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Assembly Bill A1581

2017-2018 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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2017-A1581 (ACTIVE) - Details

Current Committee:
Assembly Election Law
Law Section:
Business Corporation Law
Laws Affected:
Add §521, BC L
Versions Introduced in 2015-2016 Legislative Session:
A9220

2017-A1581 (ACTIVE) - Summary

Requires corporations to provide notice of political expenditures.

2017-A1581 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1581
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 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:
 § 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;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03376-01-7

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