Assembly Bill A7050

2017-2018 Legislative Session

Requires shareholders to approve corporate political expenditures

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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2017-A7050 (ACTIVE) - Details

See Senate Version of this Bill:
S1514
Current Committee:
Assembly Election Law
Law Section:
Business Corporation Law
Laws Affected:
Add §631, BC L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6201, S7027
2019-2020: A3363
2021-2022: A4343
2023-2024: A1783

2017-A7050 (ACTIVE) - Summary

Requires shareholders to approve corporate political expenditures.

2017-A7050 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7050
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 29, 2017
                                ___________
 
 Introduced by M. of A. COLTON -- read once and referred to the Committee
   on Election Law
 
 AN  ACT  to amend the business corporation law, in relation to requiring
   shareholders to approve corporate 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 631 to read as follows:
 § 631. SHAREHOLDER APPROVAL OF POLITICAL EXPENDITURES.
   (A) "POLITICAL EXPENDITURE" SHALL MEAN 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, POLI-
 TICAL PARTY, OR QUESTION IN ANY STATE OR FEDERAL ELECTION.
   (B) A CORPORATION MAY NOT USE ANY  MONEY  OR  OTHER  PROPERTY  OF  THE
 CORPORATION IN CONNECTION WITH A POLITICAL EXPENDITURE UNLESS THE SHARE-
 HOLDERS OF THE CORPORATION, BY THE AFFIRMATIVE VOTE OF A MAJORITY OF ALL
 VOTES ENTITLED TO BE CAST, HAVE:
   (1)  AUTHORIZED  IN ADVANCE THE TOTAL AMOUNT OF MONEY OR PROPERTY THAT
 MAY BE USED FOR ALL POLITICAL EXPENDITURES DURING A SPECIFIC FISCAL YEAR
 OF THE CORPORATION; AND
   (2) DIRECTED THAT THE MONEY OR PROPERTY CAN BE USED FOR:
   A. A SPECIFIED CANDIDATE OR CANDIDATES;
   B. CANDIDATES OF A SPECIFIED POLITICAL PARTY OR PARTIES;
   C. A SPECIFIED POLITICAL PARTY OR PARTIES;
   D. A SPECIFIED POLITICAL COMMITTEE OR COMMITTEES;
   E. A SPECIFIED ENTITY OR ENTITIES EXEMPT FROM TAXATION  UNDER  SECTION
 501(C)(4) OR (6) OF THE INTERNAL REVENUE CODE; OR
   F. A SPECIFIED QUESTION OR QUESTIONS.
   (C) SHAREHOLDER CONSIDERATION OF POLITICAL EXPENDITURES SHALL OCCUR AT
 AN ANNUAL OR SPECIAL MEETING OF THE SHAREHOLDERS.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01289-01-7
              

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