CSSB 244(L&C): "An Act relating to equity investments of the permanent fund; and providing for an effective date."
00CS FOR SENATE BILL NO. 244(L&C) 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 nonrecourse partnership or ownership in a 08 nonrecourse collective investment 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 at least annually by the board. 04 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).