|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 25, 2017||referred to corporations, authorities and commissions|
senate Bill S3658
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3658 (ACTIVE) - Details
- See other versions of this Bill:
- , A1148
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Business Corporation Law
- Laws Affected:
- Add §§631, 1321, 1517 & 1534, BC L; add §78, Coop Corps L; add §522, N-PC L; add §35, Rail L; add §7, Transp Corps L; add §5017, Bank L; add §510, Lim Lil L
- Versions Introduced in Other Legislative Sessions:
S3658 (ACTIVE) - Summary
Enacts the "corporate political activity accountability to shareholders act"; 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.
S3658 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3658 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 enacting the "corporate political activity accountability to shareholders act" 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 (1) at least annually obtain prior authorization of a majority of voting shares 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
S3658 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3658 2017-2018 Regular Sessions I N S E N A T E January 25, 2017 ___________ Introduced by Sens. SQUADRON, ADDABBO, HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Corpo- rations, 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 and the limited liability company law, in relation to enacting the "corporate poli- tical activity accountability to shareholders act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "corporate political activity accountability to shareholders act". § 2. The business corporation law is amended by adding a new section 631 to read as follows: § 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.
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