HF 2924

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to public investment; prohibiting the board 
  1.3             of investment from purchasing tobacco stock; proposing 
  1.4             coding for new law in Minnesota Statutes, chapter 11A.
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [11A.242] [TOBACCO COMPANIES.] 
  1.7      After July 1, 1998, the state board may not purchase stock 
  1.8   of tobacco companies.  For purposes of this section, a tobacco 
  1.9   company means a company that derived ten percent or more of its 
  1.10  gross revenue from the sale of tobacco or tobacco-related 
  1.11  products during the most recent annual period for which the 
  1.12  state board has records. 
  1.13     This section does not require the state board to sell stock 
  1.14  held before July 1, 1998, and does not require the board to sell 
  1.15  stock purchased after July 1, 1998, in a company that did not 
  1.16  meet the definition of a tobacco company at the time the state 
  1.17  board purchased the stock, but which later meets the definition. 
  1.18     Sec. 2.  [EFFECTIVE DATE.] 
  1.19     Section 1 is effective July 1, 1998.