Measure Requiring Sudan Divestment Passed in ME

April 13, 2006 ( - A measure requiring the Maine state retirement system to divest itself of holdings in businesses or corporations doing business in Sudan has been signed into law.

The measure requires the pension system to divest its holdings and stop investing in any such stocks, securities, or other obligations by January 1, 2008, BNA reports. The law exempts short-term investment funds that commingle commercial paper or futures and other commingled investment or index funds.

The requirement is in effect until July 1, 2009.  

The measure also pulled off the books a 1991 law placing restrictions on investments in corporations and their subsidiaries doing business with Northern Ireland.

Other states such as Illinois (See Illinois Measure Bars Sudan Investments) and New Jersey (See New Jersey Assembly Bans State Investment in Sudan) have also passed similar laws.