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

                                 9948--A

                          I N  A S S E M B L Y

                            February 17, 2010
                               ___________

Introduced by M. of A. LANCMAN, SKARTADOS, JACOBS, MAISEL, KOON, CASTRO,
  TITONE,  KAVANAGH,  JAFFEE,  PEOPLES-STOKES, BRODSKY, POWELL -- Multi-
  Sponsored by -- M. of A. BRENNAN, COLTON,  GLICK,  PHEFFER,  ROBINSON,
  THIELE  --  read once and referred to the Committee on Election Law --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend  the business corporation law, the cooperative corpo-
  rations law, the not-for-profit corporation law, the railroad law, the
  transportation corporations law, the banking law, the religious corpo-
  rations law and the limited liability  company  law,  in  relation  to
  political contributions by corporations

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

  Section 1.  This act shall be known and may be cited as the "corporate
political activity accountability to shareholders act".
  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-

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

                                                           LBD15801-07-0

A. 9948--A                          2

TION RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED, AND (II) THE BUSINESS
RATIONALE FOR EACH SUCH CONTRIBUTION.
  S  3.  The  cooperative  corporations  law  is amended by adding a new
section 78 to read as follows:
  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
BALLOT REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
  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
LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS 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 4. The not-for-profit corporation law is amended  by  adding  a  new
section 523 to read as follows:
S 523. 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 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
A STATED AGGREGATE ANNUAL AMOUNT.
  (B)  ANY NOT-FOR-PROFIT 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  (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
follows:
  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

A. 9948--A                          3

OPPOSITION  TO  POLITICAL  CANDIDATES, OR POLITICAL COMMITTEES, OR PARTY
COMMITTEES, OR BALLOT REFERENDUMS,  UP  TO  A  STATED  AGGREGATE  ANNUAL
AMOUNT.
  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
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  6.  The  transportation corporations law is amended by adding a new
section 7 to read as follows:
  S 7. POLITICAL CONTRIBUTIONS.  (A) 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 TRANSPORTATION CORPORATION MAY MAKE A FINANCIAL CONTRIBUTION TO
A CANDIDATE, POLITICAL COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF OR
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
FINANCIAL CONTRIBUTIONS DIRECTLY TO OR IN SUPPORT OR OPPOSITION TO POLI-
TICAL CANDIDATES, OR  POLITICAL  COMMITTEES,  OR  PARTY  COMMITTEES,  OR
BALLOT REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
  (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
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 BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION.
  S  7.  The banking law is amended by adding a new section 5017 to read
as follows:
  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
TO A STATED AGGREGATE ANNUAL AMOUNT.
  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:

A. 9948--A                          4

  S  28.  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 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
CORPORATION  SHALL AT LEAST ANNUALLY OBTAIN THE PRIOR AUTHORIZATION OF A
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
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 TRUSTEES 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 CORPORATE RATIONALE FOR EACH SUCH CONTRIBUTION.
  S 9. The business corporation law is amended by adding a  new  section
1321 to read as follows:
S 1321. 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 FOREIGN CORPORATION
MAY MAKE A FINANCIAL CONTRIBUTION TO A  POLITICAL  CANDIDATE,  POLITICAL
COMMITTEE, OR PARTY COMMITTEE OR IN SUPPORT OF OR OPPOSITION TO A CANDI-
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
AGGREGATE ANNUAL AMOUNT.
  (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
COMMITTEE  OR ORGANIZATION RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED,
AND (II) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION.
  S 10. The limited liability company law is amended  by  adding  a  new
section 510 to read as follows:
  S  510.  POLITICAL CONTRIBUTIONS. (A) 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 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

A. 9948--A                          5

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 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  11. The business corporation law is amended by adding a new section
1517 to read as follows:
S 1517. 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  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
CANDIDATES,  OR  POLITICAL  COMMITTEES,  OR  PARTY COMMITTEES, OR BALLOT
REFERENDUMS, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
  (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
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
COMMITTEE OR ORGANIZATION RECEIVING SUCH FUNDS AND THE AMOUNT  RECEIVED,
AND (II) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION.
  S  12. The business corporation law is amended by adding a new section
1534 to read as follows:
S 1534. 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  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-
UTION.
  S 13. This act shall take effect immediately.

