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California Secretary of State Debra Bowen has cleared the way for proponents of an Israel divestment initiative to circulate petitions for the measure. Proponents have until Jan. 31, 2011 to collect the signatures of 433,971 registered voters in order to have the measure qualify for the ballot.

The Attorney General’s summary for the measure describes it as prohibiting the Public Employees’ Retirement System (CalPERS) and the State Teachers’ Retirement System (CalSTRS) “from investing in companies that do business related to the construction or maintenance of Israeli settlements, including those in the West Bank and East Jerusalem, or that provide military supplies and services to Israel.”

If it qualifies, the Divestment of State Retirement Funds From Israel Act would appear on the ballot in November 2012.