senate Bill S7083A

2009-2010 Legislative Session

Requires that corporate contributions to a political candidate or party committee or in support or opposition be approved by a majority of shareholders

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Finance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 08, 2010 reported and committed to finance
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

Votes

view votes

Jun 8, 2010 - Codes committee Vote

S7083A
9
4
committee
9
Aye
4
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Codes committee vote details

Codes Committee Vote: Jun 8, 2010

aye wr (3)

May 12, 2010 - Corporations, Authorities and Commissions committee Vote

S7083
2
1
committee
2
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 12, 2010

aye (2)
nay (1)
aye wr (2)

Co-Sponsors

S7083 - Details

See Assembly Version of this Bill:
A9948B
Law Section:
Business Corporation Law
Laws Affected:
Add §§631, 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

S7083 - 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 - Sponsor Memo

S7083 - Bill Text download pdf

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

                                  7083

                            I N  S E N A T E

                             March 11, 2010
                               ___________

Introduced  by  Sens.  SQUADRON, ADDABBO, KRUEGER, PERKINS -- read twice
  and ordered printed, and when printed to be committed to the Committee
  on Corporations, Authorities and Commissions

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-
TION RECEIVING SUCH FUNDS AND THE AMOUNT RECEIVED, AND (II) THE BUSINESS
RATIONALE FOR EACH SUCH CONTRIBUTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15801-08-0

Co-Sponsors

S7083A (ACTIVE) - Details

See Assembly Version of this Bill:
A9948B
Law Section:
Business Corporation Law
Laws Affected:
Add §§631, 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

S7083A (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.

S7083A (ACTIVE) - Sponsor Memo

S7083A (ACTIVE) - Bill Text download pdf

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

                                 7083--A

                            I N  S E N A T E

                             March 11, 2010
                               ___________

Introduced by Sens. SQUADRON, ADDABBO, KRUEGER, PERKINS, SERRANO -- read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Corporations, Authorities  and  Commissions  --  reported
  favorably  from said committee and committed to the Committee on Codes
  -- 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  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
VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.