PRINTER'S NO. 2882
No. 2152 Session of 2001
INTRODUCED BY HASAY, CALTAGIRONE, PERZEL, MUNDY, M. BAKER, BARD,
BELFANTI, BENNINGHOFF, CAPPELLI, CREIGHTON, CURRY, DALLY,
DeLUCA, FAIRCHILD, FICHTER, FREEMAN, GANNON, GEIST, GEORGE,
HARHAI, HENNESSEY, HERSHEY, HESS, KELLER, KENNEY, PHILLIPS,
ROBERTS, RUBLEY, SATHER, SCHRODER, SCRIMENTI, SEMMEL, SHANER,
B. SMITH, SOLOBAY, R. STEVENSON, T. STEVENSON, STURLA, SURRA,
TANGRETTI, E. Z. TAYLOR, TRICH, WATSON, WILT, G. WRIGHT AND
YOUNGBLOOD, NOVEMBER 15, 2001
REFERRED TO COMMITTEE ON COMMERCE AND ECONOMIC DEVELOPMENT,
NOVEMBER 15, 2001
AN ACT
1 Amending Title 17 (Credit Unions) of the Pennsylvania
2 Consolidated Statutes, prohibiting investments in
3 corporations doing business in countries which sponsor
4 terrorism; and prohibiting deposits from and loans to such
5 countries and corporations.
6 The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8 Section 1. Title 17 of the Pennsylvania Consolidated
9 Statutes is amended by adding a section to read:
10 § 518. Prohibition of investments in, loans to and deposits
11 from countries identified as sponsors of terrorism
12 and corporations doing business in such countries.
13 (a) Investments.--No funds shall be invested under this act
14 in any stock or obligation of any corporation doing business,
15 either by itself or through any subsidiary or affiliate, in any
16 country identified by the United States Department of State as a
1 sponsor of foreign terrorist organizations.
2 (b) Loans and deposits.--No deposits shall be accepted from
3 or loans made to any country identified by the United States
4 Department of State as a sponsor of foreign terrorist
5 organizations or to any partnership, association, corporation or
6 other organization, group or subgroup identified by the
7 President of the United States or any agency of the United
8 States as a foreign terrorist organization, or to any person
9 identified as belonging to such an organization.
10 Section 2. This act shall take effect immediately.
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