Source: https://www.nysenate.gov/legislation/bills/2009/s7083/amendment/original
Timestamp: 2018-12-11 08:42:34
Document Index: 590073059

Matched Legal Cases: ['§521', '§78', '§523', '§35', '§7', '§5017', '§28', '§510']

senate Bill S7083
Get Status Alerts for S7083
May 28, 2010 print number 7083a
May 28, 2010 amend (t) and recommit to codes
May 12, 2010 reported and committed to codes
Mar 11, 2010 referred to corporations, authorities and commissions
S7083A
May 12, 2010 - Corporations, Authorities and Commissions committee Vote
Corporations, Authorities and Commissions Committee Vote: May 12, 2010
S7083 (ACTIVE) - Details
Add §§521, 1321, 1517 & 1534, BC L; add §78, Coop Corps L; add §523, N-PC L; add §35, Rail L; add §7, Transp Corps L; add §5017, Bank L; add §28, Rel Corp L; add §510, Lim Lil L
2011-2012: S101, A696
2013-2014: S177, A7287
2015-2016: S138, A289
2017-2018: S3658, S7066, A1148
S7083 (ACTIVE) - Summary
Establishes the corporate political activity accountability to shareholders act which requires that corporate contributions to a political candidate or party committee or in support or opposition to a candidate or ballot referendum be approved by a majority of shareholders; applies to cooperative corporations, not-for-profit corporations, railroad and transportation corporations.
S7083 (ACTIVE) - Sponsor Memo
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,
the religious corporations law and the limited liability company law,
in relation to political
The purpose of this bill is to empower
shareholders to make
decisions about core corporate political activity.
Section 1 titles the act as
the "Corporate
Political Activity Accountability to Shareholders Act".
Sections 2 through 12 requires that corporations formed under the
law, the banking law, the religious corporation 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 shareholder authorization 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.
Section 13 provides that this act shall take effect immediately.
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
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.
S7083 (ACTIVE) - Bill Text download pdf
Introduced  by  Sens.  SQUADRON, ADDABBO, KRUEGER, PERKINS -- read twice
transportation corporations law, the banking law, the religious corpo-
rations  law  and  the  limited  liability company law, in relation to
Section 1.  This act shall be known and may be cited as the "corporate
S  2.  The business corporation law is amended by adding a new section
521 to read as follows:
S 521. POLITICAL CONTRIBUTIONS.
(A) NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATE CONTRIBUTIONS TO  OR
EXPENDITURES  ON  BEHALF  OF POLITICAL CANDIDATES, POLITICAL COMMITTEES,
PARTY COMMITTEES OR BALLOT REFERENDUMS, BEFORE A CORPORATION MAY MAKE  A
FINANCIAL  CONTRIBUTION TO A POLITICAL CANDIDATE, POLITICAL COMMITTEE OR
PARTY COMMITTEE OR IN SUPPORT OF OR OPPOSITION TO A CANDIDATE OR  BALLOT
REFERENDUM,  THE  CORPORATION  SHALL  AT LEAST ANNUALLY OBTAIN THE PRIOR
AUTHORIZATION OF A MAJORITY OF THE SHAREHOLDERS OF SUCH  CORPORATION  TO
MAKE  FINANCIAL CONTRIBUTIONS DIRECTLY TO OR IN SUPPORT OR OPPOSITION TO
POLITICAL CANDIDATES, OR POLITICAL COMMITTEES, OR PARTY  COMMITTEES,  OR
BALLOT REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
(B)  ANY  CORPORATION  MAKING  A FINANCIAL CONTRIBUTION TO A POLITICAL
CANDIDATE, POLITICAL COMMITTEE OR PARTY COMMITTEE OR IN  SUPPORT  OF  OR
OPPOSITION  TO  A CANDIDATE OR BALLOT REFERENDUM SHALL AT LEAST ANNUALLY
DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE  SECRETARY  OF  STATE  AN
ACCOUNTING  OF ITS FUNDS USED FOR SUCH PURPOSES, INCLUDING (I) THE IDEN-
TITY OF ANY CANDIDATE, POLITICAL COMMITTEE, PARTY COMMITTEE OR ORGANIZA-
TION RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED, AND (II) THE BUSINESS
RATIONALE FOR EACH SUCH CONTRIBUTION.
