7026 of Fiscal Year 2010 Budget Support Second Emergency Act of 2009 (D.C. Act 18-207, October 15, 2009, 56 DCR 8234).
For temporary (90 day) repeal of section 301 of D.C. Law 17-337, see § 7026 of Fiscal Year Budget Support Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-260, January 4, 2010, 57 DCR 345).
Legislative History of Laws
Law 17-337, the “Prohibition of the Investment of Public Funds in Certain Companies Doing Business with the Government of Iran and Sudan Divestment Conformity Act of 2008”, was introduced in Council and assigned Bill No. 17-657 which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 18, 2008, and December 16, 2008, respectively. Signed by the Mayor on January 6, 2009, it was assigned Act No. 17-655 and transmitted to both Houses of Congress for its review. D.C. Law 17-337 became effective on March 21, 2009.
Miscellaneous Notes
Section 301 of D.C. Law 17-337 provided that this act shall apply upon the inclusion of its fiscal effect in an approved budget and financial plan.
Section 7026 of D.C. Law 18-111 repealed section 301 of D.C. Law 17-337.