Bill Text: NY A00910 | 2025-2026 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced) 2025-01-08 - referred to election law [A00910 Detail]
Download: New_York-2025-A00910-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 910 2025-2026 Regular Sessions IN ASSEMBLY (Prefiled) January 8, 2025 ___________ Introduced by M. of A. ROZIC, COLTON, LUPARDO, PEOPLES-STOKES, ROSENTHAL -- Multi-Sponsored by -- M. of A. GLICK, SIMON -- read once and referred to the Committee on Election Law 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: 1 Section 1. Short title. This act shall be known and may be cited as 2 the "corporate political activity accountability to shareholders act". 3 § 2. The business corporation law is amended by adding a new section 4 631 to read as follows: 5 § 631. Political contributions. 6 (a) Definitions. When used in this section: 7 (1) The term "contribution" means any gift, subscription, outstanding 8 loan, advance, deposit of money or any thing of value provided to a 9 political committee, party committee, constituted committee or duly 10 constituted subcommittee of a county committee, as those terms are 11 defined in article fourteen of the election law, in support or oppo- 12 sition to a candidate for public or party office, referendum, political 13 party, electioneering communication or any communication made to the 14 general public intended to encourage the public to contact a government 15 official, candidate for public or party office or political party 16 regarding pending legislation, public policy or a government rule or 17 regulation; 18 (2) The term "independent expenditure" means an expenditure made by a 19 person for an audio or video communication to a general public audience 20 via broadcast, cable or satellite or a written communication to a gener- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03386-01-5A. 910 2 1 al public audience via advertisements, pamphlets, circulars, flyers, 2 brochures, letterheads or other printed matter and statements or infor- 3 mation conveyed to five hundred or more members of a general public 4 audience by computer or other electronic devices which: (i) expressly 5 advocates the election or defeat of a clearly identified candidate or 6 the success or defeat of a ballot proposal and (ii) such candidate, the 7 candidate's political committee or its agents, or a political committee 8 formed to promote the success or defeat of a ballot proposal or its 9 agents, did not authorize, request, suggest, foster or cooperate in any 10 such communication. Independent expenditures do not include: (A) a 11 communication appearing in a written news story, commentary, or editori- 12 al or distributed through the facilities of any broadcasting station, 13 cable or satellite unless such publication or facilities are owned or 14 controlled by any political party, political committee or candidate; or 15 (B) a communication that constitutes a candidate debate or forum; or (C) 16 a communication which constitutes an expenditure made by an entity 17 required to report such expenditure with a board of elections. 18 (b) Notwithstanding any other limits on corporate contributions to, or 19 expenditures on behalf of, candidates for public or party office, poli- 20 tical committees, party committees or ballot referendum, before a corpo- 21 ration or any of its subsidiaries may make a contribution or independent 22 expenditure, the corporation shall, at least annually, obtain the prior 23 authorization by vote of a majority of the shares cast on such resol- 24 ution to make contributions or independent expenditures up to a stated 25 aggregate annual amount for a stated business purpose. 26 (c) Any corporation, either by itself or its subsidiaries, making a 27 contribution or independent expenditure shall at least annually disclose 28 to its shareholders and file with the secretary of state an accounting 29 of the contributions and independent expenditures used for such 30 purposes, including: 31 (1) the date of the contribution or independent expenditure; 32 (2) the amount of the contribution or independent expenditure; and 33 (3) the identity of the recipient of the contribution, or if an inde- 34 pendent expenditure, the identity of the candidate, referendum, poli- 35 tical party, pending legislation, public policy or a government rule or 36 regulation supported or opposed. 37 (d) The secretary of state shall post each corporation's annual 38 disclosure on the website maintained by the secretary of state. 39 (e) The attorney general may commence an action or special proceeding 40 to enforce the provisions of this section. 41 § 3. The business corporation law is amended by adding a new section 42 1321 to read as follows: 43 § 1321. Political contributions. 