Sec. 12. (a) Not later than January 31, 2017, the board shall make a good faith effort to identify all restricted businesses in which a fund has direct or indirect holdings.
(b) In carrying out its responsibilities under subsection (a), and at the board's discretion, the board may use existing research or contract with a research firm.
(c) The board or a research firm with which the board contracts under subsection (b) may take any of the following actions to determine a business's connections with respect to boycott, divest from, or sanction Israel activity:
(1) Review publicly available information regarding businesses.
(2) Contact other institutional investors that invest in businesses.
(3) Contact asset managers that invest in businesses and are contracted by a fund.
(d) Not later than the first meeting of the board after January 31, 2017, the board shall compile the names of all restricted businesses into a restricted business list.
(e) The board shall update the restricted business list at least on an annual basis based on evolving information from sources described in subsections (b) and (c).