NY State Senate Bill 2023-S1953

Senate Bill S1953

2023-2024 Legislative Session

Requires SUNY and CUNY trustees refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies

download bill text pdf

Current Bill Status - In Senate Committee Higher Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to higher education
Jan 17, 2023	referred to higher education

co-Sponsors

2023-S1953 (ACTIVE) - Details

Current Committee:: Senate Higher Education
Law Section:: Education Law
Laws Affected:: Add §§355-f & 6234-a, Ed L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5647
2019-2020: S1829
2021-2022: S420

2023-S1953 (ACTIVE) - Summary

Requires SUNY and CUNY trustees to refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies.

2023-S1953 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S1953

SPONSOR: HOYLMAN-SIGAL
 
TITLE OF BILL:

An act to amend the education law, in relation to requiring SUNY and
CUNY trustees refrain from investing in and subsequently divest from
stocks, debt or other securities of certain publicly traded fossil fuel
companies

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill amends the education law by adding a new section
355-d. Section 355-d of the education law requires the SUNY Board of
Trustees and SUNY affiliated nonprofit organizations or foundations to
cease new investments in the 200 largest publicly traded fossil fuel
companies by July 1, 2024, and to divest from any current investments im
such companies by January 1, 2028.

The Board of Trustees and affiliated nonprofit organizations or founda-
tions would be permitted to cease divesting under limited circumstances
upon clear and convincing evidence that such divestment has directly
resulted in the total and aggregate value of all assets under management

by, or on behalf of, the Board of Trustees and affiliated nonprofit
organizations or foundations falling below a specified threshold.

Section 2 of the bill amends the education law by adding a new section
6234a. Section 6234-a of the education law requires the CUNY Board of
Trustees and CUNY affiliated nonprofit organizations or foundations to
cease new investments in the 200 largest publicly traded fossil fuel
companies by July 1, 2024, and to divest from any current investments in
such companies by January 1, 2028.

The Board of Trustees and affiliated nonprofit organizations or founda-
tions would be permitted to cease divesting under limited circumstances
upon clear and convincing evidence that such divestment has directly
resulted in the total and aggregate value of all assets under management
by, or on behalf of, the Board of Trustees and affiliated nonprofit
organizations or foundations falling below a specified threshold.

Section 3 of the bill sets an effective date of July 1, 2024.

 
JUSTIFICATION:

Human-induced climate change is a growing threat to the future of our
planet. Its impacts are already evident, with annual record-setting high
temperatures, widespread droughts, drastic sea level rise, and other
effects that are potentially catastrophic to the environment, public
health, the economy, and the very survival of humanity. strong action to
sever ties with dirty, outdated fossil fuel companies that are failing
to adapt to a changing planet.

 
PRIOR LEGISLATIVE HISTORY:

S.0420 of 2021-2022 (Hoylman): Died in Higher Education

S.1829 of 2019-2020 (Hoylman): Died in Higher Education

S.5647 of 2017-2018 (Hoylman): Died in Higher Education
 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on July 1, 2024.

2023-S1953 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1953
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2023
                                ___________
 
 Introduced  by  Sens.  HOYLMAN-SIGAL, KRUEGER, SERRANO -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Higher Education
 