LBD15801-08-0
S 3. The cooperative corporations law  is  amended  by  adding  a  new
S 78. POLITICAL CONTRIBUTIONS. 1.  NOTWITHSTANDING ANY OTHER LIMITS ON
CORPORATE CONTRIBUTIONS TO OR EXPENDITURES ON BEHALF OF POLITICAL CANDI-
DATES,  POLITICAL  COMMITTEES,  PARTY COMMITTEES, OR BALLOT REFERENDUMS,
BEFORE A COOPERATIVE CORPORATION MAY MAKE A FINANCIAL CONTRIBUTION TO  A
CANDIDATE  OR PARTY COMMITTEE OR IN SUPPORT OF OR OPPOSITION TO A CANDI-
DATE, POLITICAL COMMITTEE, OR BALLOT REFERENDUM, THE COOPERATIVE  CORPO-
RATION  SHALL  AT  LEAST  ANNUALLY  OBTAIN  THE PRIOR AUTHORIZATION OF A
MAJORITY OF THE SHAREHOLDERS OR MEMBERS  OF  SUCH  CORPORATION  TO  MAKE
FINANCIAL CONTRIBUTIONS DIRECTLY TO OR IN SUPPORT OR OPPOSITION TO POLI-
TICAL  CANDIDATES,  OR  POLITICAL  COMMITTEES,  OR  PARTY COMMITTEES, OR
2. ANY COOPERATIVE CORPORATION MAKING A FINANCIAL  CONTRIBUTION  TO  A
POLITICAL  CANDIDATE,  POLITICAL  COMMITTEE,  OR  PARTY  COMMITTEE OR IN
SUPPORT OF OR OPPOSITION TO A CANDIDATE OR BALLOT  REFERENDUM  SHALL  AT
OF STATE AN ACCOUNTING OF ITS FUNDS USED FOR  SUCH  PURPOSES,  INCLUDING
(A)  THE IDENTITY OF ANY CANDIDATE, POLITICAL COMMITTEE, PARTY COMMITTEE
OR ORGANIZATION RECEIVING SUCH FUNDS AND THE AMOUNT  RECEIVED,  AND  (B)
THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION.
S  4.  The  not-for-profit  corporation law is amended by adding a new
section 523 to read as follows:
S 523. POLITICAL CONTRIBUTIONS.
PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A NOT-FOR-PROFIT  CORPO-
RATION  MAY  MAKE  A  FINANCIAL  CONTRIBUTION  TO A CANDIDATE, POLITICAL
COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF OR OPPOSITION TO A CANDI-
DATE OR BALLOT REFERENDUM, THE NOT-FOR-PROFIT CORPORATION SHALL AT LEAST
ANNUALLY OBTAIN THE PRIOR AUTHORIZATION OF A MAJORITY OF THE  SHAREHOLD-
ERS  OR  MEMBERS  OF  SUCH  CORPORATION  TO MAKE FINANCIAL CONTRIBUTIONS
DIRECTLY TO OR IN SUPPORT OR  OPPOSITION  TO  POLITICAL  CANDIDATES,  OR
POLITICAL  COMMITTEES, OR PARTY COMMITTEES, OR BALLOT REFERENDUMS, UP TO
(B) ANY NOT-FOR-PROFIT CORPORATION MAKING A FINANCIAL CONTRIBUTION  TO
A  POLITICAL  CANDIDATE,  POLITICAL  COMMITTEE, OR PARTY COMMITTEE OR IN
LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS OR MEMBERS AND FILE WITH THE
SECRETARY  OF  STATE  AN ACCOUNTING OF ITS FUNDS USED FOR SUCH PURPOSES,
INCLUDING (I) THE IDENTITY OF ANY CANDIDATE, POLITICAL COMMITTEE,  PARTY
COMMITTEE  OR ORGANIZATION RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED,
AND (II) THE CORPORATE RATIONALE FOR EACH SUCH CONTRIBUTION.
