4-5-52 Procedures with respect to companies on scrutinized companies list.
Procedures with respect to companies on scrutinized companies list.
Investment Council shall use the following procedures with respect to companies on the scrutinized
For each company newly identified with scrutinized business operations, the State
Investment Council shall, within ninety days following its assembly of the scrutinized
companies list, send a written notice informing the company of its scrutinized company
status and that it may become subject to divestment by the State Investment Council. The
notice shall offer the company the opportunity to clarify its scrutinized business
operations and shall encourage the company to cease, within ninety days of the date of the
notice, its scrutinized business operations, or to convert them to inactive business
operations in order to avoid divestment by the State Investment Council; and
If, within ninety days following the State Investment Council's first engagement with a
company, that company publicly announces its commitment to substantial action specific
to Iran, that company shall be removed from the scrutinized companies list and the
provisions of §§ 4-5-48 to 4-5-60, inclusive, cease to apply to it unless it resumes active
business operations in Iran.
SL 2010, ch 27, § 5.