 AN  ACT  to  amend  the education law, in relation to requiring SUNY and
   CUNY trustees refrain from investing in and subsequently  divest  from
   stocks,  debt  or  other  securities of certain publicly traded fossil
   fuel companies
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The education law is amended by adding a new section 355-f
 to read as follows:
   § 355-F. DIVESTMENT FROM FOSSIL FUELS. 1. (A) ON OR AFTER JULY  FIRST,
 TWO  THOUSAND  TWENTY-FOUR,  THE  BOARD OF TRUSTEES SHALL NOT INVEST ANY
 MONIES IN ANY STOCKS, DEBT OR OTHER SECURITIES  OF  ANY  CORPORATION  OR
 COMPANY,  OR  ANY  SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR
 COMPANY, AMONG THE TWO  HUNDRED  LARGEST  PUBLICLY  TRADED  FOSSIL  FUEL
 COMPANIES,  AS  ESTABLISHED  BY  CARBON CONTENT IN THE COMPANIES' PROVEN
 OIL, GAS AND COAL RESERVES.
   (B) ON OR BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT,  THE  BOARD
 OF  TRUSTEES  SHALL  DIVEST FROM ANY STOCKS, DEBT OR OTHER SECURITIES OF
 ANY CORPORATION OR COMPANY, OR ANY SUBSIDIARY, AFFILIATE  OR  PARENT  OF
 ANY CORPORATION OR COMPANY, AMONG THE TWO HUNDRED LARGEST PUBLICLY TRAD-
 ED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON CONTENT IN THE COMPA-
 NIES'  PROVEN  OIL,  GAS  AND COAL RESERVES, EXCEPT THAT DIVESTMENT FROM
 STOCKS  OR  OTHER  SECURITIES  OF  COMPANIES  ENGAGED  IN  THE   MINING,
 EXTRACTION  OR  PRODUCTION  OF COAL SHALL BE COMPLETED NO LATER THAN ONE
 YEAR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
   (C) THE BOARD OF TRUSTEES SHALL BE PERMITTED TO CEASE  DIVESTING  FROM
 COMPANIES UNDER PARAGRAPH (A) OF THIS SUBDIVISION, REINVEST IN COMPANIES
 FROM  WHICH  IT  DIVESTED  UNDER  PARAGRAPH  (A) OF THIS SUBDIVISION, OR
 CONTINUE TO INVEST IN COMPANIES FROM WHICH IT HAS NOT YET DIVESTED  UPON
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06153-01-3

