Bill Text: NY A07697 | 2009-2010 | General Assembly | Introduced

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Bill Title: Treats parent corporations and their 50% or more owned subsidiaries as one entity for purposes of the applicability of the $5,000 campaign contribution limit; applies additional disclosure requirements to certain corporations including the names and addresses of parent corporations and individuals who own or control shares of either the parent or subsidiary corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - referred to election law [A07697 Detail]

Download: New_York-2009-A07697-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7697
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 22, 2009
                                      ___________
       Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
         tee on Election Law
       AN ACT to amend the election law, in relation to the treatment of corpo-
         rate  subsidiaries  for  purposes  of  the application of contribution
         limits and reporting requirements
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section 14-102 of the election law is amended by adding a
    2  new subdivision 6 to read as follows:
    3    6. AS TO RECEIPTS FROM CORPORATIONS, THE STATEMENTS SHALL INCLUDE  THE
    4  NAME  AND  ADDRESS  OF  (A)  EACH CORPORATION FROM WHICH IT HAS RECEIVED
    5  ANYTHING OF VALUE, (B)  THE  NAME  OF  EACH  CORPORATION  THAT  OWNS  OR
    6  CONTROLS  FIFTY  PERCENT  OR MORE OF THE SHARES OF THAT CORPORATION, (C)
    7  THE NAMES AND ADDRESSES OF EACH INDIVIDUAL WHO IS PART  OF  A  GROUP  OF
    8  INDIVIDUALS THAT OWNS OR CONTROLS FIFTY PERCENT OR MORE OF THE SHARES OF
    9  EITHER CORPORATION.
   10    S  2.  Section  14-116  of the election law is amended by adding a new
   11  subdivision 3 to read as follows:
   12    3. FOR PURPOSES OF THIS SECTION, THE TERM "CORPORATION" MEANS A PARENT
   13  CORPORATION AND ALL OF ITS SUBSIDIARIES OF WHICH THE PARENT  CORPORATION
   14  OWNS  FIFTY  PERCENT  OR  MORE  OF  THE OUTSTANDING SHARES AND ANY OTHER
   15  CORPORATION OF WHICH A COMBINATION OF INDIVIDUALS THAT OWNS OR  CONTROLS
   16  FIFTY  PERCENT  OR  MORE  OF THE OUTSTANDING SHARES OF THE PARENT CORPO-
   17  RATION ALSO OWNS OR CONTROLS FIFTY PERCENT OR MORE  OF  THE  OUTSTANDING
   18  SHARES.
   19    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09135-01-9