4-5-52. Procedures with respect to companies on scrutinized companies list.
182 words·~1 min read·
/sd/title-4/chapter-4-5/4-5-52·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The State Investment Council shall use the following procedures with respect to companies on the scrutinized companies list:
(1)For each company newly identified with scrutinized business operations, the State Investment Council shall, within ninety days following its assembly of the scrutinized companies list, send a written notice informing the company of its scrutinized company status and that it may become subject to divestment by the State Investment Council. The notice shall offer the company the opportunity to clarify its scrutinized business operations and shall encourage the company to cease, within ninety days of the date of the notice, its scrutinized business operations, or to convert them to inactive business operations in order to avoid divestment by the State Investment Council; and
(2)If, within ninety days following the State Investment Council's first engagement with a company, that company publicly announces its commitment to substantial action specific to Iran, that company shall be removed from the scrutinized companies list and the provisions of §§ 4-5-48 to 4-5-60 , inclusive, cease to apply to it unless it resumes active business operations in Iran.