Section 75-42b02 - [Expires 7/1/2029] [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;(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.Added by L. 2024, ch. 65,§ 2, eff. 7/1/2024.