 S. 1953                             2
 
 CLEAR  AND  CONVINCING  EVIDENCE SHOWING THAT AS A DIRECT RESULT OF SUCH
 DIVESTMENT, THE TOTAL AND AGGREGATE VALUE OF ALL ASSETS UNDER MANAGEMENT
 BY, OR ON BEHALF OF, THE BOARD OF TRUSTEES BECOMES OR SHALL BECOME:  (I)
 EQUAL  TO  OR  LESS  THAN  NINETY-NINE AND ONE-HALF PERCENT; OR (II) ONE
 HUNDRED PERCENT LESS FIFTY BASIS POINTS OF THE HYPOTHETICAL VALUE OF ALL
 ASSETS UNDER MANAGEMENT BY, OR ON  BEHALF  OF,  THE  BOARD  OF  TRUSTEES
 ASSUMING  NO  DIVESTMENT  FROM ANY COMPANY HAD OCCURRED UNDER SAID PARA-
 GRAPH (A) OF THIS SUBDIVISION. CESSATION OF DIVESTMENT, REINVESTMENT  OR
 ANY  SUBSEQUENT  ONGOING  INVESTMENT AUTHORIZED BY THIS SECTION SHALL BE
 STRICTLY LIMITED TO THE MINIMUM STEPS NECESSARY TO AVOID THE CONTINGENCY
 SET FORTH IN THE PRECEDING SENTENCE. FOR ANY  CESSATION  OF  DIVESTMENT,
 AND  IN  ADVANCE  OF SUCH CESSATION, AUTHORIZED BY THIS SUBDIVISION, THE
 BOARD OF TRUSTEES SHALL PROVIDE A WRITTEN REPORT TO THE ATTORNEY GENERAL
 AND THE SENATE AND ASSEMBLY STANDING  COMMITTEES  ON  HIGHER  EDUCATION,
 UPDATED  SEMI-ANNUALLY  THEREAFTER  AS  APPLICABLE,  SETTING  FORTH  THE
 REASONS AND JUSTIFICATION, SUPPORTED BY CLEAR AND  CONVINCING  EVIDENCE,
 FOR ITS DECISIONS TO CEASE DIVESTMENT, TO REINVEST OR TO REMAIN INVESTED
 IN FOSSIL FUEL COMPANIES.
   2. (A) ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-FOUR, AN AFFILIATED
 NONPROFIT  ORGANIZATION OR FOUNDATION SHALL NOT INVEST ANY MONIES IN ANY
 STOCKS, DEBT OR OTHER SECURITIES OF ANY CORPORATION OR COMPANY,  OR  ANY
 SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY, AMONG THE
 TWO  HUNDRED  LARGEST  PUBLICLY  TRADED FOSSIL FUEL COMPANIES, AS ESTAB-
 LISHED BY CARBON CONTENT IN THE COMPANIES'  PROVEN  OIL,  GAS  AND  COAL
 RESERVES.
   (B)  ON  OR BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT, AN AFFIL-
 IATED NONPROFIT ORGANIZATION OR FOUNDATION SHALL DIVEST FROM ANY STOCKS,
 DEBT OR OTHER SECURITIES OF ANY CORPORATION OR COMPANY, OR  ANY  SUBSID-
