Bill Text: NY S04111 | 2017-2018 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO ELECTIONS [S04111 Detail]

Download: New_York-2017-S04111-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4111
                               2017-2018 Regular Sessions
                    IN SENATE
                                    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:
     1    Section 1. Subdivision 2 of section 14-116  of  the  election  law  is
     2  amended  by  adding four new paragraphs (a), (b), (c) and (d) to read as
     3  follows:
     4    (a) Corporations shall not spend any resources on political  campaigns
     5  and  candidates  without  showing  a prior majority vote of shareholders
     6  authorizing political spending by management and expressing the partisan
     7  political preferences of the shareholders.
     8    (b) All corporate political  expenditures  or  contributions  must  be
     9  posted on the company website within forty-eight hours.
    10    (c)  If  a  majority of a company's shares are owned by large institu-
    11  tional investors that cannot take political positions,  the  corporation
    12  shall not make political expenditures or contributions.
    13    (d)  Shareholders  have the right to request a pro rata rebate for the
    14  portion of their investments spent by the corporation on  any  political
    15  expenditures and contributions they disagree with.
    16    § 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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