S 5. The railroad law is amended by adding a new section 35 to read as
S 35. POLITICAL CONTRIBUTIONS.  1.  NOTWITHSTANDING ANY  OTHER  LIMITS
ON  CORPORATE  CONTRIBUTIONS  TO  OR EXPENDITURES ON BEHALF OF POLITICAL
CANDIDATES, POLITICAL COMMITTEES, PARTY COMMITTEES, OR  BALLOT  REFEREN-
DUMS, BEFORE A RAILROAD CORPORATION MAY MAKE A FINANCIAL CONTRIBUTION TO
A CANDIDATE, POLITICAL COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF OR
OPPOSITION  TO  A  CANDIDATE, POLITICAL COMMITTEE, OR BALLOT REFERENDUM,
THE RAILROAD CORPORATION  SHALL  AT  LEAST  ANNUALLY  OBTAIN  THE  PRIOR
AUTHORIZATION  OF  A  MAJORITY  OF  THE  SHAREHOLDERS OR MEMBERS OF SUCH
CORPORATION TO MAKE FINANCIAL CONTRIBUTIONS DIRECTLY TO OR IN SUPPORT OR
OPPOSITION TO POLITICAL CANDIDATES, OR POLITICAL  COMMITTEES,  OR  PARTY
S. 7083                             3
COMMITTEES,  OR  BALLOT  REFERENDUMS,  UP  TO  A STATED AGGREGATE ANNUAL
2. ANY RAILROAD CORPORATION MAKING A FINANCIAL CONTRIBUTION TO A POLI-
TICAL CANDIDATE, POLITICAL COMMITTEE OR PARTY COMMITTEE OR IN SUPPORT OF
OR OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM SHALL AT LEAST ANNUAL-
LY  DISCLOSE  TO ITS SHAREHOLDERS OR MEMBERS AND FILE WITH THE SECRETARY
S  6.  The  transportation corporations law is amended by adding a new
S 7. POLITICAL CONTRIBUTIONS.  (A) NOTWITHSTANDING ANY OTHER LIMITS ON
DATES, POLITICAL COMMITTEES, PARTY COMMITTEES,  OR  BALLOT  REFERENDUMS,
BEFORE A TRANSPORTATION CORPORATION MAY MAKE A FINANCIAL CONTRIBUTION TO
OPPOSITION  TO  A  CANDIDATE  OR  BALLOT  REFERENDUM, THE TRANSPORTATION
CORPORATION SHALL AT LEAST ANNUALLY OBTAIN THE PRIOR AUTHORIZATION OF  A
MAJORITY  OF  THE  SHAREHOLDERS  OR  MEMBERS OF SUCH CORPORATION TO MAKE
TICAL CANDIDATES, OR  POLITICAL  COMMITTEES,  OR  PARTY  COMMITTEES,  OR
(B)  ANY TRANSPORTATION CORPORATION MAKING A FINANCIAL CONTRIBUTION TO
A POLITICAL CANDIDATE, POLITICAL COMMITTEE, OR  PARTY  COMMITTEE  OR  IN
SUPPORT  OF  OR  OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM SHALL AT
SECRETARY OF STATE AN ACCOUNTING OF ITS FUNDS USED  FOR  SUCH  PURPOSES,
INCLUDING  (I) THE IDENTITY OF ANY CANDIDATE, POLITICAL COMMITTEE, PARTY
COMMITTEE OR ORGANIZATION RECEIVING SUCH FUNDS AND THE AMOUNT  RECEIVED,
AND (II) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION.
S  7.  The banking law is amended by adding a new section 5017 to read
S 5017. POLITICAL CONTRIBUTIONS.  1.  NOTWITHSTANDING ANY OTHER LIMITS
ON CORPORATE CONTRIBUTIONS TO OR EXPENDITURES  ON  BEHALF  OF  POLITICAL
CANDIDATES,  POLITICAL  COMMITTEES, PARTY COMMITTEES, OR BALLOT REFEREN-
DUMS, BEFORE A CORPORATION MAY MAKE A FINANCIAL CONTRIBUTION TO A CANDI-
DATE, POLITICAL COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF OR  OPPO-
SITION  TO  A  CANDIDATE  OR BALLOT REFERENDUM, THE CORPORATION SHALL AT
LEAST ANNUALLY OBTAIN THE PRIOR  AUTHORIZATION  OF  A  MAJORITY  OF  THE
SHAREHOLDERS  OR  MEMBERS OF SUCH CORPORATION TO MAKE FINANCIAL CONTRIB-
UTIONS DIRECTLY TO OR IN SUPPORT OR OPPOSITION TO POLITICAL  CANDIDATES,
OR  POLITICAL COMMITTEES, OR PARTY COMMITTEES, OR BALLOT REFERENDUMS, UP
2. ANY CORPORATION MAKING A  FINANCIAL  CONTRIBUTION  TO  A  POLITICAL
CANDIDATE,  POLITICAL  COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF OR
OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM SHALL AT  LEAST  ANNUALLY
DISCLOSE  TO  ITS SHAREHOLDERS OR MEMBERS AND FILE WITH THE SECRETARY OF
STATE AN ACCOUNTING OF ITS FUNDS USED FOR SUCH PURPOSES,  INCLUDING  (A)
THE  IDENTITY  OF ANY CANDIDATE, POLITICAL COMMITTEE, PARTY COMMITTEE OR
ORGANIZATION RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED, AND  (B)  THE
BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION.