44 (a) Definitions. When used in this section: 45 (1) The term "contribution" means any gift, subscription, outstanding 46 loan, advance, deposit of money or any thing of value provided to a 47 political committee, party committee, constituted committee or duly 48 constituted subcommittee of a county committee, as those terms are 49 defined in article fourteen of the election law, in support or oppo- 50 sition to a candidate for public or party office, referendum, political 51 party, electioneering communication or any communication made to the 52 general public intended to encourage the public to contact a government 53 official, candidate for public or party office or political party 54 regarding pending legislation, public policy or a government rule or 55 regulation;A. 910 3 1 (2) The term "independent expenditure" means an expenditure made by a 2 person for an audio or video communication to a general public audience 3 via broadcast, cable or satellite or a written communication to a gener- 4 al public audience via advertisements, pamphlets, circulars, flyers, 5 brochures, letterheads or other printed matter and statements or infor- 6 mation conveyed to five hundred or more members of a general public 7 audience by computer or other electronic devices which: (i) expressly 8 advocates the election or defeat of a clearly identified candidate or 9 the success or defeat of a ballot proposal and (ii) such candidate, the 10 candidate's political committee or its agents, or a political committee 11 formed to promote the success or defeat of a ballot proposal or its 12 agents, did not authorize, request, suggest, foster or cooperate in any 13 such communication. Independent expenditures do not include: (A) a 14 communication appearing in a written news story, commentary, or editori- 15 al or distributed through the facilities of any broadcasting station, 16 cable or satellite unless such publication or facilities are owned or 17 controlled by any political party, political committee or candidate; or 18 (B) a communication that constitutes a candidate debate or forum; or (C) 19 a communication which constitutes an expenditure made by an entity 20 required to report such expenditure with a board of elections. 21 (b) Notwithstanding any other limits on corporate contributions to, or 22 expenditures on behalf of, candidates for public or party office, poli- 23 tical committees, party committees or ballot referendum, before a 24 foreign corporation doing business in the state in accordance with 25 section thirteen hundred one of this article may make a contribution or 26 independent expenditure in New York, the foreign corporation shall, at 27 least annually, obtain the prior authorization by vote of a majority of 28 the shares cast on such resolution to make contributions or independent 29 expenditures up to a stated aggregate annual amount for a stated busi- 30 ness purpose. 31 (c) Any foreign corporation, either by itself or its subsidiaries, 32 making a contribution or independent expenditure in New York shall at 33 least annually disclose to its shareholders and file with the secretary 34 of state an accounting of the contributions and independent expenditures 35 used for such purposes, including: 36 (1) the date of the contribution or independent expenditure; 37 (2) the amount of the contribution or independent expenditure; and 38 (3) the identity of the recipient of the contribution, or if an inde- 39 pendent expenditure, the identity of the candidate, referendum, poli- 40 tical party, pending legislation, public policy or a government rule or 41 regulation supported or opposed. 42 (d) The secretary of state shall post each foreign corporation's annu- 43 al disclosure on the website maintained by the secretary of state. 44 (e) The attorney general may commence an action or special proceeding 45 to enforce the provisions of this section. 46 § 4. The business corporation law is amended by adding a new section 47 1517 to read as follows: 48 § 1517. Political contributions. 49 (a) Definitions. When used in this section: 50 (1) The term "contribution" means any gift, subscription, outstanding 51 loan, advance, deposit of money or any thing of value provided to a 52 political committee, party committee, constituted committee or duly 53 constituted subcommittee of a county committee, as those terms are 54 defined in article fourteen of the election law, in support or oppo- 55 sition to a candidate for public or party office, referendum, political 56 party, electioneering communication or any communication made to theA. 910 4 1 general public intended to encourage the public to contact a government 2 official, candidate for public or party office or political party 3 regarding pending legislation, public policy or a government rule or 4 regulation; 5 (2) The term "independent expenditure" means an expenditure made by a 6 person for an audio or video communication to a general public audience 7 via broadcast, cable or satellite or a written communication to a gener- 8 al public audience via advertisements, pamphlets, circulars, flyers, 9 brochures, letterheads or other printed matter and statements or infor- 10 mation conveyed to five hundred or more members of a general public 11 audience by computer or other electronic devices which: (i) expressly 12 advocates the election or defeat of a clearly identified candidate or 13 the success or defeat of a ballot proposal and (ii) such candidate, the 14 candidate's