Assembly Bill A9899

2015-2016 Legislative Session

Relates to corporate political contributions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

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

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2015-A9899 (ACTIVE) - Details

See Senate Version of this Bill:
S7092
Current Committee:
Assembly Election Law
Law Section:
Election Law
Laws Affected:
Amd §14-116, El L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3993, S4111
2019-2020: S1459

2015-A9899 (ACTIVE) - Summary

Relates to corporate political contributions including rights of shareholders and disclosure.

2015-A9899 (ACTIVE) - Bill Text download pdf 

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

                                  9899

                          I N  A S S E M B L Y

                             April 26, 2016
                               ___________

Introduced  by  M.  of  A.  SEPULVEDA  --  read once and referred to the
  Committee on Election Law

AN ACT to amend the election law, in  relation  to  corporate  political
  contributions

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

  Section 1. Subdivision 2 of section 14-116  of  the  election  law  is
amended  by  adding four new paragraphs (a), (b), (c) and (d) to read as
follows:
  (A) CORPORATIONS SHALL NOT SPEND ANY RESOURCES ON POLITICAL  CAMPAIGNS
AND  CANDIDATES  WITHOUT  SHOWING  A PRIOR MAJORITY VOTE OF SHAREHOLDERS
AUTHORIZING POLITICAL SPENDING BY MANAGEMENT AND EXPRESSING THE PARTISAN
POLITICAL PREFERENCES OF THE SHAREHOLDERS.
  (B) ALL CORPORATE POLITICAL  EXPENDITURES  OR  CONTRIBUTIONS  MUST  BE
POSTED ON THE COMPANY WEBSITE WITHIN FORTY-EIGHT HOURS.
  (C)  IF  A  MAJORITY OF A COMPANY'S SHARES ARE OWNED BY LARGE INSTITU-
TIONAL INVESTORS THAT CANNOT TAKE POLITICAL POSITIONS,  THE  CORPORATION
SHALL NOT MAKE POLITICAL EXPENDITURES OR CONTRIBUTIONS.
  (D)  SHAREHOLDERS  HAVE THE RIGHT TO REQUEST A PRO RATA REBATE FOR THE
PORTION OF THEIR INVESTMENTS SPENT BY THE CORPORATION ON  ANY  POLITICAL
EXPENDITURES AND CONTRIBUTIONS THEY DISAGREE WITH.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13788-01-6

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