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

                                 9948--B

                          I N  A S S E M B L Y

                            February 17, 2010
                               ___________

Introduced by M. of A. LANCMAN, SKARTADOS, JACOBS, MAISEL, KOON, CASTRO,
  TITONE,  KAVANAGH,  JAFFEE,  PEOPLES-STOKES,  BRODSKY, POWELL, LIFTON,
  GIBSON, GALEF, ESPAILLAT, COLTON, ROSENTHAL -- Multi-Sponsored  by  --
  M.  of A.   BRENNAN, GLICK, PHEFFER, ROBINSON, THIELE -- read once and
  referred to the Committee on Election  Law  --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee -- again  reported  from  said  committee  with  amendments,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the business corporation law, the cooperative corpo-
  rations 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

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

  Section  1. This act shall be known and may be cited as the "corporate
political activity accountability to shareholders act".
  S 2. The business corporation law is amended by adding a  new  section
631 to read as follows:
S 631. POLITICAL CONTRIBUTIONS.
  (A) DEFINITIONS. WHEN USED IN THIS SECTION:
  (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
PARTY,  ELECTIONEERING  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 PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
REGULATION;
  (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE

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

                                                           LBD15801-13-0

A. 9948--B                          2

VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  (B) NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATE CONTRIBUTIONS TO, OR
EXPENDITURES  ON BEHALF OF, CANDIDATES FOR PUBLIC OR PARTY OFFICE, POLI-
TICAL COMMITTEES, PARTY COMMITTEES OR BALLOT REFERENDUM, BEFORE A CORPO-
RATION OR ANY OF ITS SUBSIDIARIES MAY MAKE A CONTRIBUTION OR INDEPENDENT
EXPENDITURE, THE CORPORATION SHALL, AT LEAST ANNUALLY, OBTAIN THE  PRIOR
AUTHORIZATION  BY  VOTE  OF A MAJORITY OF THE SHARES CAST ON SUCH RESOL-
UTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO  A  STATED
AGGREGATE ANNUAL AMOUNT.
  (C)  ANY  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES, MAKING A
CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT LEAST ANNUALLY DISCLOSE
TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE  AN  ACCOUNTING
OF   THE  CONTRIBUTIONS  AND  INDEPENDENT  EXPENDITURES  USED  FOR  SUCH
PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
EXPENDITURE.
  (D) THE SECRETARY  OF  STATE  SHALL  POST  EACH  CORPORATION'S  ANNUAL
DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 3. The cooperative corporations law  is  amended  by  adding  a  new
section 78 to read as follows:
  S  78.  POLITICAL  CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN USED IN THIS
SECTION:
  (A) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
PARTY, ELECTIONEERING 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

A. 9948--B                          3

REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
REGULATION;
  (B)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  2.   NOTWITHSTANDING  ANY  OTHER  LIMITS  ON  COOPERATIVE  CORPORATION
CONTRIBUTIONS TO OR EXPENDITURES  ON  BEHALF  OF  POLITICAL  CANDIDATES,
POLITICAL  COMMITTEES, PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A
COOPERATIVE CORPORATION MAY MAKE A CONTRIBUTION OR INDEPENDENT  EXPENDI-
TURE,  THE  COOPERATIVE  CORPORATION  SHALL AT LEAST ANNUALLY OBTAIN THE
PRIOR AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES OR MEMBERS  CAST
ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES, UP
TO A STATED AGGREGATE ANNUAL AMOUNT.
  3.  ANY COOPERATIVE CORPORATION, EITHER BY ITSELF OR ITS SUBSIDIARIES,
MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL, AT LEAST ANNUAL-
LY, DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE AN
ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT  EXPENDITURES  USED  FOR
SUCH PURPOSES, INCLUDING:
  (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (C)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
EXPENDITURE.
  4.  THE  SECRETARY  OF STATE SHALL POST EACH COOPERATIVE CORPORATION'S
ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
  5.  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S  4.  The  not-for-profit  corporation law is amended by adding a new
section 523 to read as follows:
S 523. POLITICAL CONTRIBUTIONS.
  (A) DEFINITIONS. WHEN USED IN THIS SECTION:
  (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-