political committee or its agents, or a political committee 15 formed to promote the success or defeat of a ballot proposal or its 16 agents, did not authorize, request, suggest, foster or cooperate in any 17 such communication. Independent expenditures do not include: (A) a 18 communication appearing in a written news story, commentary, or editori- 19 al or distributed through the facilities of any broadcasting station, 20 cable or satellite unless such publication or facilities are owned or 21 controlled by any political party, political committee or candidate; or 22 (B) a communication that constitutes a candidate debate or forum; or (C) 23 a communication which constitutes an expenditure made by an entity 24 required to report such expenditure with a board of elections. 25 (b) Notwithstanding any other limits on professional service corpo- 26 ration contributions to, or expenditures on behalf of, candidates for 27 public or party office, political committees, party committees or ballot 28 referendum, before a professional service corporation may make a 29 contribution or independent expenditure, the professional service corpo- 30 ration shall, at least annually, obtain the prior authorization by vote 31 of a majority of the shares cast on such resolution to make contrib- 32 utions or independent expenditures up to a stated aggregate annual 33 amount for a stated business purpose. 34 (c) Any professional service corporation, either by itself or its 35 subsidiaries, making a contribution or independent expenditure shall at 36 least annually disclose to its shareholders and file with the secretary 37 of state an accounting of the contributions and independent expenditures 38 used for such purposes, including: 39 (1) the date of the contribution or independent expenditure; 40 (2) the amount of the contribution or independent expenditure; and 41 (3) the identity of the recipient of the contribution, or if an inde- 42 pendent expenditure, the identity of the candidate, referendum, poli- 43 tical party, pending legislation, public policy or a government rule or 44 regulation supported or opposed. 45 (d) The secretary of state shall post each professional service corpo- 46 ration's annual disclosure on the website maintained by the secretary of 47 state. 48 (e) The attorney general may commence an action or special proceeding 49 to enforce the provisions of this section. 50 § 5. The business corporation law is amended by adding a new section 51 1534 to read as follows: 52 § 1534. Political contributions. 53 (a) Definitions. When used in this section: 54 (1) The term "contribution" means any gift, subscription, outstanding 55 loan, advance, deposit of money or any thing of value provided to a 56 political committee, party committee, constituted committee or dulyA. 910 5 1 constituted subcommittee of a county committee, as those terms are 2 defined in article fourteen of the election law, in support or oppo- 3 sition to a candidate for public or party office, referendum, political 4 party, electioneering communication or any communication made to the 5 general public intended to encourage the public to contact a government 6 official, candidate for public or party office or political party 7 regarding pending legislation, public policy or a government rule or 8 regulation; 9 (2) The term "independent expenditure" means an expenditure made by a 10 person for an audio or video communication to a general public audience 11 via broadcast, cable or satellite or a written communication to a gener- 12 al public audience via advertisements, pamphlets, circulars, flyers, 13 brochures, letterheads or other printed matter and statements or infor- 14 mation conveyed to five hundred or more members of a general public 15 audience by computer or other electronic devices which: (i) expressly 16 advocates the election or defeat of a clearly identified candidate or 17 the success or defeat of a ballot proposal and (ii) such candidate, the 18 candidate's political committee or its agents, or a political committee 19 formed to promote the success or defeat of a ballot proposal or its 20 agents, did not authorize, request, suggest, foster or cooperate in any 21 such communication. Independent expenditures do not include: (A) a 22 communication appearing in a written news story, commentary, or editori- 23 al or distributed through the facilities of any broadcasting station, 24 cable or satellite unless such publication or facilities are owned or 25 controlled by any political party, political committee or candidate; or 26 (B) a communication that constitutes a candidate debate or forum; or (C) 27 a communication which constitutes an expenditure made by an entity 28 required to report such expenditure with a board of elections. 