Bill Text: NY A06397 | 2011-2012 | General Assembly | Introduced

---

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 2-0)

Status: (Introduced - Dead) 2012-01-04 - referred to election law [A06397 Detail]

Download: New_York-2011-A06397-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6397
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 16, 2011
                                      ___________
       Introduced  by M. of A. KAVANAGH, STEVENSON -- read once and referred to
         the Committee 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.
                                                                  LBD05928-01-1