senate Bill S3658

2017-2018 Legislative Session

Enacts the "corporate political activity accountability to shareholders act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 25, 2017 referred to corporations, authorities and commissions

Co-Sponsors

S3658 (ACTIVE) - Details

See other versions of this Bill:
S7066
, 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:
2009-2010: S7083
2011-2012: S101
2013-2014: S177
2015-2016: S138
2019-2020: S2364

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

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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