29 (b) Notwithstanding any other limits on foreign professional service 30 corporation contributions to, or expenditures on behalf of, candidates 31 for public or party office, political committees, party committees or 32 ballot referendum, before a foreign professional service corporation, as 33 defined by subdivision (d) of section fifteen hundred twenty-five of 34 this article, may make a contribution or independent expenditure in New 35 York, the foreign professional service corporation shall, at least annu- 36 ally, obtain the prior authorization by vote of a majority of the shares 37 cast on such resolution to make contributions or independent expendi- 38 tures up to a stated aggregate annual amount for a stated business 39 purpose. 40 (c) Any foreign professional service corporation, either by itself or 41 its subsidiaries, making a contribution or independent expenditure in 42 New York shall at least annually disclose to its shareholders and file 43 with the secretary of state an accounting of the contributions and inde- 44 pendent expenditures used for such purposes, including: 45 (1) the date of the contribution or independent expenditure; 46 (2) the amount of the contribution or independent expenditure; and 47 (3) the identity of the recipient of the contribution, or if an inde- 48 pendent expenditure, the identity of the candidate, referendum, poli- 49 tical party, pending legislation, public policy or a government rule or 50 regulation supported or opposed. 51 (d) The secretary of state shall post each foreign professional 52 service corporation's annual disclosure on the web site maintained by 53 the secretary of state. 54 (e) The attorney general may commence an action or special proceeding 55 to enforce the provisions of this section.A. 910 6 1 § 6. The cooperative corporations law is amended by adding a new 2 section 78 to read as follows: 3 § 78. Political contributions. 1. Definitions. When used in this 4 section: 5 (a) The term "contribution" means any gift, subscription, outstanding 6 loan, advance, deposit of money or any thing of value provided to a 7 political committee, party committee, constituted committee or duly 8 constituted subcommittee of a county committee, as those terms are 9 defined in article fourteen of the election law, in support or oppo- 10 sition to a candidate for public or party office, referendum, political 11 party, electioneering communication or any communication made to the 12 general public intended to encourage the public to contact a government 13 official, candidate for public or party office or political party 14 regarding pending legislation, public policy or a government rule or 15 regulation; 16 (b) The term "independent expenditure" means an expenditure made by a 17 person for an audio or video communication to a general public audience 18 via broadcast, cable or satellite or a written communication to a gener- 19 al public audience via advertisements, pamphlets, circulars, flyers, 20 brochures, letterheads or other printed matter and statements or infor- 21 mation conveyed to five hundred or more members of a general public 22 audience by computer or other electronic devices which: (i) expressly 23 advocates the election or defeat of a clearly identified candidate or 24 the success or defeat of a ballot proposal and (ii) such candidate, the 25 candidate's political committee or its agents, or a political committee 26 formed to promote the success or defeat of a ballot proposal or its 27 agents, did not authorize, request, suggest, foster or cooperate in any 28 such communication. Independent expenditures do not include: (A) a 29 communication appearing in a written news story, commentary, or editori- 30 al or distributed through the facilities of any broadcasting station, 31 cable or satellite unless such publication or facilities are owned or 32 controlled by any political party, political committee or candidate; or 33 (B) a communication that constitutes a candidate debate or forum; or (C) 34 a communication which constitutes an expenditure made by an entity 35 required to report such expenditure with a board of elections. 36 2. Notwithstanding any other limits on cooperative corporation 37 contributions to or expenditures on behalf of political candidates, 38 political committees, party committees, or ballot referendums, before a 39 cooperative corporation may make a contribution or independent expendi- 40 ture, the cooperative corporation shall at least annually obtain the 41 prior authorization by vote of a majority of the shares or members cast 42 on such resolution to make contributions or independent expenditures, up 43 to a stated aggregate annual amount for a stated business purpose. 44 3. Any cooperative corporation, either by itself or its subsidiaries, 45 making a contribution or independent expenditure shall, at least annual- 46 ly, disclose to its shareholders and file with the secretary of state an 47 accounting of the contributions and independent expenditures used for 48 such purposes, including: 49 (a) the date of the contribution or independent expenditure; 50 (b) the amount of the contribution or independent expenditure; and 51 (c) the identity of the recipient of the contribution, or if an inde- 52 pendent expenditure, the identity of the candidate, referendum, poli- 53 tical party, pending legislation, public policy or a government rule or 54 regulation supported or opposed. 