AI-assisted research summary: This section defines key terms used in the chapter, including “boycott energy company,” “company,” “direct holdings,” “financial company,” “indirect holdings,” “listed financial company,” and “state governmental entity.”
Sec. 809.001. DEFINITIONS. In this chapter: (1) "Boycott energy company" means, without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company: (A) engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or (B) does business with a company described by Paragraph (A). (2) "Company" means a for-profit sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, or limited liability company, including a wholly owned subsidiary, majority-owned subsidiary, parent company, or affiliate of those entities or business associations, that exists to make a profit. (3) "Direct holdings" means, with respect to a financial company, all securities of that financial company held directly by a state governmental entity in an account or fund in which a state governmental entity owns all shares or interests. (4) "Financial company" means a publicly traded financial services, banking, or investment company. (5) "Indirect holdings" means, with respect to a financial company, all securities of that financial company held in an account or fund, such as a mutual fund, managed by one or more persons not employed by a state governmental entity, in which the state governmental entity owns shares or interests together with other investors not subject to the provisions of this chapter. The term does not include money invested under a plan described by Section 401(k) or 457 of the Internal Revenue Code of 1986. (6) "Listed financial company" means a financial company listed by the comptroller under Section 809.051. (7) "State governmental entity" means: (A) the Employees Retirement System of Texas, including a retirement system administered by that system; (B) the Teacher Retirement System of Texas; (C) the Texas Municipal Retirement System; (D) the Texas County and District Retirement System; (E) the Texas Emergency Services Retirement System; and (F) the permanent school fund. Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.