 IARY,  AFFILIATE  OR PARENT OF ANY CORPORATION OR COMPANY, AMONG THE TWO
 HUNDRED LARGEST PUBLICLY TRADED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY
 CARBON CONTENT IN THE COMPANIES' PROVEN  OIL,  GAS  AND  COAL  RESERVES,
 EXCEPT  THAT  DIVESTMENT  FROM  STOCKS  OR OTHER SECURITIES OF COMPANIES
 ENGAGED IN THE  MINING,  EXTRACTION  OR  PRODUCTION  OF  COAL  SHALL  BE
 COMPLETED NO LATER THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS SUBDI-
 VISION.
   (C)  AN  AFFILIATED  NONPROFIT  ORGANIZATION  OR  FOUNDATION  SHALL BE
 PERMITTED TO CEASE DIVESTING FROM COMPANIES UNDER PARAGRAPH (A) OF  THIS
 SUBDIVISION,  REINVEST  IN  COMPANIES FROM WHICH IT DIVESTED UNDER PARA-
 GRAPH (A) OF THIS SUBDIVISION, OR CONTINUE TO INVEST IN  COMPANIES  FROM
 WHICH IT HAS NOT YET DIVESTED UPON CLEAR AND CONVINCING EVIDENCE SHOWING
 THAT  AS  A  DIRECT  RESULT  OF SUCH DIVESTMENT, THE TOTAL AND AGGREGATE
 VALUE OF ALL ASSETS UNDER MANAGEMENT BY, OR ON BEHALF OF, AN  AFFILIATED
 NONPROFIT  ORGANIZATION OR FOUNDATION BECOMES OR SHALL BECOME: (I) EQUAL
 OR LESS THAN NINETY-NINE AND  ONE-HALF  PERCENT;  OR  (II)  ONE  HUNDRED
 PERCENT  LESS FIFTY BASIS POINTS OF THE HYPOTHETICAL VALUE OF ALL ASSETS
 UNDER MANAGEMENT BY, OR ON BEHALF OF, AN AFFILIATED NONPROFIT  ORGANIZA-
 TION  OR FOUNDATION ASSUMING NO DIVESTMENT FROM ANY COMPANY HAD OCCURRED
 UNDER SAID PARAGRAPH (A) OF THIS SUBDIVISION. CESSATION  OF  DIVESTMENT,
 REINVESTMENT  OR  ANY  SUBSEQUENT  ONGOING INVESTMENT AUTHORIZED BY THIS
 SECTION SHALL BE STRICTLY LIMITED TO  THE  MINIMUM  STEPS  NECESSARY  TO
 AVOID  THE  CONTINGENCY  SET  FORTH  IN  THE PRECEDING SENTENCE. FOR ANY
 CESSATION OF DIVESTMENT, AND IN THE ADVANCE OF SUCH  CESSATION,  AUTHOR-
 IZED  BY THIS SUBDIVISION, AN AFFILIATED NONPROFIT ORGANIZATION OR FOUN-
 DATION SHALL PROVIDE A WRITTEN REPORT TO THE ATTORNEY  GENERAL  AND  THE
 SENATE  AND  ASSEMBLY  STANDING  COMMITTEES ON HIGHER EDUCATION, UPDATED
 SEMI-ANNUALLY THEREAFTER AS APPLICABLE, SETTING FORTH  THE  REASONS  AND
 S. 1953                             3
 
