SB 244: "An Act relating to investments of the permanent fund in certain limited partnerships each of whose principal purpose is investment in securities of public or private companies; and providing for an effective date."
00SENATE BILL NO. 244 01 "An Act relating to investments of the permanent fund in certain limited 02 partnerships each of whose principal purpose is investment in securities of public 03 or private companies; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.13.120(g) is amended by adding a new paragraph to read: 06 (21) limited partnerships; at the time of each investment, the aggregate 07 investment of the fund under this paragraph may not exceed five percent of the total 08 investments of the fund; (i) and (j) of this section do not apply to investments under 09 this paragraph; investments may only be made in a limited partnership 10 (A) the principal purpose of which is investment in securities 11 of public or private companies; 12 (B) the promoter or sponsor of which is an institutional investor 13 with at least five years experience in managing substantial investments in 14 securities of public companies;
01 (C) in which other investors and the general partners contribute 02 at least 40 percent of the capital; and 03 (D) that at no time owns more than five percent of the voting 04 stock of a corporation engaged in the oil and gas business if a substantial 05 portion of the operations of the corporation are conducted or located in the 06 state. 07 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).