CHAPTER 537

S.P. 675 - L.D. 1758

An Act To Require the Maine State Retirement System

To Divest Itself of Holdings in Those Businesses

or Corporations Doing Business in the Nation of Sudan

and To Repeal Requirements Relating to Shareholder

Initiatives by State Officials on State Investments in

Northern Ireland

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 5 MRSA §1955, as amended by PL 1991, c. 537, is repealed.

Sec. 2. 5 MRSA §1956 is enacted to read:

§1956.__Sudan

1.__Divestment.__The Board of Trustees of the Maine State Retirement System shall review the extent to which the assets of any state pension or annuity fund are invested in the stocks, securities or other obligations of any corporation or company, or any subsidiary, affiliate or parent of any corporation or company, doing business in or with the nation of Sudan or its instrumentalities.__Except as provided in subsection 2, the board shall, in accordance with sound investment criteria and consistent with the board's fiduciary obligations, divest any such holdings and may not invest any assets in any such stocks, securities or other obligations.__Divestment pursuant to this subsection must be complete by January 1, 2008.