Source: https://www.nysenate.gov/legislation/bills/2019/S2364
Timestamp: 2020-04-05 17:29:35
Document Index: 625368812

Matched Legal Cases: ['§631', '§78', '§522', '§35', '§8', '§5017', '§510', '§ 2', '§  6', '§  7', '§  9', '§ 8', '§  11', '§ 510', '§  12', '§ 13']

NY State Senate Bill S2364A
senate Bill S2364A
Get Status Alerts for S2364A
May 15, 2019 print number 2364a
May 15, 2019 amend and recommit to corporations, authorities and commissions
Jan 24, 2019 referred to corporations, authorities and commissions
S2364 - Details
Add §§631, 1321, 1517 & 1534, BC L; add §78, Coop Corps L; add §522, N-PC L; add §35, Rail L; add §8, Transp Corps L; add §5017, Bank L; add §510, Lim Lil L
S2364 - Summary
S2364 - Sponsor Memo
BILL NUMBER: S2364
An act to amend the business corporation law, the cooperative corpo-
transportation corporations law, the banking law and the limited liabil-
ity company law, in relation to enacting the "corporate political activ-
ity accountability to shareholders act"
The purpose of this bill is to protect consumers against improper and
Section 1 titles the act as the "Corporate Political Activity Account-
ability to Shareholders Act".
Sections 2 through 11 requires that corporations formed under the busi-
banking law, and the limited liability company law (1) at least annually
obtain prior authorization of a majority of voting shares 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 rationale for such
contributions. Sections 2 through 11 also provide the attorney general
with the authority to enforce the provisions of each section.
v. Federal Election Commission to effectively eliminate restrictions on
corporations' ability to expend corporate resources in support or oppo-
sition to political candidates, political parties and ballot referen-
dums. Specifically, this bill gives shareholders the necessary tools to
activity serves the objectives for which the corporation was formed, is
consistent with the corporation's business interests, and enhances rath-
er than diminishes shareholder value.
2016: S138/A289 - REFERRED TO CORPORATIONS, AUTHORITIES AND
COMMISSIONS/referred to election law
2015: S138/A289 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS/
2014: S177/A7287 - CONSIDERED BY CORPORATIONS, AUTHORITIES,AND COMMIS-
2013: S177/A7287 - CONSIDERED BY CORPORATIONS, AUTHORITIES,AND COMMIS-
2012: S101/A696 - COMMITTEE DISCHARGED AND COMMITTED TO RULES
2011: S101/A696-REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
2010: S7083/A.9948- REPORTED AND COMMITTED TO FINANCE
S2364 - Bill Text download pdf
§ 2. The business corporation law is amended by adding a  new  section
S. 2364                             4
S. 2364                             5
S. 2364                             6
S. 2364                             7
S. 2364                             8
S. 2364                             9
S. 2364                            10
S. 2364                            11
S. 2364                            12
S2364A (ACTIVE) - Details
S2364A (ACTIVE) - Summary
S2364A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2364A                     REVISED 10/1/2019
TITLE OF BILL:  An act to amend the business corporation law, the
the limited liability company law, in relation to enacting the "corpo-
rate political activity accountability to shareholders act"
Section 1 provides the title of the bill.
any corporate political donations up to a stated aggregate annual amount
for a stated business purpose, and (2) disclose to its shareholders and
file with the secretary of state an accounting of all such contribution
or independent expenditures, including the identity of the candidate,
referendum, political party, pending legislation, public policy or a
government rule or regulation supported or opposed.
Sections 2 through 11 also provide the attorney general with the author-
ity to enforce the provisions of each section.
sition of political candidates, political parties and ballot referen-
consistent with the corporation's business interests and enhances rather
than diminishes shareholder value.
2018: S7066(Kavanagh)/A1148 (Rozic) - Corporations, Authorities and
Commissions/Election Law
2017: A1148 (Rozic) - Election Law
2016: 5138 (Squadron)/A289 (Rozic) Corporations, Authorities and
2015: S138 (Squadron)/A289 (Rozic) Corporations, Authorities and
2014: S177 (Squadron)/A7287 (Rozic) - Corporations, Authorities and
2013: S177 (Squadron)/A7287 (Rozic) Corporations, Authorities and
2012: 5101 (Squadron)/A696 (Lancman) - Rules/Election Law
2011: 5101 (Squadron)/A696 (Lancman) - Corporations, Authorities and
2010: S7083 (Squadron)/A9948 (Lancman) - Finance
S2364A (ACTIVE) - Bill Text download pdf
2364--A
LBD00804-02-9
S. 2364--A                          2
AGGREGATE ANNUAL AMOUNT FOR A STATED BUSINESS PURPOSE.
(2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE; AND
REGULATION SUPPORTED OR OPPOSED.
S. 2364--A                          3
EXPENDITURES  UP  TO A STATED AGGREGATE ANNUAL AMOUNT FOR A STATED BUSI-
NESS PURPOSE.
S. 2364--A                          4
AMOUNT FOR A STATED BUSINESS PURPOSE.
S. 2364--A                          5
TURES  UP  TO  A  STATED  AGGREGATE  ANNUAL AMOUNT FOR A STATED BUSINESS
S. 2364--A                          6
§  6.  The  cooperative  corporations  law  is amended by adding a new
TO A STATED AGGREGATE ANNUAL AMOUNT FOR A STATED BUSINESS PURPOSE.
(B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE; AND
S. 2364--A                          7
§  7.  The  not-for-profit  corporation law is amended by adding a new
(B) NOTWITHSTANDING ANY OTHER  LIMITS  ON  NOT-FOR-PROFIT  CORPORATION
DUM, BEFORE A NOT-FOR-PROFIT CORPORATION OR ANY OF ITS SUBSIDIARIES  MAY
MAKE  A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE NOT-FOR-PROFIT
VOTE  OF  A  MAJORITY  OF  THE MEMBERS VOTING ON SUCH RESOLUTION TO MAKE
AL AMOUNT FOR A STATED BUSINESS PURPOSE.
(C) ANY NOT-FOR-PROFIT CORPORATION, EITHER BY ITSELF  OR  ITS  SUBSID-
IARIES,  MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT LEAST
S. 2364--A                          8
STATED AGGREGATE ANNUAL AMOUNT FOR A STATED BUSINESS PURPOSE.
S. 2364--A                          9
§  9.  The  transportation corporations law is amended by adding a new
section 8 to read as follows:
§ 8. POLITICAL CONTRIBUTIONS.  (A)  DEFINITIONS.  WHEN  USED  IN  THIS
S. 2364--A                         10
PENDENT EXPENDITURES, UP TO A STATED AGGREGATE ANNUAL AMOUNT FOR A STAT-
ED BUSINESS PURPOSE.
S. 2364--A                         11
§  11.  The  limited  liability company law is amended by adding a new
§ 510. POLITICAL CONTRIBUTIONS. (A) DEFINITIONS.  WHEN  USED  IN  THIS
S. 2364--A                         12
A STATED AGGREGATE ANNUAL AMOUNT FOR A STATED BUSINESS PURPOSE.
§  12.  Severability.  If  any clause, sentence, paragraph, section or
§ 13. This act shall take effect on the first of August next  succeed-