NY State Senate Bill 2009-S7083

Senate Bill S7083

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

Archive: Last Bill Status - In Senate Committee Finance 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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Actions

View Actions

	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

- May 12, 2010 - Corporations, Authorities And Commissions Committee Vote
  S7083
  
  2
  
  Aye
  
  1
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Corporations, Authorities And Commissions Committee Vote: May 12, 2010
      
      aye (2)
      
      Perkins
      
      Squadron
      
      nay (1)
      
      Ranzenhofer
      
      aye wr (2)
      
      Dilan
      
      Larkin
  Jun 8, 2010 - Codes Committee Vote
  S7083
  
  9
  
  Aye
  
  4
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Codes Committee Vote: Jun 8, 2010
      
      aye (9)
      
      Breslin
      
      Duane
      
      Huntley
      
      Klein
      
      Parker
      
      Perkins
      
      Sampson
      
      Schneiderman
      
      Squadron
      
      nay (4)
      
      DeFrancisco
      
      Flanagan
      
      Lanza
      
      Volker
      
      aye wr (3)
      
      Bonacic
      
      Golden
      
      Saland

Bill Amendments

Original

A (Active)

co-Sponsors

2009-S7083 - Details

See Assembly Version of this Bill:: A9948
Current Committee:: Senate Finance
Law Section:: Business Corporation Law
Laws Affected:: 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
Versions Introduced in Other Legislative Sessions:: 2011-2012: S101, A696
2013-2014: S177, A7287
2015-2016: S138, A289
2017-2018: S3658, S7066, A1148
2019-2020: S2364, A5642
2021-2022: S2895, A442
2023-2024: S640, A1418

2009-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.

2009-S7083 - Sponsor Memo

                                BILL NUMBER:S7083

TITLE OF BILL:
An act
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
contributions by corporations

PURPOSE:
The purpose of this bill is to empower
shareholders to make
decisions about core corporate political activity.

SUMMARY OF PROVISIONS:
Section 1 titles the act as
the "Corporate
Political Activity Accountability to Shareholders Act".

Sections 2 through 12 requires that corporations formed under the
business corporation law, the cooperative corporation law, the
not-for-profit law, the railroad law, the transportation corporations
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.

JUSTIFICATION:
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.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the state.


EFFECTIVE DATE:
This act shall take effect immediately.

2009-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

S. 7083                             2

  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
OPPOSITION TO POLITICAL CANDIDATES, OR POLITICAL  COMMITTEES,  OR  PARTY

S. 7083                             3

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:
  S  28.  POLITICAL CONTRIBUTIONS.  1.  NOTWITHSTANDING ANY OTHER LIMITS
ON CORPORATE CONTRIBUTIONS TO OR EXPENDITURES  ON  BEHALF  OF  POLITICAL

S. 7083                             4

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
SUPPORT  OF  OR  OPPOSITION TO A CANDIDATE OR BALLOT REFERENDUM SHALL AT
LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE  SECRETARY

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)
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.

co-Sponsors

2009-S7083A (ACTIVE) - Details

See Assembly Version of this Bill:: A9948
Current Committee:: Senate Finance
Law Section:: Business Corporation Law
Laws Affected:: 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
Versions Introduced in Other Legislative Sessions:: 2011-2012: S101, A696
2013-2014: S177, A7287
2015-2016: S138, A289
2017-2018: S3658, S7066, A1148
2019-2020: S2364, A5642
2021-2022: S2895, A442
2023-2024: S640, A1418

2009-S7083A (ACTIVE) - Summary

2009-S7083A (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S7083A

TITLE OF BILL:
An act
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

PURPOSE:
The purpose of this bill is to empower shareholders to make decisions
about core corporate political activity.

SUMMARY OF PROVISIONS:

Section 1 titles the act as the "Corporate Political Activity
Accountability to Shareholders Act".

Sections 2 through 11 requires that corporations formed under the
business corporation law, the cooperative corporation law, the
not-for-profit law, the railroad law, the transportation 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
the attorney general with the authority to enforce the provisions of
each section.

Section 12 contains a severability clause.

Section 13 provides that this act shall take effect on August 1, 2010.

JUSTIFICATION:
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.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the state.


EFFECTIVE; DATE:
This act shall take effect on August 1, 2010.

2009-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.

                                                           LBD15801-14-0

S. 7083--A                          2

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
REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
REGULATION;

S. 7083--A                          3

  (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-
SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE

S. 7083--A                          4

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:
  S 35. POLITICAL CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN  USED  IN  THIS
SECTION:

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;
  (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.
  5.   THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
TO ENFORCE THE PROVISIONS OF THIS SECTION.

S. 7083--A                          6

  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-
TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
REGULATION SUPPORTED OR OPPOSED; AND

S. 7083--A                          7

  (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) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
  (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;

S. 7083--A                          8

  (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.
  (C)  ANY  FOREIGN  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES,
MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN NEW  YORK  SHALL  AT

S. 7083--A                          9

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,
THE LIMITED LIABILITY COMPANY SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR
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
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.
  (B)  NOTWITHSTANDING  ANY  OTHER LIMITS ON PROFESSIONAL SERVICE CORPO-
RATION CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF  OF,  CANDIDATES  FOR

S. 7083--A                         11

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-
AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR

S. 7083--A                         12

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.

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Senate Bill S7083

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Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Bill Amendments

co-Sponsors

2009-S7083 - Details

2009-S7083 - Summary

2009-S7083 - Sponsor Memo

2009-S7083 - Bill Text download pdf

co-Sponsors

2009-S7083A (ACTIVE) - Details

2009-S7083A (ACTIVE) - Summary

2009-S7083A (ACTIVE) - Sponsor Memo

2009-S7083A (ACTIVE) - Bill Text download pdf

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