 JUSTIFICATION, SUPPORTED BY CLEAR AND CONVINCING EVIDENCE, FOR ITS DECI-
 SIONS  TO  CEASE DIVESTMENT, TO REINVEST OR TO REMAIN INVESTED IN FOSSIL
 FUEL COMPANIES.
   3.  AS USED WITHIN THIS SECTION, "AN AFFILIATED NONPROFIT ORGANIZATION
 OR FOUNDATION" MEANS AN ORGANIZATION  OR  FOUNDATION  FORMED  UNDER  THE
 NOT-FOR-PROFIT  CORPORATION LAW OR ANY OTHER ENTITY FORMED FOR THE BENE-
 FIT OF OR CONTROLLED BY THE STATE UNIVERSITY OF NEW YORK OR ITS  RESPEC-
 TIVE  UNIVERSITIES,  COLLEGES,  COMMUNITY COLLEGES, CAMPUSES OR SUBDIVI-
 SIONS, INCLUDING THE RESEARCH FOUNDATION OF THE STATE UNIVERSITY OF  NEW
 YORK,  TO ASSIST IN MEETING THE SPECIFIC NEEDS OF, OR PROVIDING A DIRECT
 BENEFIT TO,  THE  RESPECTIVE  UNIVERSITY,  COLLEGE,  COMMUNITY  COLLEGE,
 CAMPUS OR SUBDIVISION OR THE UNIVERSITY AS A WHOLE, THAT HAS CONTROL OF,
 MANAGES  OR  RECEIVES FIFTY THOUSAND DOLLARS OR MORE ANNUALLY, INCLUDING
 ALUMNI ASSOCIATIONS.
   § 2. The education law is amended by adding a new  section  6234-a  to
 read as follows:
   § 6234-A. DIVESTMENT FROM FOSSIL FUELS. 1. (A) ON OR AFTER JULY FIRST,
 TWO  THOUSAND  TWENTY-FOUR,  THE  BOARD OF TRUSTEES SHALL NOT INVEST ANY
 MONIES IN ANY STOCKS, DEBT OR OTHER SECURITIES  OF  ANY  CORPORATION  OR
 COMPANY,  OR  ANY  SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR
 COMPANY, AMONG THE TWO  HUNDRED  LARGEST  PUBLICLY  TRADED  FOSSIL  FUEL
 COMPANIES,  AS  ESTABLISHED  BY  CARBON CONTENT IN THE COMPANIES' PROVEN
 OIL, GAS AND COAL RESERVES.
   (B) ON OR BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT,  THE  BOARD
 OF  TRUSTEES  SHALL  DIVEST FROM ANY STOCKS, DEBT OR OTHER SECURITIES OF
 ANY CORPORATION OR COMPANY, OR ANY SUBSIDIARY, AFFILIATE  OR  PARENT  OF
 ANY CORPORATION OR COMPANY, AMONG THE TWO HUNDRED LARGEST PUBLICLY TRAD-
 ED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON CONTENT IN THE COMPA-
 NIES'  PROVEN  OIL,  GAS  AND COAL RESERVES, EXCEPT THAT DIVESTMENT FROM
 STOCKS  OR  OTHER  SECURITIES  OF  COMPANIES  ENGAGED  IN  THE   MINING,
 EXTRACTION  OR  PRODUCTION  OF COAL SHALL BE COMPLETED NO LATER THAN ONE
 YEAR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
   (C) THE BOARD OF TRUSTEES SHALL BE PERMITTED TO CEASE  DIVESTING  FROM
 COMPANIES UNDER PARAGRAPH (A) OF THIS SUBDIVISION, REINVEST IN COMPANIES
 FROM  WHICH  IT  DIVESTED  UNDER  PARAGRAPH  (A) OF THIS SUBDIVISION, OR
 CONTINUE TO INVEST IN COMPANIES FROM WHICH IT HAS NOT YET DIVESTED  UPON
 CLEAR  AND  CONVINCING  EVIDENCE SHOWING THAT AS A DIRECT RESULT OF SUCH
 DIVESTMENT, THE TOTAL AND AGGREGATE VALUE OF ALL ASSETS UNDER MANAGEMENT
 BY, OR ON BEHALF OF, THE BOARD OF TRUSTEES BECOMES OR SHALL BECOME:  (I)
 EQUAL  TO  OR  LESS  THAN  NINETY-NINE AND ONE-HALF PERCENT; OR (II) ONE
 HUNDRED PERCENT LESS FIFTY BASIS POINTS OF THE HYPOTHETICAL VALUE OF ALL
 ASSETS UNDER MANAGEMENT BY, OR ON  BEHALF  OF,  THE  BOARD  OF  TRUSTEES
 ASSUMING  NO  DIVESTMENT  FROM ANY COMPANY HAD OCCURRED UNDER SAID PARA-
 GRAPH (A) OF THIS SUBDIVISION. CESSATION OF DIVESTMENT, REINVESTMENT  OR
 ANY  SUBSEQUENT  ONGOING  INVESTMENT AUTHORIZED BY THIS SECTION SHALL BE
 STRICTLY LIMITED TO THE MINIMUM STEPS NECESSARY TO AVOID THE CONTINGENCY
 SET FORTH IN THE PRECEDING SENTENCE. FOR ANY  CESSATION  OF  DIVESTMENT,
 AND  IN  ADVANCE  OF SUCH CESSATION, AUTHORIZED BY THIS SUBDIVISION, THE
 BOARD OF TRUSTEES SHALL PROVIDE A WRITTEN REPORT TO THE ATTORNEY GENERAL
 AND THE SENATE AND ASSEMBLY STANDING  COMMITTEES  ON  HIGHER  EDUCATION,
 UPDATED  SEMI-ANNUALLY  THEREAFTER  AS  APPLICABLE,  SETTING  FORTH  THE
 REASONS AND JUSTIFICATION, SUPPORTED BY CLEAR AND  CONVINCING  EVIDENCE,
 FOR ITS DECISIONS TO CEASE DIVESTMENT, TO REINVEST OR TO REMAIN INVESTED
 IN FOSSIL FUEL COMPANIES.
   2. (A) ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-FOUR, AN AFFILIATED
 NONPROFIT  ORGANIZATION OR FOUNDATION SHALL NOT INVEST ANY MONIES IN ANY
 S. 1953                             4
 