A. 9948--B                          4

SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
PARTY, ELECTIONEERING 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 PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
REGULATION;
  (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  (B)  NOTWITHSTANDING  ANY  OTHER  LIMITS ON NOT-FOR-PROFIT CORPORATION
CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR
PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT  REFEREN-
DUM,  BEFORE A NOT-FOR-PROFIT CORPORATION OR ANY OF ITS SUBSIDIARIES MAY
MAKE A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE  NOT-FOR-PROFIT
CORPORATION  SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY
VOTE OF A MAJORITY OF THE MEMBERS VOTING  ON  SUCH  RESOLUTION  TO  MAKE
CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED AGGREGATE ANNU-
AL AMOUNT.
  (C)  ANY  NOT-FOR-PROFIT  CORPORATION, EITHER BY ITSELF OR ITS SUBSID-
IARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT  LEAST
ANNUALLY DISCLOSE TO ITS MEMBERS AND FILE WITH THE SECRETARY OF STATE AN
ACCOUNTING  OF  THE  CONTRIBUTIONS AND INDEPENDENT EXPENDITURES USED FOR
SUCH PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
EXPENDITURE.
  (D) THE SECRETARY OF  STATE  SHALL  POST  EACH  NOT-FOR-PROFIT  CORPO-
RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 5. The railroad law is amended by adding a new section 35 to read as
follows:

A. 9948--B                          5

  S 35. POLITICAL CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN  USED  IN  THIS
SECTION:
  (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;
  (B)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  2.  NOTWITHSTANDING  ANY OTHER LIMITS ON RAILROAD CORPORATION CONTRIB-
UTIONS TO OR EXPENDITURES ON BEHALF OF POLITICAL  CANDIDATES,  POLITICAL
COMMITTEES,  PARTY  COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A RAILROAD
CORPORATION MAY MAKE A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE
RAILROAD  CORPORATION  SHALL AT LEAST ANNUALLY OBTAIN THE PRIOR AUTHORI-
ZATION BY VOTE OF A MAJORITY OF THE  SHARES  OR  MEMBERS  CAST  ON  SUCH
RESOLUTION  TO  MAKE  CONTRIBUTIONS OR INDEPENDENT EXPENDITURES, UP TO A
STATED AGGREGATE ANNUAL AMOUNT.
  3. ANY RAILROAD CORPORATION, EITHER BY  ITSELF  OR  ITS  SUBSIDIARIES,
MAKING CONTRIBUTIONS OR INDEPENDENT EXPENDITURES SHALL, AT LEAST ANNUAL-
LY, DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE AN
ACCOUNTING  OF  THE  CONTRIBUTIONS AND INDEPENDENT EXPENDITURES USED FOR
SUCH PURPOSES, INCLUDING:
  (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (C) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
REGULATION SUPPORTED OR OPPOSED; AND
  (D)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
EXPENDITURE.
  4. THE SECRETARY OF STATE SHALL POST EACH RAILROAD CORPORATION'S ANNU-
AL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.

A. 9948--B                          6

  5.  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S  6.  The  transportation corporations law is amended by adding a new
section 7 to read as follows:
  S 7. POLITICAL CONTRIBUTIONS.  (A)  DEFINITIONS.  WHEN  USED  IN  THIS
SECTION:
  (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
PARTY,  ELECTIONEERING  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 PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
REGULATION;
  (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  (B)  NOTWITHSTANDING  ANY  OTHER  LIMITS ON TRANSPORTATION CORPORATION
CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR
PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT  REFEREN-
DUM,  BEFORE A TRANSPORTATION CORPORATION OR ANY OF ITS SUBSIDIARIES MAY
MAKE A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE  TRANSPORTATION
CORPORATION  SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY
VOTE OF A MAJORITY OF  THE  SHARES  CAST  ON  SUCH  RESOLUTION  TO  MAKE
CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED AGGREGATE ANNU-
AL AMOUNT.
  (C)  ANY  TRANSPORTATION  CORPORATION, EITHER BY ITSELF OR ITS SUBSID-
IARIES, MAKING CONTRIBUTIONS OR INDEPENDENT EXPENDITURES SHALL AT  LEAST
ANNUALLY  DISCLOSE  TO  ITS  SHAREHOLDERS AND FILE WITH THE SECRETARY OF
STATE AN ACCOUNTING OF THE CONTRIBUTIONS  AND  INDEPENDENT  EXPENDITURES
USED FOR SUCH PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-