55 4. The secretary of state shall post each cooperative corporation's 56 annual disclosure on the website maintained by the secretary of state.A. 910 7 1 5. The attorney general may commence an action or special proceeding 2 to enforce the provisions of this section. 3 § 7. The not-for-profit corporation law is amended by adding a new 4 section 522 to read as follows: 5 § 522. Political contributions. 6 (a) Definitions. When used in this section: 7 (1) The term "contribution" means any gift, subscription, outstanding 8 loan, advance, deposit of money or any thing of value provided to a 9 political committee, party committee, constituted committee or duly 10 constituted subcommittee of a county committee, as those terms are 11 defined in article fourteen of the election law, in support or oppo- 12 sition to a candidate for public or party office, referendum, political 13 party, electioneering communication or any communication made to the 14 general public intended to encourage the public to contact a government 15 official, candidate for public or party office or political party 16 regarding pending legislation, public policy or a government rule or 17 regulation; 18 (2) The term "independent expenditure" means an expenditure made by a 19 person for an audio or video communication to a general public audience 20 via broadcast, cable or satellite or a written communication to a gener- 21 al public audience via advertisements, pamphlets, circulars, flyers, 22 brochures, letterheads or other printed matter and statements or infor- 23 mation conveyed to five hundred or more members of a general public 24 audience by computer or other electronic devices which: (i) expressly 25 advocates the election or defeat of a clearly identified candidate or 26 the success or defeat of a ballot proposal and (ii) such candidate, the 27 candidate's political committee or its agents, or a political committee 28 formed to promote the success or defeat of a ballot proposal or its 29 agents, did not authorize, request, suggest, foster or cooperate in any 30 such communication. Independent expenditures do not include: (A) a 31 communication appearing in a written news story, commentary, or editori- 32 al or distributed through the facilities of any broadcasting station, 33 cable or satellite unless such publication or facilities are owned or 34 controlled by any political party, political committee or candidate; or 35 (B) a communication that constitutes a candidate debate or forum; or (C) 36 a communication which constitutes an expenditure made by an entity 37 required to report such expenditure with a board of elections. 38 (b) Notwithstanding any other limits on not-for-profit corporation 39 contributions to, or expenditures on behalf of, candidates for public or 40 party office, political committees, party committees or ballot referen- 41 dum, before a not-for-profit corporation or any of its subsidiaries may 42 make a contribution or independent expenditure, the not-for-profit 43 corporation shall, at least annually, obtain the prior authorization by 44 vote of a majority of the members voting on such resolution to make 45 contributions or independent expenditures up to a stated aggregate annu- 46 al amount for a stated business purpose. 47 (c) Any not-for-profit corporation, either by itself or its subsid- 48 iaries, making a contribution or independent expenditure shall at least 49 annually disclose to its members and file with the secretary of state an 50 accounting of the contributions and independent expenditures used for 51 such purposes, including: 52 (1) the date of the contribution or independent expenditure; 53 (2) the amount of the contribution or independent expenditure; and 54 (3) the identity of the recipient of the contribution, or if an inde- 55 pendent expenditure, the identity of the candidate, referendum, poli-A. 910 8 1 tical party, pending legislation, public policy or a government rule or 2 regulation supported or opposed. 3 (d) The secretary of state shall post each not-for-profit corpo- 4 ration's annual disclosure on the website maintained by the secretary of 5 state. 6 (e) The attorney general may commence an action or special proceeding 7 to enforce the provisions of this section. 8 § 8. The railroad law is amended by adding a new section 35 to read as 9 follows: 10 § 35. Political contributions. 1. Definitions. When used in this 11 section: 12 (a) The term "contribution" means any gift, subscription, outstanding 13 loan, advance, deposit of money or any thing of value provided to a 14 political committee, party committee, constituted committee or duly 15 constituted subcommittee of a county committee, as those terms are 16 defined in article fourteen of the election law, in support or oppo- 17 sition to a candidate for public or party office, referendum, political 18 party, electioneering communication or any communication made to the 19 general public intended to encourage the public to contact a government 20 official, candidate for public or party office or political party 21 regarding pending legislation, public policy or a government rule or 22 regulation; 23 (b) The term "independent