2009 Louisiana Laws TITLE 11 Consolidated public retirement :: RS 11:268 Repealed by acts 2010, no. 1004, §2, eff. july 1 , 2010.

§268.  Investment advisors; certain small and emerging businesses; small business investment companies; venture capital firms; location

A.  It is the intent of the legislature that each state public retirement or pension system, fund, or plan governed by this Subpart give appropriate consideration to investments that would enhance the general welfare and development of this state and its citizens through stimulation of job creation or capital formulation.

B.  The governing authority of each state public retirement or pension system, fund, or plan may invest in small and emerging businesses, small business investment companies, and venture capital firms.

C.  The provisions of this Section do not repeal provisions relative to investments contained within the individual laws governing the state public retirement or pension systems, funds, or plans; however, the provisions of this Section shall be controlling in the cases of conflicts with the individual laws.

D.  As used in this Section, the following terms shall have the meanings ascribed to them herein:

(1)  "Small and emerging business" means a small business, as defined in R.S. 51:941(3), that meets the following requirements:

(a)  More than one-half of its employees are employed within this state; and one of the following requirements is met:

(i)  More than one-half of its assets are within this state.

(ii)  Its principal office is located within this state.

(2)  "Small business investment company" means an incorporated body or a limited partnership under Section 301 of Title III of the Small Business Investment Act of 1958, 15 U.S.C. 681 that meets the following requirements:

(a)  More than one-half of its employees are employed within this state; and one of the following requirements is met:

(i)  More than one-half of its assets are within this state.

(ii)  Its principal office is located within this state.

(3)  "Venture capital firm" means a corporation, partnership, proprietorship, or other entity the principal business of which is or will be the making of investments in Louisiana small businesses, either directly or indirectly, by investing in entities the principal business of which is or will be the making of investments in Louisiana small businesses.

E.  Notwithstanding the provisions of Subsections B and D of this Section, the governing authority of the system, fund, or plan may invest in small and emerging businesses, small business investment companies, and venture capital firms located outside of the state.

F.  Pursuant to the provisions of this Section, the governing authority of each state public retirement or pension system, fund, and plan shall prepare a policy to be presented to the Senate and House of Representatives committees on retirement on or before December 31, 2003, wherein the system, fund, or plan shall propose how it intends to invest in small and emerging businesses as defined in R.S. 51:941(3), venture capital firms, and in-state money management firms which either have been incorporated and domiciled in this state for at least two years or maintain offices in the state. The policy shall also include how the system, fund, or plan intends to use in-state or out-of-state emerging businesses.

G.  The provisions of this Section shall be null, void, and of no effect after June 30, 2005.

Acts 2003, No. 788, §1, eff. July 1, 2003.