PRINTER'S NO. 1686
No. 1400 Session of 1983
INTRODUCED BY RICHARDSON, DEAL, FATTAH, CARN, BARBER, WIGGINS,
OLIVER, WOZNIAK, FREEMAN, WAMBACH, DeWEESE AND PRESTON,
JULY 21, 1983
REFERRED TO COMMITTEE ON EDUCATION, JULY 21, 1983
AN ACT
1 Requiring State-related universities and member institutions of
2 the State System of Higher Education to divest themselves of
3 investments in the Republic of South Africa.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Definitions.
7 "National corporation." A corporation or a subsidiary or
8 affiliate of a corporation that is more than 50% owned or
9 operated by the government of the Republic of South Africa.
10 "Subsidiary or affiliate of a United States firm operating in
11 the Republic of South Africa." A firm incorporated under the
12 laws of the Republic of South Africa, domiciled in the Republic
13 of South Africa and controlled by a United States firm, as
14 determined by the United States Department of Commerce. A
15 subsidiary or affiliate shall not be construed to mean a
16 subsidiary or affiliate that is located in the United States.
17 Section 2. Divestiture required.
18 All State-related universities and member institutions of the
1 State System of Higher Education shall, within six months from
2 the effective date of this act, divest themselves of all stocks,
3 bonds and all other securities issued by, and investments made
4 in the government of the Republic of South Africa, any national
5 corporation or any subsidiary or affiliate of a United States
6 firm operating in the Republic of South Africa.
7 Section 3. Effective date.
8 This act shall take effect in 60 days.
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