S 8. The religious corporations law is amended by adding a new section
28 to read as follows:
S  28.  POLITICAL CONTRIBUTIONS.  1.  NOTWITHSTANDING ANY OTHER LIMITS
S. 7083                             4
DUMS, BEFORE A RELIGIOUS CORPORATION MAY MAKE A  FINANCIAL  CONTRIBUTION
TO  A  CANDIDATE  OR PARTY COMMITTEE OR IN SUPPORT OF OR OPPOSITION TO A
CANDIDATE,  POLITICAL  COMMITTEE,  OR  BALLOT  REFERENDUM, THE RELIGIOUS
MAJORITY  OF  THE TRUSTEES OR MEMBERS OF SUCH CORPORATION TO MAKE FINAN-
CIAL CONTRIBUTIONS DIRECTLY TO OR IN SUPPORT OR OPPOSITION TO  POLITICAL
CANDIDATES,  OR  POLITICAL  COMMITTEES,  OR  PARTY COMMITTEES, OR BALLOT
REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
2. ANY RELIGIOUS CORPORATION MAKING  A  FINANCIAL  CONTRIBUTION  TO  A
LEAST  ANNUALLY  DISCLOSE  TO  ITS TRUSTEES OR MEMBERS AND FILE WITH THE
INCLUDING  (A) THE IDENTITY OF ANY CANDIDATE, POLITICAL COMMITTEE, PARTY
AND (B) THE CORPORATE RATIONALE FOR EACH SUCH CONTRIBUTION.
S  9.  The business corporation law is amended by adding a new section
PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE  A  FOREIGN  CORPORATION
MAY  MAKE  A  FINANCIAL CONTRIBUTION TO A POLITICAL CANDIDATE, POLITICAL
DATE OR BALLOT REFERENDUM IN NEW YORK, THE FOREIGN CORPORATION SHALL  AT
LEAST  ANNUALLY  OBTAIN  THE  PRIOR  AUTHORIZATION  OF A MAJORITY OF THE
SHAREHOLDERS OF SUCH CORPORATION TO MAKE FINANCIAL CONTRIBUTIONS DIRECT-
LY TO OR IN SUPPORT OR OPPOSITION TO POLITICAL CANDIDATES, OR  POLITICAL
COMMITTEES,  OR  PARTY COMMITTEES, OR BALLOT REFERENDUMS, UP TO A STATED
(B) ANY FOREIGN CORPORATION MAKING A FINANCIAL CONTRIBUTION TO A POLI-
TICAL CANDIDATE, POLITICAL COMMITTEE, OR PARTY COMMITTEE OR  IN  SUPPORT
OF  OR  OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM IN NEW YORK SHALL
AT LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE  SECRE-
TARY OF STATE AN ACCOUNTING OF ITS FUNDS USED FOR SUCH PURPOSES, INCLUD-
ING  (I)  THE  IDENTITY  OF  ANY  CANDIDATE,  POLITICAL COMMITTEE, PARTY
S  10.  The  limited  liability company law is amended by adding a new
S 510. POLITICAL CONTRIBUTIONS. (A) NOTWITHSTANDING ANY  OTHER  LIMITS
DUMS,  BEFORE  A LIMITED LIABILITY COMPANY MAY MAKE A FINANCIAL CONTRIB-
UTION TO A POLITICAL CANDIDATE, POLITICAL COMMITTEE, OR PARTY  COMMITTEE
OR  IN SUPPORT OF OR OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM, THE
LIMITED LIABILITY COMPANY SHALL  AT  LEAST  ANNUALLY  OBTAIN  THE  PRIOR
AUTHORIZATION  OF  A MAJORITY OF THE MEMBERS OR MANAGERS OF SUCH COMPANY
TO MAKE FINANCIAL CONTRIBUTIONS DIRECTLY TO OR IN SUPPORT OR  OPPOSITION
TO  POLITICAL  CANDIDATES, OR POLITICAL COMMITTEES, OR PARTY COMMITTEES,
OR BALLOT REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
(B) ANY LIMITED LIABILITY COMPANY MAKING A FINANCIAL CONTRIBUTION TO A
