00 CS FOR SENATE BILL NO. 244(STA)                                                                                         
01 "An Act relating to equity investments of the permanent fund; and providing for                                         
02 an effective date."                                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 37.13.120(g) is amended by adding a new paragraph to read:                                          
05   (21)  notwithstanding AS 37.13.120(i), equity investments may comprise                                               
06 more than five percent of the stock of a corporation if the investments in excess of five                               
07 percent consist of an interest in a partnership or ownership in a collective investment                                 
08 vehicle, and only under the following conditions:                                                                       
09   (A)  the fund may not own more than a 60 percent interest in a                                                      
10 partnership or collective investment vehicle;                                                                           
11   (B)  the aggregate investment of the fund under this paragraph                                                      
12 may not exceed five percent of the total investments of the fund;                                                       
13   (C)  at no time may the fund own, directly or indirectly, through                                                   
14 a corporation, partnership, or collective investment vehicle, more than five                                            
01 percent of any entity that has substantial oil and gas operations in the state;                                         
02   (D)  appropriate policies and procedures for investments under                                                      
03 this paragraph shall be reviewed and approved annually by the board.                                                    
04    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).