expenditure" means an expenditure made by a 24 person for an audio or video communication to a general public audience 25 via broadcast, cable or satellite or a written communication to a gener- 26 al public audience via advertisements, pamphlets, circulars, flyers, 27 brochures, letterheads or other printed matter and statements or infor- 28 mation conveyed to five hundred or more members of a general public 29 audience by computer or other electronic devices which: (i) expressly 30 advocates the election or defeat of a clearly identified candidate or 31 the success or defeat of a ballot proposal and (ii) such candidate, the 32 candidate's political committee or its agents, or a political committee 33 formed to promote the success or defeat of a ballot proposal or its 34 agents, did not authorize, request, suggest, foster or cooperate in any 35 such communication. Independent expenditures do not include: (A) a 36 communication appearing in a written news story, commentary, or editori- 37 al or distributed through the facilities of any broadcasting station, 38 cable or satellite unless such publication or facilities are owned or 39 controlled by any political party, political committee or candidate; or 40 (B) a communication that constitutes a candidate debate or forum; or (C) 41 a communication which constitutes an expenditure made by an entity 42 required to report such expenditure with a board of elections. 43 2. Notwithstanding any other limits on railroad corporation contrib- 44 utions to or expenditures on behalf of political candidates, political 45 committees, party committees, or ballot referendums, before a railroad 46 corporation may make a contribution or independent expenditure, the 47 railroad corporation shall at least annually obtain the prior authori- 48 zation by vote of a majority of the shares or members cast on such 49 resolution to make contributions or independent expenditures, up to a 50 stated aggregate annual amount for a stated business purpose. 51 3. Any railroad corporation, either by itself or its subsidiaries, 52 making contributions or independent expenditures shall, at least annual- 53 ly, disclose to its shareholders and file with the secretary of state an 54 accounting of the contributions and independent expenditures used for 55 such purposes, including: 56 (a) the date of the contribution or independent expenditure;A. 910 9 1 (b) the amount of the contribution or independent expenditure; and 2 (c) the identity of the recipient of the contribution, or if an inde- 3 pendent expenditure, the identity of the candidate, referendum, poli- 4 tical party, pending legislation, public policy or a government rule or 5 regulation supported or opposed. 6 4. The secretary of state shall post each railroad corporation's annu- 7 al disclosure on the website maintained by the secretary of state. 8 5. The attorney general may commence an action or special proceeding 9 to enforce the provisions of this section. 10 § 9. The transportation corporations law is amended by adding a new 11 section 8 to read as follows: 12 § 8. Political contributions. (a) Definitions. When used in this 13 section: 14 (1) The term "contribution" means any gift, subscription, outstanding 15 loan, advance, deposit of money or any thing of value provided to a 16 political committee, party committee, constituted committee or duly 17 constituted subcommittee of a county committee, as those terms are 18 defined in article fourteen of the election law, in support or oppo- 19 sition to a candidate for public or party office, referendum, political 20 party, electioneering communication or any communication made to the 21 general public intended to encourage the public to contact a government 22 official, candidate for public or party office or political party 23 regarding pending legislation, public policy or a government rule or 24 regulation; 25 (2) The term "independent expenditure" means an expenditure made by a 26 person for an audio or video communication to a general public audience 27 via broadcast, cable or satellite or a written communication to a gener- 28 al public audience via advertisements, pamphlets, circulars, flyers, 29 brochures, letterheads or other printed matter and statements or infor- 30 mation conveyed to five hundred or more members of a general public 31 audience by computer or other electronic devices which: (i) expressly 32 advocates the election or defeat of a clearly identified candidate or 33 the success or defeat of a ballot proposal and (ii) such candidate, the 34 candidate's political committee or its agents, or a political committee 35 formed to promote the success or defeat of a ballot proposal or its 36 agents, did not authorize, request, suggest, foster or cooperate in any 37 such communication. Independent expenditures do not include: (A) a 38 communication appearing in a written news story, commentary, or editori- 39 al or distributed through the facilities of any broadcasting station, 40 cable or satellite unless such publication or facilities are owned or 41 controlled by any political party, political committee or candidate; or 42 (B) a communication that constitutes a candidate debate or forum; or (C) 43 a communication which constitutes an expenditure made by an entity 44 required to report such expenditure with a board of elections. 