POLITICAL CANDIDATE, POLITICAL  COMMITTEE,  OR  PARTY  COMMITTEE  OR  IN
S. 7083                             5
OF  STATE  AN  ACCOUNTING OF ITS FUNDS USED FOR SUCH PURPOSES, INCLUDING
(I) THE IDENTITY OF ANY CANDIDATE, POLITICAL COMMITTEE, PARTY  COMMITTEE
OR  ORGANIZATION  RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED, AND (II)
S  11. The business corporation law is amended by adding a new section
PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A  PROFESSIONAL  SERVICE
CORPORATION  MAY MAKE A FINANCIAL CONTRIBUTION TO A POLITICAL CANDIDATE,
POLITICAL COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF  OR  OPPOSITION
TO  A  CANDIDATE  OR  BALLOT REFERENDUM, THE PROFESSIONAL SERVICE CORPO-
RATION SHALL AT LEAST ANNUALLY  OBTAIN  THE  PRIOR  AUTHORIZATION  OF  A
MAJORITY  OF  THE  SHAREHOLDERS  OF  SUCH  CORPORATION TO MAKE FINANCIAL
CONTRIBUTIONS DIRECTLY TO OR  IN  SUPPORT  OR  OPPOSITION  TO  POLITICAL
(B) ANY PROFESSIONAL SERVICE CORPORATION MAKING A  FINANCIAL  CONTRIB-
UTION  TO A POLITICAL CANDIDATE, POLITICAL COMMITTEE, OR PARTY COMMITTEE
OR IN SUPPORT OF OR OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM SHALL
S  12. The business corporation law is amended by adding a new section
PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A  FOREIGN  PROFESSIONAL
SERVICE  CORPORATION  MAY  MAKE  A FINANCIAL CONTRIBUTION TO A POLITICAL
CANDIDATE, POLITICAL COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT  OF  OR
OPPOSITION  TO A CANDIDATE OR BALLOT REFERENDUM IN NEW YORK, THE FOREIGN
PROFESSIONAL SERVICE CORPORATION AT  LEAST  ANNUALLY  SHALL  OBTAIN  THE
PRIOR  AUTHORIZATION  OF  A  MAJORITY OF THE SHAREHOLDERS OF SUCH CORPO-
RATION TO MAKE FINANCIAL CONTRIBUTIONS DIRECTLY  TO  OR  IN  SUPPORT  OR
OPPOSITION  TO POLITICAL CANDIDATES, POLITICAL COMMITTEES, PARTY COMMIT-
TEES, OR BALLOT REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
(B) ANY FOREIGN PROFESSIONAL SERVICE CORPORATION  MAKING  A  FINANCIAL
CONTRIBUTION  TO  A  POLITICAL  CANDIDATE,  POLITICAL COMMITTEE OR PARTY
COMMITTEE OR IN SUPPORT OF OR OPPOSITION TO A CANDIDATE OR BALLOT REFER-
ENDUM IN NEW YORK SHALL AT LEAST ANNUALLY DISCLOSE TO  ITS  SHAREHOLDERS
AND FILE WITH THE SECRETARY OF STATE AN ACCOUNTING OF ITS FUNDS USED FOR
SUCH  PURPOSES,  INCLUDING  (I) THE IDENTITY OF ANY CANDIDATE, POLITICAL
COMMITTEE, PARTY COMMITTEE OR ORGANIZATION RECEIVING SUCH FUNDS AND  THE
AMOUNT  RECEIVED, AND (II) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIB-
S7083A (ACTIVE) - Details
S7083A (ACTIVE) - Summary
S7083A (ACTIVE) - Sponsor Memo
BILL NUMBER:S7083A
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
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
Section 13 provides that this act shall take effect on August 1, 2010.
