Bill Text: MI SB1362 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Campaign finance; contributions and expenditures; independent expenditures by corporations; require disclosure to and approval by shareholders. Amends 1976 PA 388 (MCL 169.201 - 169.282) by adding sec. 55b. [Track Bill]
Status: 2010-06-02 - Referred To Committee On Campaign And Election Oversight [SB1362 Detail]
SENATE BILL No. 1362
June 2, 2010, Introduced by Senators ANDERSON, SWITALSKI, BASHAM, WHITMER, BARCIA, CHERRY, BRATER, PRUSI, JACOBS, CLARK-COLEMAN and HUNTER and referred to the Committee on Campaign and Election Oversight.
A bill to amend 1976 PA 388, entitled
"Michigan campaign finance act,"
(MCL 169.201 to 169.282) by adding section 55b.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 55b. A corporation or joint stock company shall not make
an independent expenditure unless it discloses the amount and
nature of the independent expenditure to each shareholder or member
at least 30 days prior to the independent expenditure and a
majority of the shareholders or members affirmatively consent to
the independent expenditure before the independent expenditure is
made. A corporation or joint stock company shall maintain records
demonstrating compliance with this subsection, which shall be
promptly provided to any Michigan elector who requests them.