PRINTER'S NO. 2112
No. 1784 Session of 1993
INTRODUCED BY RICHARDSON, BUXTON, BELFANTI, KUKOVICH, ROBINSON, PISTELLA, PRESTON, CORRIGAN, JOSEPHS, ACOSTA, BISHOP, CARN, EVANS, HUGHES, JAMES, KIRKLAND, LINTON, OLIVER, ROEBUCK, THOMAS AND WILLIAMS, JUNE 15, 1993
REFERRED TO COMMITTEE ON FINANCE, JUNE 15, 1993
AN ACT 1 Amending the act of February 17, 1906 (P.L.45, No.11), entitled 2 "An act to regulate the deposits of State funds, to prescribe 3 the method of selecting State depositories, to limit the 4 amount of State deposits, to provide for the security of such 5 deposits, to fix the rate of interest thereon, to provide for 6 the publication of monthly statements of moneys in the 7 general and sinking funds, to declare it a misdemeanor to 8 give or take anything of value for obtaining the same, and 9 prescribing penalties for violations of this act," 10 prohibiting State depositories from maintaining financial 11 transactions with the Republic of South Africa and Namibia. 12 The General Assembly of the Commonwealth of Pennsylvania 13 hereby enacts as follows: 14 Section 1. The act of February 17, 1906 (P.L.45, No.11), 15 entitled "An act to regulate the deposits of State funds, to 16 prescribe the method of selecting State depositories, to limit 17 the amount of State deposits, to provide for the security of 18 such deposits, to fix the rate of interest thereon, to provide 19 for the publication of monthly statements of moneys in the 20 general and sinking funds, to declare it a misdemeanor to give 21 or take anything of value for obtaining the same, and
1 prescribing penalties for violations of this act," is amended by 2 adding a section to read: 3 Section 3.2. (a) To be a depository of State funds, a 4 financial institution shall not encourage or condone legally 5 required discrimination against an individual on the basis of 6 race or color nor support human rights violations against an 7 individual by knowingly making or maintaining a loan to the 8 Republic of South Africa and Namibia, a national corporation of 9 the Republic of South Africa and Namibia or a subsidiary or 10 affiliate of a United States firm operating in the Republic of 11 South Africa and Namibia. 12 (b) A financial institution shall be considered to have 13 complied with subsection (a) if the financial institution has 14 filed with the State Treasurer an affidavit attesting to the 15 fact that it has, no later than six months from the effective 16 date of this section, no existing loans to the Republic of South 17 Africa and Namibia, a national corporation of the Republic of 18 South Africa and Namibia or a subsidiary or affiliate of a 19 United States firm operating in the Republic of South Africa and 20 Namibia, as determined from information obtained from the United 21 States Department of Commerce. 22 (c) As used in this section: 23 "Financial institution" means a bank chartered under the laws 24 of this State or of the United States. 25 "National corporation" means a corporation, or a subsidiary 26 or affiliate of a corporation, that is more than fifty per 27 centum owned or operated by the government of the Republic of 28 South Africa and Namibia. 29 "Subsidiary or affiliate of a United States firm operating in 30 the Republic of South Africa and Namibia" means, as determined 19930H1784B2112 - 2 -
1 by the United States Department of Commerce, a firm incorporated 2 under the laws of the Republic of South Africa and Namibia, 3 domiciled in the Republic of South Africa and Namibia, and 4 controlled by a United States firm. A subsidiary or affiliate 5 shall not be construed to mean a subsidiary or affiliate that is 6 located in the United States. 7 Section 2. This act shall take effect immediately. L16L72DGS/19930H1784B2112 - 3 -