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.
This act shall take effect on August 1, 2010.
S7083A (ACTIVE) - Bill Text download pdf
7083--A
Introduced by Sens. SQUADRON, ADDABBO, KRUEGER, PERKINS, SERRANO -- read
Committee on Corporations, Authorities  and  Commissions  --  reported
favorably  from said committee and committed to the Committee on Codes
liability  company  law,  in  relation  to  political contributions by
Section  1. This act shall be known and may be cited as the "corporate
LBD15801-14-0
S. 7083--A                          2
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
S. 7083--A                          3
SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (I) A
(II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
S 4. The not-for-profit corporation law is amended  by  adding  a  new
S. 7083--A                          4
(D) THE SECRETARY OF  STATE  SHALL  POST  EACH  NOT-FOR-PROFIT  CORPO-
S 35. POLITICAL CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN  USED  IN  THIS
S. 7083--A                          5
(A)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
LOAN, ADVANCE, DEPOSIT OF MONEY OR ANYTHING OF VALUE PROVIDED TO A POLI-
TICAL COMMITTEE, PARTY COMMITTEE, CONSTITUTED COMMITTEE OR DULY  CONSTI-
TUTED  SUBCOMMITTEE OF A COUNTY COMMITTEE, AS THOSE TERMS ARE DEFINED IN
ARTICLE  FOURTEEN  OF  THE  ELECTION  LAW, IN SUPPORT OR OPPOSITION TO A
CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL PARTY, ELEC-
TIONEERING COMMUNICATION OR ANY COMMUNICATION MADE TO THE GENERAL PUBLIC
INTENDED TO ENCOURAGE THE  PUBLIC  TO  CONTACT  A  GOVERNMENT  OFFICIAL,
CANDIDATE  FOR PUBLIC OR PARTY OFFICE OR POLITICAL PARTY REGARDING PEND-
ING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR REGULATION;
S. 7083--A                          6
S 6. The transportation corporations law is amended by  adding  a  new
S. 7083--A                          7
(D)  THE  SECRETARY  OF  STATE  SHALL  POST EACH TRANSPORTATION CORPO-
S 5017. POLITICAL CONTRIBUTIONS. 1. DEFINITIONS.  WHEN  USED  IN  THIS
(B)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
CONTRIBUTION OR INDEPENDENT EXPENDITURE, THE CORPORATION SHALL AT  LEAST
ANNUALLY  OBTAIN  THE  PRIOR  AUTHORIZATION BY VOTE OF A MAJORITY OF THE
3. ANY CORPORATION, EITHER BY ITSELF OR  ITS  SUBSIDIARIES,  MAKING  A
S. 7083--A                          8
5. THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR  SPECIAL  PROCEEDING
S  8.  The business corporation law is amended by adding a new section
S. 7083--A                          9
S 9. The limited liability company law is  amended  by  adding  a  new
(B) NOTWITHSTANDING ANY OTHER LIMITS ON CONTRIBUTIONS TO, OR  EXPENDI-
TURES  ON  BEHALF  OF,  CANDIDATES FOR PUBLIC OR PARTY OFFICE, POLITICAL
COMMITTEES, PARTY COMMITTEES OR  BALLOT  REFERENDUM,  BEFORE  A  LIMITED
LIABILITY  COMPANY  MAY  MAKE A CONTRIBUTION OR INDEPENDENT EXPENDITURE,
AUTHORIZATION BY VOTE OF A MAJORITY OF THE MEMBERS OR MANAGERS  CAST  ON
S. 7083--A                         10
SUCH  RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO
S 10. The business corporation law is amended by adding a new  section
(B)  NOTWITHSTANDING  ANY  OTHER LIMITS ON PROFESSIONAL SERVICE CORPO-
RATION CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF  OF,  CANDIDATES  FOR
S. 7083--A                         11
S 11. The business corporation law is amended by adding a new  section
S. 7083--A                         12
S  12.  Severability.  If  any clause, sentence, paragraph, section or
S 13. This act shall take effect August 1, 2010.
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