As used in this act:

1. (a) "Act" means the countries of concern divestment act.

2. (b) "Company" means any:

   1. (1) For-profit corporation, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, trust, association, sole proprietorship or other organization, including any:

      1. (A) Subsidiary of such company, a majority ownership interest of which is held by such company;
      2. (B) parent company that holds a majority ownership of such company; and
      3. (C) other affiliate or business association of such company whose primary purpose is to make a profit; or
   2. (2) nonprofit organization.

3. (c) (1) "Country of concern" means the following:

   1. (A) People's republic of China, including the Hong Kong special administrative region;
   2. (B) republic of Cuba;
   3. (C) islamic republic of Iran;
   4. (D) democratic people's republic of Korea;
   5. (E) Russian federation; and
   6. (F) Bolivarian republic of Venezuela.
   7. (2) "Country of concern" does not include the republic of China (Taiwan).
4. (d) "Covered transaction" means the same as defined in 31 C.F.R. § 800.213, as in effect on July 1, 2024.
5. (e) "Covered control transaction" means the same as defined in 31 C.F.R. § 800.210, as in effect on July 1, 2024.

6. (f) "Domicile" means the country where:

   1. (1) A company is organized;
   2. (2) a company completes a substantial portion of its business; or
   3. (3) a majority of a company's ownership interest is held.
7. (g) "Person" means an individual.

8. (h) "Person owned or controlled by or subject to the jurisdiction or direction of a country of concern" means any:

   1. (1) Person, wherever located, who is a citizen of a nation-state controlled by a country of concern, unless such person is a lawful permanent resident of the United States; or
   2. (2) corporation, partnership, association or other organization organized under the laws of a nation-state controlled by a country of concern.
9. (i) "State agency" means any department, authority, bureau, division, office or other governmental agency of this state.

10. (j) "State-managed fund" means:

    1. (1) The Kansas public employees retirement fund managed by the board of trustees of the Kansas public employees retirement system in accordance with K.S.A. 74-4921, and amendments thereto;
    2. (2) the pooled money investment portfolio managed by the pooled money investment board in accordance with article 42 of chapter 75 of the Kansas Statutes Annotated, and amendments thereto; and
    3. (3) any other fund that is sponsored or managed by a state agency.

L. 2024, ch. 65, § 2; July 1.