A00696 Summary:

BILL NO    A00696A

SAME AS    SAME AS S00101

SPONSOR    Lancman (MS)

COSPNSR    Jacobs, Maisel, Castro, Titone, Kavanagh, Jaffee, Peoples-Stokes,
           Lifton, Gibson, Galef, Colton, Rosenthal, Jeffries, Rivera P

MLTSPNSR   Brennan, Glick, Pheffer, Robinson, Thiele

Add SS631, 1321, 1517 & 1534, BC L; add S78, Coop Corps L; add S523, N-PC L;
add S35, Rail L; add S7, Transp Corps L; add S5017, Bank L; add S510, Lim Lil L

Enacts the "corporate political activity accountability to shareholders act";
establishes the corporate political activity accountability to shareholders act
which 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.
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A00696 Actions:

BILL NO    A00696A

01/05/2011 referred to election law
04/06/2011 amend and recommit to election law
04/06/2011 print number 696a
01/04/2012 referred to election law
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A00696 Votes:

There are no votes for this bill in this legislative session.
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A00696 Memo:

BILL NUMBER:A696A                REVISED 4/6/11

TITLE OF BILL:
An act
to amend the business corporation law, the cooperative corporations 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 political activity accountability to
shareholders act"

PURPOSE: The purpose of this bill is to empower
shareholders to make
decisions about core corporate political activity.

SUMMARY OF PROVISIONS:
Section 1 titles the act as the "Corporate
Political Activity Accountability to Shareholders Act".

Sections 2 through 11 requires that corporations formed under the
business corporation law, the cooperative corporation law, the
not-for-profit law, the railroad law, the transportation corporations
law, the banking law, and the limited liability company law,
professional service corporations as well as foreign corporations,
and foreign professional service corporations authorized to do
business in New York, (1) at least annually obtain prior
authorization of a majority of shares voting before making any
corporate political donations in New York, up to a total annual
aggregate amount approved by the shareholders, and (2) disclose to
its shareholders and file with the secretary of state an accounting
of all such corporate donations, including the identity of the
candidates, committees and initiatives funded and the business
rational for such contributions. Sections 2 through 11 also provide
the attorney general with the authority to enforce the provisions of
each section.

Section 12 contains a severability clause.

Section 13 provides that this act shall take effect on August 1, 2011.

JUSTIFICATION: This bill responds to the Supreme
Court's recent
decision in Citizen's United v. Federal Election Commission to
effectively eliminate restrictions on corporations' ability to expend
corporate resources in support or opposition to political candidates,
political parties and ballot referendums. Specifically, this bill
gives shareholders the necessary tools to ensure that the expenditure
of corporate resources toward political activity serves the
objectives for which the corporation was formed, is consistent with
the corporation's business interests, and enhances - rather than
diminishes - shareholder value.

LEGISLATIVE HISTORY: A.9948 (2010)

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: This act shall take effect on the
first of August next
succeeding the date on which it shall have become a law,
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A00696 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                        696--A

                              2011-2012 Regular Sessions

                                 I N  A S S E M B L Y

                                      (PREFILED)

                                    January 5, 2011
                                      ___________

       Introduced  by  M.  of  A.  LANCMAN,  JACOBS,  MAISEL,  CASTRO,  TITONE,
         KAVANAGH,  JAFFEE,  PEOPLES-STOKES,  LIFTON,  GIBSON,  GALEF,  COLTON,
         ROSENTHAL, JEFFRIES, P. RIVERA -- Multi-Sponsored by -- M. of A. BREN-
         NAN, GLICK, PHEFFER, ROBINSON, THIELE -- read once and referred to the
         Committee  on  Election  Law  --  committee  discharged, bill amended,
         ordered reprinted as amended and recommitted to said committee

       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    S  2.  The business corporation law is amended by adding a new section
    4  631 to read as follows:
    5  S 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;

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01406-03-1
       A. 696--A                           2

