(1) (A) (i) "Boycott Israel" and "boycott of Israel" means engaging in refusals to deal, terminating business activities, or other actions that are intended to limit commercial relations with Israel, or persons or entities doing business in Israel or in Israeli-controlled territories, in a discriminatory manner.
(ii) "Boycott" does not include those boycotts to which 50 U.S.C. § 4607(c) applies.
(B) A company's statement that it is participating in boycotts of Israel, or that it has taken the boycott action at the request, in compliance with, or in furtherance of calls for a boycott of Israel, can be considered by the Arkansas Development Finance Authority as a type of evidence, among others, that a company is participating in a boycott of Israel;
(2) "Company" means a sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations;
(3) "Direct holdings" in reference to a company means all publicly traded securities of that company that are held directly by the public entity in an actively managed account or fund in which the public entity owns all shares or interests;
(4) "Indirect holdings" in reference to a company means all securities of that company that are held in an account or fund, such as a mutual fund, managed by one (1) or more persons not employed by the public entity, in which the public entity owns shares or interests together with other investors not subject to the provisions of this subchapter or that are held in an index fund;
(5) "Public entity" means the State of Arkansas, or a political subdivision of the state, including all boards, commissions, agencies, institutions, authorities, and bodies politic and corporate of the state, created by or in accordance with state law or regulations, and does include colleges, universities, a statewide public employee retirement system, and institutions in Arkansas as well as units of local and municipal government;
(6) "Restricted companies" means companies that boycott Israel; and
(7) "Retirement system" means a public retirement system in Arkansas.
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