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Senate Bill S4111

2017-2018 Legislative Session

Relates to corporate political contributions

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Sponsored By

Archive: Last Bill Status - In Senate Committee Elections Committee

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2017-S4111 (ACTIVE) - Details

Current Committee:
Senate Elections
Law Section:
Election Law
Laws Affected:
Amd §14-116, El L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7092
2019-2020: S1459

2017-S4111 (ACTIVE) - Summary

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

2017-S4111 (ACTIVE) - Sponsor Memo

2017-S4111 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4111
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2017
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Elections
 
 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.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02245-01-7

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