    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: (I) 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  (II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
   19  (III) 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 CORPO-
   24  RATION OR ANY OF ITS SUBSIDIARIES MAY MAKE A CONTRIBUTION OR INDEPENDENT
   25  EXPENDITURE,  THE CORPORATION SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR
   26  AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES CAST  ON  SUCH  RESOL-
   27  UTION  TO  MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED
   28  AGGREGATE ANNUAL AMOUNT.
   29    (C) ANY CORPORATION, EITHER BY ITSELF OR ITS  SUBSIDIARIES,  MAKING  A
   30  CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT LEAST ANNUALLY DISCLOSE
   31  TO  ITS  SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE AN ACCOUNTING
   32  OF  THE  CONTRIBUTIONS  AND  INDEPENDENT  EXPENDITURES  USED  FOR   SUCH
   33  PURPOSES, INCLUDING:
   34    (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   35    (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   36    (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
   37  PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
   38  TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
   39  REGULATION SUPPORTED OR OPPOSED; AND
   40    (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
   41  EXPENDITURE.
   42    (D)  THE  SECRETARY  OF  STATE  SHALL  POST  EACH CORPORATION'S ANNUAL
   43  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    S  3.  The  cooperative  corporations  law  is amended by adding a new
   47  section 78 to read as follows:
   48    S 78. POLITICAL CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN  USED  IN  THIS
   49  SECTION:
   50    (A)  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 THE
       A. 696--A                           3

    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    (B)  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:  (I)  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  (II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
   23  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
   24  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   25    2.   NOTWITHSTANDING  ANY  OTHER  LIMITS  ON  COOPERATIVE  CORPORATION
   26  CONTRIBUTIONS TO OR EXPENDITURES  ON  BEHALF  OF  POLITICAL  CANDIDATES,
   27  POLITICAL  COMMITTEES, PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A
   28  COOPERATIVE CORPORATION MAY MAKE A CONTRIBUTION OR INDEPENDENT  EXPENDI-
   29  TURE,  THE  COOPERATIVE  CORPORATION  SHALL AT LEAST ANNUALLY OBTAIN THE
   30  PRIOR AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES OR MEMBERS  CAST
   31  ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES, UP
   32  TO A STATED AGGREGATE ANNUAL AMOUNT.
   33    3.  ANY COOPERATIVE CORPORATION, EITHER BY ITSELF OR ITS SUBSIDIARIES,
   34  MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL, AT LEAST ANNUAL-
   35  LY, DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE AN
   36  ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT  EXPENDITURES  USED  FOR
   37  SUCH PURPOSES, INCLUDING:
   38    (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   39    (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   40    (C)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
   41  PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
   42  TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
   43  REGULATION SUPPORTED OR OPPOSED; AND
   44    (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
   45  EXPENDITURE.
   46    4.  THE  SECRETARY  OF STATE SHALL POST EACH COOPERATIVE CORPORATION'S
   47  ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   48    5.  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
   49  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   50    S  4.  The  not-for-profit  corporation law is amended by adding a new
   51  section 523 to read as follows:
   52  S 523. 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  DULY
       A. 696--A                           4

    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:  (I)  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  (II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
   27  (III) 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 NOT-FOR-PROFIT CORPORATION
   30  CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR
   31  PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT  REFEREN-
   32  DUM,  BEFORE A NOT-FOR-PROFIT CORPORATION OR ANY OF ITS SUBSIDIARIES MAY
   33  MAKE A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE  NOT-FOR-PROFIT
   34  CORPORATION  SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY
   35  VOTE OF A MAJORITY OF THE MEMBERS VOTING  ON  SUCH  RESOLUTION  TO  MAKE
   36  CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED AGGREGATE ANNU-
   37  AL AMOUNT.
   38    (C)  ANY  NOT-FOR-PROFIT  CORPORATION, EITHER BY ITSELF OR ITS SUBSID-
   39  IARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT  LEAST
   40  ANNUALLY DISCLOSE TO ITS MEMBERS AND FILE WITH THE SECRETARY OF STATE AN
   41  ACCOUNTING  OF  THE  CONTRIBUTIONS AND INDEPENDENT EXPENDITURES USED FOR
   42  SUCH PURPOSES, INCLUDING:
   43    (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   44    (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   45    (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
   46  PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
   47  TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
   48  REGULATION SUPPORTED OR OPPOSED; AND
   49    (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
   50  EXPENDITURE.
   51    (D) THE SECRETARY OF  STATE  SHALL  POST  EACH  NOT-FOR-PROFIT  CORPO-
   52  RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
   53  STATE.
   54    (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
   55  TO ENFORCE THE PROVISIONS OF THIS SECTION.
       A. 696--A                           5