45 (b) Notwithstanding any other limits on transportation corporation 46 contributions to, or expenditures on behalf of, candidates for public or 47 party office, political committees, party committees or ballot referen- 48 dum, before a transportation corporation or any of its subsidiaries may 49 make a contribution or independent expenditure, the transportation 50 corporation shall, at least annually, obtain the prior authorization by 51 vote of a majority of the shares cast on such resolution to make 52 contributions or independent expenditures up to a stated aggregate annu- 53 al amount for a stated business purpose. 54 (c) Any transportation corporation, either by itself or its subsid- 55 iaries, making contributions or independent expenditures shall at least 56 annually disclose to its shareholders and file with the secretary ofA. 910 10 1 state an accounting of the contributions and independent expenditures 2 used for such purposes, including: 3 (1) the date of the contribution or independent expenditure; 4 (2) the amount of the contribution or independent expenditure; and 5 (3) the identity of the recipient of the contribution, or if an inde- 6 pendent expenditure, the identity of the candidate, referendum, poli- 7 tical party, pending legislation, public policy or a government rule or 8 regulation supported or opposed. 9 (d) The secretary of state shall post each transportation corpo- 10 ration's annual disclosure on the website maintained by the secretary of 11 state. 12 (e) The attorney general may commence an action or special proceeding 13 to enforce the provisions of this section. 14 § 10. The banking law is amended by adding a new section 5017 to read 15 as follows: 16 § 5017. Political contributions. 1. Definitions. When used in this 17 section: 18 (a) The term "contribution" means any gift, subscription, outstanding 19 loan, advance, deposit of money or any thing of value provided to a 20 political committee, party committee, constituted committee or duly 21 constituted subcommittee of a county committee, as those terms are 22 defined in article fourteen of the election law, in support or oppo- 23 sition to a candidate for public or party office, referendum, political 24 party, electioneering communication or any communication made to the 25 general public intended to encourage the public to contact a government 26 official, candidate for public or party office or political party 27 regarding pending legislation, public policy or a government rule or 28 regulation; 29 (b) The term "independent expenditure" means an expenditure made by a 30 person for an audio or video communication to a general public audience 31 via broadcast, cable or satellite or a written communication to a gener- 32 al public audience via advertisements, pamphlets, circulars, flyers, 33 brochures, letterheads or other printed matter and statements or infor- 34 mation conveyed to five hundred or more members of a general public 35 audience by computer or other electronic devices which: (i) expressly 36 advocates the election or defeat of a clearly identified candidate or 37 the success or defeat of a ballot proposal and (ii) such candidate, the 38 candidate's political committee or its agents, or a political committee 39 formed to promote the success or defeat of a ballot proposal or its 40 agents, did not authorize, request, suggest, foster or cooperate in any 41 such communication. Independent expenditures do not include: (A) a 42 communication appearing in a written news story, commentary, or editori- 43 al or distributed through the facilities of any broadcasting station, 44 cable or satellite unless such publication or facilities are owned or 45 controlled by any political party, political committee or candidate; or 46 (B) a communication that constitutes a candidate debate or forum; or (C) 47 a communication which constitutes an expenditure made by an entity 48 required to report such expenditure with a board of elections. 49 2. Notwithstanding any other limits on corporation contributions to or 50 expenditures on behalf of political candidates, political committees, 51 party committees, or ballot referendums, before a corporation may make a 52 contribution or independent expenditure, the corporation shall at least 53 annually obtain the prior authorization by vote of a majority of the 54 shares or members cast on such resolution to make contributions or inde- 55 pendent expenditures, up to a stated aggregate annual amount for a stat- 56 ed business purpose.A. 910 11 1 3. Any corporation, either by itself or its subsidiaries, making a 2 contribution or independent expenditure shall, at least annually, 3 disclose to its shareholders and file with the secretary of state an 4 accounting of the contributions and independent expenditures used for 5 such purposes, including: 6 (a) the date of the contribution or independent expenditure; 7 (b) the amount of the contribution or independent expenditure; and 8 (c) the identity of the recipient of the contribution, or if an inde- 9 pendent expenditure, the identity of the candidate, referendum, poli- 10 tical party, pending legislation, public policy or a government rule or 11 regulation supported or opposed. 