Assembly Bill A7697

2009-2010 Legislative Session

Treats parent corporations and their 50% or more owned subsidiaries as one entity for purposes of the applicability of certain campaign contribution limits

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A7697 (ACTIVE) - Details

See Senate Version of this Bill:
S3980
Current Committee:
Assembly Election Law
Law Section:
Election Law
Laws Affected:
Amd §§14-102 & 14-116, El L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6397, S3731
2013-2014: A2018, S2968
2015-2016: A5836, S339
2017-2018: A5656

2009-A7697 (ACTIVE) - Summary

Treats parent corporations and their 50% or more owned subsidiaries as one entity for purposes of the applicability of the $5,000 campaign contribution limit; applies additional disclosure requirements to certain corporations including the names and addresses of parent corporations and individuals who own or control shares of either the parent or subsidiary corporation.

2009-A7697 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7697

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 22, 2009
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee on Election Law

AN ACT to amend the election law, in relation to the treatment of corpo-
  rate  subsidiaries  for  purposes  of  the application of contribution
  limits and reporting requirements

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section 14-102 of the election law is amended by adding a
new subdivision 6 to read as follows:
  6. AS TO RECEIPTS FROM CORPORATIONS, THE STATEMENTS SHALL INCLUDE  THE
NAME  AND  ADDRESS  OF  (A)  EACH CORPORATION FROM WHICH IT HAS RECEIVED
ANYTHING OF VALUE, (B)  THE  NAME  OF  EACH  CORPORATION  THAT  OWNS  OR
CONTROLS  FIFTY  PERCENT  OR MORE OF THE SHARES OF THAT CORPORATION, (C)
THE NAMES AND ADDRESSES OF EACH INDIVIDUAL WHO IS PART  OF  A  GROUP  OF
INDIVIDUALS THAT OWNS OR CONTROLS FIFTY PERCENT OR MORE OF THE SHARES OF
EITHER CORPORATION.
  S  2.  Section  14-116  of the election law is amended by adding a new
subdivision 3 to read as follows:
  3. FOR PURPOSES OF THIS SECTION, THE TERM "CORPORATION" MEANS A PARENT
CORPORATION AND ALL OF ITS SUBSIDIARIES OF WHICH THE PARENT  CORPORATION
OWNS  FIFTY  PERCENT  OR  MORE  OF  THE OUTSTANDING SHARES AND ANY OTHER
CORPORATION OF WHICH A COMBINATION OF INDIVIDUALS THAT OWNS OR  CONTROLS
FIFTY  PERCENT  OR  MORE  OF THE OUTSTANDING SHARES OF THE PARENT CORPO-
RATION ALSO OWNS OR CONTROLS FIFTY PERCENT OR MORE  OF  THE  OUTSTANDING
SHARES.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09135-01-9

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