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1985 New Jersey Attorney General Reports and Opinions 1 (1985)

handle is hein.sag/sagnj0002 and id is 1 raw text is: SATH OF' NHW .JICNHR~Y I)VPA Tlf .T 8 01' LAW ANil Pi Aithit NAFlTY FICHARD J HUGM ES JUSIICC COMPLEI ' 080 TRENTON. N J. 08625 ATToRNrY Gcsrn 000 2024~919 ncember 19, 1985 Honorable Roland Machold Director, Division of Investment CN-290 Trenton, New Jersey 08625 FORMAL OPINION NO. 1 - 1985 Dea Director Machold: The Division of Investment has raised numerous questions concerning the interpretation and implementation of L. 1985, c. 308, N.J.S.A. 52:18A-89.1 et sea. the South African divestiture legislation anactad into law on August 27, 1985. The legislation prohibits the Divioion from making certain Souti African-related investments, raquires it to divest itself of pre-existing ones, and prescribes certain reporting requirements concerning the implemen- tption of the first two parts. In regard to the prohibitory provision of the legisla- tion. Section 1 provides in pertinent part, as follows: no assets of any pension or annuity fund _under the jurisdiction of the Division of Investment ... shall be invested in any bank or,.,firancial institution which directly or through a subsidiary has outstanding loans to the Republic of South Africa or its instru- mentzlittes, and no assot@ shall be invested in the stocks, securities or Qther obligations of any company engaged in business in or with the Republic of South Africa. .e paramount question raised is the meaning of the phrase, an conpa p engaged in business ... in ihe Republic of South Africa. he bhtase is no' defined in the statute, nor is it susceptible to pxeclse definition. Materials Rasearch Corp. v. Metron, 64 N.J. 74, 7- (1973'. Whet a foreign ediporation is doing, transacting ot engaging in business in a sp te, or, in this case, another country, ts a qu stiod dhpenden primarily on the facts and circum-

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