12 4. The secretary of state shall post each corporation's annual disclo- 13 sure on the website maintained by the secretary of state. 14 5. The attorney general may commence an action or special proceeding 15 to enforce the provisions of this section. 16 § 11. The limited liability company law is amended by adding a new 17 section 510 to read as follows: 18 § 510. Political contributions. (a) Definitions. When used in this 19 section: 20 (1) The term "contribution" means any gift, subscription, outstanding 21 loan, advance, deposit of money or any thing of value provided to a 22 political committee, party committee, constituted committee or duly 23 constituted subcommittee of a county committee, as those terms are 24 defined in article fourteen of the election law, in support or oppo- 25 sition to a candidate for public or party office, referendum, political 26 party, electioneering communication or any communication made to the 27 general public intended to encourage the public to contact a government 28 official, candidate for public or party office or political party 29 regarding pending legislation, public policy or a government rule or 30 regulation; 31 (2) The term "independent expenditure" means an expenditure made by a 32 person for an audio or video communication to a general public audience 33 via broadcast, cable or satellite or a written communication to a gener- 34 al public audience via advertisements, pamphlets, circulars, flyers, 35 brochures, letterheads or other printed matter and statements or infor- 36 mation conveyed to five hundred or more members of a general public 37 audience by computer or other electronic devices which: (i) expressly 38 advocates the election or defeat of a clearly identified candidate or 39 the success or defeat of a ballot proposal and (ii) such candidate, the 40 candidate's political committee or its agents, or a political committee 41 formed to promote the success or defeat of a ballot proposal or its 42 agents, did not authorize, request, suggest, foster or cooperate in any 43 such communication. Independent expenditures do not include: (A) a 44 communication appearing in a written news story, commentary, or editori- 45 al or distributed through the facilities of any broadcasting station, 46 cable or satellite unless such publication or facilities are owned or 47 controlled by any political party, political committee or candidate; or 48 (B) a communication that constitutes a candidate debate or forum; or (C) 49 a communication which constitutes an expenditure made by an entity 50 required to report such expenditure with a board of elections. 51 (b) Notwithstanding any other limits on contributions to, or expendi- 52 tures on behalf of, candidates for public or party office, political 53 committees, party committees or ballot referendum, before a limited 54 liability company may make a contribution or independent expenditure, 55 the limited liability company shall, at least annually, obtain the prior 56 authorization by vote of a majority of the members or managers cast onA. 910 12 1 such resolution to make contributions or independent expenditures up to 2 a stated aggregate annual amount for a stated business purpose. 3 (c) Any limited liability company, either by itself or its subsid- 4 iaries, making a contribution or independent expenditure shall at least 5 annually disclose to its members or managers and file with the secretary 6 of state an accounting of the contributions and independent expenditures 7 used for such purposes, including: 8 (1) the date of the contribution or independent expenditure; 9 (2) the amount of the contribution or independent expenditure; and 10 (3) the identity of the recipient of the contribution, or if an inde- 11 pendent expenditure, the identity of the candidate, referendum, poli- 12 tical party, pending legislation, public policy or a government rule or 13 regulation supported or opposed. 14 (d) The secretary of state shall post each limited liability company's 15 annual disclosure on the website maintained by the secretary of state. 16 (e) The attorney general may commence an action or special proceeding 17 to enforce the provisions of this section. 18 § 12. Severability. If any clause, sentence, paragraph, section or 19 part of this act shall be adjudged by any court of competent jurisdic- 20 tion to be invalid and after exhaustion of all further judicial review, 21 the judgment shall not affect, impair or invalidate the remainder there- 22 of, but shall be confined in its operation to the clause, sentence, 23 paragraph, section or part of this act directly involved in the contro- 24 versy in which the judgment shall have been rendered. 25 § 13. This act shall take effect on the first of August next succeed- 26 ing the date on which it shall have become a law.
