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Assembly Bill A9220

2015-2016 Legislative Session

Requires corporations to provide notice of political expenditures

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Archive: Last Bill Status - In Assembly Committee

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2015-A9220 (ACTIVE) - Details

Current Committee:
Assembly Election Law
Law Section:
Business Corporation Law
Laws Affected:
Add ยง521, BC L
Versions Introduced in 2017-2018 Legislative Session:
A1581

2015-A9220 (ACTIVE) - Summary

Requires corporations to provide notice of political expenditures.

2015-A9220 (ACTIVE) - Bill Text download pdf 

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

                                  9220

                          I N  A S S E M B L Y

                            February 4, 2016
                               ___________

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

AN ACT to amend the business corporation law, in relation  to  requiring
  notice for political expenditures

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

  Section 1. The business corporation law is amended  by  adding  a  new
section 521 to read as follows:
S 521. POLITICAL EXPENDITURES.
  (A)  FOR  PURPOSES  OF  THIS  SECTION, "POLITICAL EXPENDITURE" MEANS A
CONTRIBUTION, GIFT, TRANSFER, DISBURSEMENT, OR PROMISE  OF  MONEY  OR  A
THING  OF  VALUE TO PROMOTE OR ASSIST IN THE PROMOTION OF THE SUCCESS OR
DEFEAT OF A CANDIDATE, POLITICAL PARTY, OR  QUESTION  IN  ANY  STATE  OR
FEDERAL  ELECTION. (1) WITHIN FORTY-EIGHT HOURS AFTER MAKING A POLITICAL
EXPENDITURE, THE CORPORATION SHALL: (A) GIVE  NOTICE  OF  THE  POLITICAL
EXPENDITURE  BY  ELECTRONIC  TRANSMISSION  TO  EACH STOCKHOLDER THAT HAS
REQUESTED NOTICE AND (B) IF THE CORPORATION MAINTAINS A WEB  SITE,  POST
NOTICE OF THE POLITICAL EXPENDITURE ON THE WEBSITE.
  (2) THE NOTICE SHALL STATE THE AMOUNT, RECIPIENT, DATE, AND PURPOSE OF
THE POLITICAL EXPENDITURE.
  (B)  THE  ANNUAL REPORT OF THE CORPORATION SHALL CONTAIN A LIST OF ALL
POLITICAL EXPENDITURES MADE BY  THE  CORPORATION  DURING  THE  REPORTING
PERIOD, INCLUDING THE AMOUNT, RECIPIENT, DATE, AND PURPOSE OF EACH POLI-
TICAL EXPENDITURE.
  (C)  WHENEVER  IT  APPEARS TO THE ATTORNEY GENERAL THAT ANY PERSON HAS
ENGAGED IN ANY ACT OR PRACTICE CONSTITUTING A VIOLATION OF ANY PROVISION
OF THIS SECTION, THE ATTORNEY GENERAL MAY BRING AN ACTION TO OBTAIN  ONE
OR MORE OF THE FOLLOWING REMEDIES:
  (1) A TEMPORARY RESTRAINING ORDER;
  (2) A TEMPORARY OR PERMANENT INJUNCTION;
  (3)  A  CIVIL  PENALTY  NOT  EXCEEDING  FIVE  THOUSAND DOLLARS FOR ANY
VIOLATION OF THIS SECTION;
  (4) A DECLARATORY JUDGEMENT;
  (5) RESCISSION;
  (6) RESTITUTION; AND
  (7) ANY OTHER APPROPRIATE RELIEF.
  S 2. This act shall take effect immediately.

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