 STOCKS, DEBT OR OTHER SECURITIES OF ANY CORPORATION OR COMPANY,  OR  ANY
 SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY, AMONG THE
 TWO  HUNDRED  LARGEST  PUBLICLY  TRADED FOSSIL FUEL COMPANIES, AS ESTAB-
 LISHED  BY  CARBON  CONTENT  IN  THE COMPANIES' PROVEN OIL, GAS AND COAL
 RESERVES.
   (B) ON OR BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT,  AN  AFFIL-
 IATED NONPROFIT ORGANIZATION OR FOUNDATION SHALL DIVEST FROM ANY STOCKS,
 DEBT  OR  OTHER SECURITIES OF ANY CORPORATION OR COMPANY, OR ANY SUBSID-
 IARY, AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY, AMONG  THE  TWO
 HUNDRED LARGEST PUBLICLY TRADED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY
 CARBON  CONTENT  IN  THE  COMPANIES'  PROVEN OIL, GAS AND COAL RESERVES,
 EXCEPT THAT DIVESTMENT FROM STOCKS  OR  OTHER  SECURITIES  OF  COMPANIES
 ENGAGED  IN  THE  MINING,  EXTRACTION  OR  PRODUCTION  OF  COAL SHALL BE
 COMPLETED NO LATER THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS SUBDI-
 VISION.
   (C) AN  AFFILIATED  NONPROFIT  ORGANIZATION  OR  FOUNDATION  SHALL  BE
 PERMITTED  TO CEASE DIVESTING FROM COMPANIES UNDER PARAGRAPH (A) OF THIS
 SUBDIVISION, REINVEST IN COMPANIES FROM WHICH IT  DIVESTED  UNDER  PARA-
 GRAPH  (A)  OF THIS SUBDIVISION, OR CONTINUE TO INVEST IN COMPANIES FROM
 WHICH IT HAS NOT YET DIVESTED UPON CLEAR AND CONVINCING EVIDENCE SHOWING
 THAT AS A DIRECT RESULT OF SUCH  DIVESTMENT,  THE  TOTAL  AND  AGGREGATE
 VALUE  OF ALL ASSETS UNDER MANAGEMENT BY, OR ON BEHALF OF, AN AFFILIATED
 NONPROFIT ORGANIZATION OR FOUNDATION BECOMES OR SHALL BECOME: (I)  EQUAL
 TO  OR  LESS  THAN NINETY-NINE AND ONE-HALF PERCENT; OR (II) ONE HUNDRED
 PERCENT LESS FIFTY BASIS POINTS OF THE HYPOTHETICAL VALUE OF ALL  ASSETS
 UNDER  MANAGEMENT BY, OR ON BEHALF OF, AN AFFILIATED NONPROFIT ORGANIZA-
 TION OR FOUNDATION ASSUMING NO DIVESTMENT FROM ANY COMPANY HAD  OCCURRED
 UNDER  SAID  PARAGRAPH (A) OF THIS SUBDIVISION. CESSATION OF DIVESTMENT,
 REINVESTMENT OR ANY SUBSEQUENT ONGOING  INVESTMENT  AUTHORIZED  BY  THIS
 SECTION  SHALL  BE  STRICTLY  LIMITED  TO THE MINIMUM STEPS NECESSARY TO
 AVOID THE CONTINGENCY SET FORTH  IN  THE  PRECEDING  SENTENCE.  FOR  ANY
 CESSATION OF DIVESTMENT, AND IN ADVANCE OF SUCH CESSATION, AUTHORIZED BY
 THIS  SUBDIVISION,  AN  AFFILIATED  NONPROFIT ORGANIZATION OR FOUNDATION
 SHALL PROVIDE A WRITTEN REPORT TO THE ATTORNEY GENERAL  AND  THE  SENATE
 AND ASSEMBLY STANDING COMMITTEES ON HIGHER EDUCATION, UPDATED SEMI-ANNU-
 ALLY  THEREAFTER AS APPLICABLE, SETTING FORTH THE REASONS AND JUSTIFICA-
 TION, SUPPORTED BY CLEAR AND CONVINCING EVIDENCE, FOR ITS  DECISIONS  TO
 CEASE  DIVESTMENT,  TO  REINVEST  OR  TO  REMAIN INVESTED IN FOSSIL FUEL
 COMPANIES.
   3. AS USED WITHIN THIS SECTION, "AN AFFILIATED NONPROFIT  ORGANIZATION
 OR  FOUNDATION"  MEANS  AN  ORGANIZATION  OR FOUNDATION FORMED UNDER THE
 NOT-FOR-PROFIT CORPORATION LAW OR ANY OTHER ENTITY FORMED FOR THE  BENE-
 FIT  OF  OR CONTROLLED BY THE CITY UNIVERSITY OF NEW YORK OR ITS RESPEC-
 TIVE UNIVERSITIES, COLLEGES, COMMUNITY COLLEGES,  CAMPUSES  OR  SUBDIVI-
 SIONS,  INCLUDING  THE RESEARCH FOUNDATION OF THE CITY UNIVERSITY OF NEW
 YORK, TO ASSIST IN MEETING THE SPECIFIC NEEDS OF, OR PROVIDING A  DIRECT
 BENEFIT  TO,  THE  RESPECTIVE  UNIVERSITY,  COLLEGE,  COMMUNITY COLLEGE,
 CAMPUS OR SUBDIVISION OR THE UNIVERSITY AS A WHOLE, THAT HAS CONTROL OF,
 MANAGES OR RECEIVES FIFTY THOUSAND DOLLARS OR MORE  ANNUALLY,  INCLUDING
 ALUMNI ASSOCIATIONS.
   § 3. This act shall take effect on July 1, 2024.

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Senate Bill S1953

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Sponsored By

Brad Hoylman-Sigal