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History
- Reported and committed to finance
- Print number 7083a
- Amend (t) and recommit to codes
- Reported and committed to codes
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires that corporate contributions to a political candidate or party committee or in support or opposition be approved by a majority of shareholders
In Assembly Committee · Election Law · Sponsor Rory Lancman
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7083A
Title of bill
An act to amend the business corporation law, the cooperative corporations law, the not-for-profit corporation law, the railroad law, the transportation corporations law, the banking law and the limited liability company law, in relation to political contributions by corporations
Purpose
The purpose of this bill is to empower shareholders to make decisions about core corporate political activity.
Summary of provisions
Section 1 titles the act as the "Corporate Political Activity Accountability to Shareholders Act".
Sections 2 through 11 requires that corporations formed under the business corporation law, the cooperative corporation law, the not-for-profit law, the railroad law, the transportation corporations law, the banking law, and the limited liability company law, professional service corporations as well as foreign corporations, and foreign professional service corporations authorized to do business in New York, (1) at least annually obtain prior authorization of a majority of shares voting before making any corporate political donations in New York, up to a total annual aggregate amount approved by the shareholders, and (2) disclose to its shareholders and file with the secretary of state an accounting of all such corporate donations, including the identity of the candidates, committees and initiatives funded and the business rational for such contributions. Sections 2 through 11 also provide the attorney general with the authority to enforce the provisions of each section.
Section 12 contains a severability clause.
Section 13 provides that this act shall take effect on August 1, 2010.
Justification
This bill responds to the supreme Court's recent decision in Citizen's united v. Federal Election Commission to effectively eliminate restrictions on corporations' ability to expend corporate resources in support or opposition to political candidates, political parties and ballot referendums. specifically, this bill gives shareholders the necessary tools to ensure that the expenditure of corporate resources toward political activity serves the objectives for which the corporation was formed, is consistent with the corporation's business interests, and enhances - rather than diminishes shareholder value.
Legislative history
New bill.
Fiscal implications
None to the state.
EFFECTIVE; DATE: This act shall take effect on August 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.