A. 9948--B                          7

TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
EXPENDITURE.
  (D) THE SECRETARY OF  STATE  SHALL  POST  EACH  TRANSPORTATION  CORPO-
RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 7. The banking law is amended by adding a new section 5017  to  read
as follows:
  S  5017.  POLITICAL  CONTRIBUTIONS.  1. DEFINITIONS. WHEN USED IN THIS
SECTION:
  (A) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
PARTY, ELECTIONEERING 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  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
REGULATION;
  (B) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (I) A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
(II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  2. NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATION CONTRIBUTIONS TO OR
EXPENDITURES ON BEHALF OF POLITICAL  CANDIDATES,  POLITICAL  COMMITTEES,
PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A CORPORATION MAY MAKE A
CONTRIBUTION  OR INDEPENDENT EXPENDITURE, THE CORPORATION SHALL AT LEAST
ANNUALLY OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF  A  MAJORITY  OF  THE
SHARES OR MEMBERS CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDE-
PENDENT EXPENDITURES, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
  3.  ANY  CORPORATION,  EITHER  BY ITSELF OR ITS SUBSIDIARIES, MAKING A
CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE  SHALL,  AT  LEAST  ANNUALLY,
DISCLOSE  TO  ITS  SHAREHOLDERS  AND FILE WITH THE SECRETARY OF STATE AN
ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT  EXPENDITURES  USED  FOR
SUCH PURPOSES, INCLUDING:

A. 9948--B                          8

  (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (C)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
EXPENDITURE.
  4. THE SECRETARY OF STATE SHALL POST EACH CORPORATION'S ANNUAL DISCLO-
SURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
  5.  THE  ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 8. The business corporation law is amended by adding a  new  section
1321 to read as follows:
S 1321. POLITICAL CONTRIBUTIONS.
  (A) DEFINITIONS. WHEN USED IN THIS SECTION:
  (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
PARTY,  ELECTIONEERING  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 PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
REGULATION;
  (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  (B) NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATE CONTRIBUTIONS TO, OR
EXPENDITURES  ON BEHALF OF, CANDIDATES FOR PUBLIC OR PARTY OFFICE, POLI-
TICAL COMMITTEES,  PARTY  COMMITTEES  OR  BALLOT  REFERENDUM,  BEFORE  A
FOREIGN  CORPORATION  DOING  BUSINESS  IN  THE  STATE IN ACCORDANCE WITH
SECTION THIRTEEN HUNDRED ONE OF THIS ARTICLE MAY MAKE A CONTRIBUTION  OR
INDEPENDENT  EXPENDITURE  IN NEW YORK, THE FOREIGN CORPORATION SHALL, AT
LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF A MAJORITY  OF
THE  SHARES CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT
EXPENDITURES UP TO A STATED AGGREGATE ANNUAL AMOUNT.

A. 9948--B                          9

  (C) ANY FOREIGN CORPORATION, EITHER BY  ITSELF  OR  ITS  SUBSIDIARIES,
MAKING  A  CONTRIBUTION  OR INDEPENDENT EXPENDITURE IN NEW YORK SHALL AT
LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE  SECRETARY
OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
USED FOR SUCH PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
EXPENDITURE.
  (D) THE SECRETARY OF STATE SHALL POST EACH FOREIGN CORPORATION'S ANNU-
AL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 9. The limited liability company law is  amended  by  adding  a  new
section 510 to read as follows:
  S  510.  POLITICAL  CONTRIBUTIONS.  (A) DEFINITIONS. WHEN USED IN THIS
SECTION:
  (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
PARTY, ELECTIONEERING 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  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
REGULATION;
  (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (I) A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
(II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  (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,

A. 9948--B                         10

THE LIMITED LIABILITY COMPANY SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR
AUTHORIZATION BY VOTE OF A MAJORITY OF THE MEMBERS OR MANAGERS  CAST  ON
SUCH  RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO
A STATED AGGREGATE ANNUAL AMOUNT.
  (C)  ANY  LIMITED  LIABILITY  COMPANY, EITHER BY ITSELF OR ITS SUBSID-
IARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT  LEAST
ANNUALLY DISCLOSE TO ITS MEMBERS OR MANAGERS AND FILE WITH THE SECRETARY
OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
USED FOR SUCH PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
EXPENDITURE.
  (D) THE SECRETARY OF STATE SHALL POST EACH LIMITED LIABILITY COMPANY'S
ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 10. The business corporation law is amended by adding a new  section
1517 to read as follows:
S 1517. POLITICAL CONTRIBUTIONS.
  (A) DEFINITIONS. WHEN USED IN THIS SECTION:
  (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
PARTY,  ELECTIONEERING  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 PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
REGULATION;
  (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.

