Notwithstanding Section 11-57-310, a person engaged in investment activities in Iran as described in Section 11-57-300, may contract with the State if:

1. (1) the investment activities in Iran were made before January 1, 2015, the investment activities in Iran have not been expanded or renewed after the effective date of this act, and the person has adopted, publicized, and is implementing a formal plan to cease the investment activities in Iran and to refrain from engaging in any new investments in Iran; or
2. (2) the state agency makes a determination that the commodities or services are necessary to perform its functions and that, absent such an exemption, the state agency would be unable to obtain the commodities or services for which the contract is offered. Such determination shall be entered into the procurement record.

HISTORY: 2014 Act No. 267 (H.3021), Section 1, eff September 7, 2014; 2015 Act No. 63 (H.3583), Section 2.A, eff June 4, 2015.

Editor's Note

2015 Act No. 63, Section 5, provides as follows:

"SECTION 5. This act takes effect upon approval by the Governor and does not apply to contracts entered into before the effective date of this act."

Effect of Amendment

2015 Act No. 63, Section 2.A, in the undesignated paragraph, deleted ", on a case-by-case basis," following "with the State"; and in (1), substituted "January 1, 2015" for "the effective date of this act".