AI-assisted research summary: This provision defines key terms used in the act, including company, country of concern, covered transaction, domicile, person, state agency, and state-managed fund.
75-42b02. Definitions. As used in this act: (a) "Act" means the countries of concern divestment act. (b) "Company" means any: (1) For-profit corporation, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, trust, association, sole proprietorship or other organization, including any: (A) Subsidiary of such company, a majority ownership interest of which is held by such company; (B) parent company that holds a majority ownership of such company; and (C) other affiliate or business association of such company whose primary purpose is to make a profit; or (2) nonprofit organization. (c) (1) "Country of concern" means the following: (A) People's republic of China, including the Hong Kong special administrative region; (B) republic of Cuba; (C) islamic republic of Iran; (D) democratic people's republic of Korea; (E) Russian federation; and (F) Bolivarian republic of Venezuela. (2) "Country of concern" does not include the republic of China (Taiwan). (d) "Covered transaction" means the same as defined in 31 C.F.R. § 800.213, as in effect on July 1, 2024. (e) "Covered control transaction" means the same as defined in 31 C.F.R. § 800.210, as in effect on July 1, 2024. (f) "Domicile" means the country where: (1) A company is organized; (2) a company completes a substantial portion of its business; or (3) a majority of a company's ownership interest is held. (g) "Person" means an individual. (h) "Person owned or controlled by or subject to the jurisdiction or direction of a country of concern" means any: (1) Person, wherever located, who is a citizen of a nation-state controlled by a country of concern, unless such person is a lawful permanent resident of the United States; or (2) corporation, partnership, association or other organization organized under the laws of a nation-state controlled by a country of concern. (i) "State agency" means any department, authority, bureau, division, office or other governmental agency of this state. (j) "State-managed fund" means: (1) The Kansas public employees retirement fund managed by the board of trustees of the Kansas public employees retirement system in accordance with K.S.A. 74-4921, and amendments thereto; (2) the pooled money investment portfolio managed by the pooled money investment board in accordance with article 42 of chapter 75 of the Kansas Statutes Annotated, and amendments thereto; and (3) any other fund that is sponsored or managed by a state agency. History: L. 2024, ch. 65, § 2; July 1.