A. 9948--B                         11

  (B)  NOTWITHSTANDING  ANY  OTHER LIMITS ON PROFESSIONAL SERVICE CORPO-
RATION CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF  OF,  CANDIDATES  FOR
PUBLIC OR PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT
REFERENDUM,  BEFORE  A  PROFESSIONAL  SERVICE  CORPORATION  MAY  MAKE  A
CONTRIBUTION OR INDEPENDENT EXPENDITURE, THE PROFESSIONAL SERVICE CORPO-
RATION  SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE
OF A MAJORITY OF THE SHARES CAST ON SUCH  RESOLUTION  TO  MAKE  CONTRIB-
UTIONS  OR  INDEPENDENT  EXPENDITURES  UP  TO  A STATED AGGREGATE ANNUAL
AMOUNT.
  (C) ANY PROFESSIONAL SERVICE CORPORATION,  EITHER  BY  ITSELF  OR  ITS
SUBSIDIARIES,  MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT
LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE  SECRETARY
OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
USED FOR SUCH PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
EXPENDITURE.
  (D) THE SECRETARY OF STATE SHALL POST EACH PROFESSIONAL SERVICE CORPO-
RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 11. The business corporation law is amended by adding a new  section
1534 to read as follows:
S 1534. POLITICAL CONTRIBUTIONS.
  (A) DEFINITIONS. WHEN USED IN THIS SECTION:
  (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
PARTY,  ELECTIONEERING  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 PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
REGULATION;
  (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-

A. 9948--B                         12

AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
(II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
(III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
  (B) NOTWITHSTANDING ANY OTHER LIMITS ON FOREIGN  PROFESSIONAL  SERVICE
CORPORATION  CONTRIBUTIONS  TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES
FOR PUBLIC OR PARTY OFFICE, POLITICAL COMMITTEES,  PARTY  COMMITTEES  OR
BALLOT REFERENDUM, BEFORE A FOREIGN PROFESSIONAL SERVICE CORPORATION, AS
DEFINED  BY  SUBDIVISION  (D)  OF SECTION FIFTEEN HUNDRED TWENTY-FIVE OF
THIS ARTICLE, MAY MAKE A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN  NEW
YORK, THE FOREIGN PROFESSIONAL SERVICE CORPORATION SHALL, AT LEAST ANNU-
ALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES
CAST  ON  SUCH  RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDI-
TURES UP TO A STATED AGGREGATE ANNUAL AMOUNT.
  (C) ANY FOREIGN PROFESSIONAL SERVICE CORPORATION, EITHER BY ITSELF  OR
ITS  SUBSIDIARIES,  MAKING  A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN
NEW YORK SHALL AT LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS  AND  FILE
WITH THE SECRETARY OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDE-
PENDENT EXPENDITURES USED FOR SUCH PURPOSES, INCLUDING:
  (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
REGULATION SUPPORTED OR OPPOSED; AND
  (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
EXPENDITURE.
  (D)  THE  SECRETARY  OF  STATE  SHALL  POST  EACH FOREIGN PROFESSIONAL
SERVICE CORPORATION'S ANNUAL DISCLOSURE ON THE WEB  SITE  MAINTAINED  BY
THE SECRETARY OF STATE.
  (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.
  S 12. Severability. If any clause,  sentence,  paragraph,  section  or
part  of  this act shall be adjudged by any court of competent jurisdic-
tion to be invalid and after exhaustion of all further judicial  review,
the judgment shall not affect, impair or invalidate the remainder there-
of,  but  shall  be  confined  in its operation to the clause, sentence,
paragraph, section or part of this act directly involved in the  contro-
versy in which the judgment shall have been rendered.
  S 13. This act shall take effect August 1, 2010.