    1    S 5. The railroad law is amended by adding a new section 35 to read as
    2  follows:
    3    S  35.  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: (I) 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  (II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
   34  (III) 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 RAILROAD  CORPORATION  CONTRIB-
   37  UTIONS  TO  OR EXPENDITURES ON BEHALF OF POLITICAL CANDIDATES, POLITICAL
   38  COMMITTEES, PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE  A  RAILROAD
   39  CORPORATION  MAY  MAKE  A  CONTRIBUTION  OR INDEPENDENT EXPENDITURE, THE
   40  RAILROAD CORPORATION SHALL AT LEAST ANNUALLY OBTAIN THE  PRIOR  AUTHORI-
   41  ZATION  BY  VOTE  OF  A  MAJORITY  OF THE SHARES OR MEMBERS CAST ON SUCH
   42  RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES,  UP  TO  A
   43  STATED AGGREGATE ANNUAL AMOUNT.
   44    3.  ANY  RAILROAD  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES,
   45  MAKING CONTRIBUTIONS OR INDEPENDENT EXPENDITURES 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;
   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; AND
   55    (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
   56  EXPENDITURE.
       A. 696--A                           6

    1    4. THE SECRETARY OF STATE SHALL POST EACH RAILROAD CORPORATION'S ANNU-
    2  AL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
    3    5.   THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
    4  TO ENFORCE THE PROVISIONS OF THIS SECTION.
    5    S 6. The transportation corporations law is amended by  adding  a  new
    6  section 7 to read as follows:
    7    S  7.  POLITICAL  CONTRIBUTIONS.  (A)  DEFINITIONS.  WHEN USED IN THIS
    8  SECTION:
    9    (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
   10  LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
   11  POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
   12  CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
   13  DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
   14  SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
   15  PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
   16  GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
   17  OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
   18  REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
   19  REGULATION;
   20    (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
   21  PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
   22  VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
   23  AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
   24  BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
   25  MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
   26  AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
   27  ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
   28  THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
   29  CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
   30  FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
   31  AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
   32  SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (I) A
   33  COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
   34  AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
   35  CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
   36  CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
   37  (II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
   38  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
   39  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   40    (B) NOTWITHSTANDING ANY OTHER  LIMITS  ON  TRANSPORTATION  CORPORATION
   41  CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR
   42  PARTY  OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT REFEREN-
   43  DUM, BEFORE A TRANSPORTATION CORPORATION OR ANY OF ITS SUBSIDIARIES  MAY
   44  MAKE  A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE TRANSPORTATION
   45  CORPORATION SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION  BY
   46  VOTE  OF  A  MAJORITY  OF  THE  SHARES  CAST  ON SUCH RESOLUTION TO MAKE
   47  CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED AGGREGATE ANNU-
   48  AL AMOUNT.
   49    (C) ANY TRANSPORTATION CORPORATION, EITHER BY ITSELF  OR  ITS  SUBSID-
   50  IARIES,  MAKING CONTRIBUTIONS OR INDEPENDENT EXPENDITURES SHALL AT LEAST
   51  ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE  WITH  THE  SECRETARY  OF
   52  STATE  AN  ACCOUNTING  OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
   53  USED FOR SUCH PURPOSES, INCLUDING:
   54    (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   55    (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
       A. 696--A                           7

