Along with eliminating the certification requirement associated with the Iran Divestment Act, S.L.2017-193 also imposes a new divestment requirement on State and local governments.
Governments are now prohibited from contracting with companies that are boycotting Israel. This law went into effect when it was passed by the General Assembly and signed by the Governor but certain steps must be taken by the Department of State Treasurer before governments are required to comply with the law.
The Act requires the State Treasurer to adopt a policy by November 1, 2017, regarding the implementation of the Act. The Department must then publish the list of restricted companies within 120 days (four months) after adopting the policy. Governments do not have to comply with the law until the list is published.
We will notify you as soon as the list is available; it will be published on our website similar to the manner by which we publish the Iran Divestment List.
To learn more about this divestment requirement, please see Norma Houston's blog post: https://canons.sog.unc.edu/companies-boycott-israel-new-contracting-limitation-no-action-required-yet/
Please contact us with any questions at (919) 814-4299.