Bill Text: NY A09899 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to corporate political contributions including rights of shareholders and disclosure.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2016-04-26 - referred to election law [A09899 Detail]
Download: New_York-2015-A09899-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9899 IN ASSEMBLY April 26, 2016 ___________ Introduced by M. of A. SEPULVEDA -- read once and referred to the Committee on Election Law 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. LBD13788-01-6