    1    (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
    2  PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
    3  TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
    4  REGULATION SUPPORTED OR OPPOSED; AND
    5    (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
    6  EXPENDITURE.
    7    (D) THE SECRETARY OF  STATE  SHALL  POST  EACH  TRANSPORTATION  CORPO-
    8  RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
    9  STATE.
   10    (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
   11  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   12    S 7. The banking law is amended by adding a new section 5017  to  read
   13  as follows:
   14    S  5017.  POLITICAL  CONTRIBUTIONS.  1. DEFINITIONS. WHEN USED IN THIS
   15  SECTION:
   16    (A) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
   17  LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
   18  POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
   19  CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
   20  DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
   21  SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
   22  PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
   23  GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
   24  OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
   25  REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
   26  REGULATION;
   27    (B) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
   28  PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
   29  VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
   30  AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
   31  BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
   32  MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
   33  AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
   34  ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
   35  THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
   36  CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
   37  FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
   38  AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
   39  SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (I) A
   40  COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
   41  AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
   42  CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
   43  CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
   44  (II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
   45  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
   46  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   47    2. NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATION CONTRIBUTIONS TO OR
   48  EXPENDITURES ON BEHALF OF POLITICAL  CANDIDATES,  POLITICAL  COMMITTEES,
   49  PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A CORPORATION MAY MAKE A
   50  CONTRIBUTION  OR INDEPENDENT EXPENDITURE, THE CORPORATION SHALL AT LEAST
   51  ANNUALLY OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF  A  MAJORITY  OF  THE
   52  SHARES OR MEMBERS CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDE-
   53  PENDENT EXPENDITURES, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
   54    3.  ANY  CORPORATION,  EITHER  BY ITSELF OR ITS SUBSIDIARIES, MAKING A
   55  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE  SHALL,  AT  LEAST  ANNUALLY,
   56  DISCLOSE  TO  ITS  SHAREHOLDERS  AND FILE WITH THE SECRETARY OF STATE AN
       A. 696--A                           8

    1  ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT  EXPENDITURES  USED  FOR
    2  SUCH PURPOSES, INCLUDING:
    3    (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
    4    (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
    5    (C)  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; AND
    9    (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
   10  EXPENDITURE.
   11    4. THE SECRETARY OF STATE SHALL POST EACH CORPORATION'S ANNUAL DISCLO-
   12  SURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   13    5.  THE  ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
   14  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   15    S 8. The business corporation law is amended by adding a  new  section
   16  1321 to read as follows:
   17  S 1321. POLITICAL CONTRIBUTIONS.
   18    (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   19    (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
   20  LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
   21  POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
   22  CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
   23  DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
   24  SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
   25  PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE
   26  GENERAL PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A  GOVERNMENT
   27  OFFICIAL,  CANDIDATE  FOR  PUBLIC  OR  PARTY  OFFICE  OR POLITICAL PARTY
   28  REGARDING PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
   29  REGULATION;
   30    (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
   31  PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
   32  VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
   33  AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
   34  BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
   35  MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
   36  AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
   37  ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
   38  THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
   39  CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
   40  FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
   41  AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
   42  SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
   43  COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
   44  AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
   45  CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
   46  CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
   47  (II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
   48  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
   49  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   50    (B) NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATE CONTRIBUTIONS TO, OR
   51  EXPENDITURES  ON BEHALF OF, CANDIDATES FOR PUBLIC OR PARTY OFFICE, POLI-
   52  TICAL COMMITTEES,  PARTY  COMMITTEES  OR  BALLOT  REFERENDUM,  BEFORE  A
   53  FOREIGN  CORPORATION  DOING  BUSINESS  IN  THE  STATE IN ACCORDANCE WITH
   54  SECTION THIRTEEN HUNDRED ONE OF THIS ARTICLE MAY MAKE A CONTRIBUTION  OR
   55  INDEPENDENT  EXPENDITURE  IN NEW YORK, THE FOREIGN CORPORATION SHALL, AT
   56  LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF A MAJORITY  OF
       A. 696--A                           9

    1  THE  SHARES CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT
    2  EXPENDITURES UP TO A STATED AGGREGATE ANNUAL AMOUNT.
    3    (C)  ANY  FOREIGN  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES,
    4  MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN NEW  YORK  SHALL  AT
    5  LEAST  ANNUALLY DISCLOSE TO ITS SHAREHOLDERS 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;
   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; AND
   14    (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
   15  EXPENDITURE.
   16    (D) THE SECRETARY OF STATE SHALL POST EACH FOREIGN CORPORATION'S ANNU-
   17  AL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   18    (E) THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
   19  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   20    S  9.  The  limited  liability  company law is amended by adding a new
   21  section 510 to read as follows:
   22    S 510. POLITICAL CONTRIBUTIONS. (A) DEFINITIONS.  WHEN  USED  IN  THIS
   23  SECTION:
   24    (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
   25  LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
   26  POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
   27  CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
   28  DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
   29  SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
   30  PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE
   31  GENERAL PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A  GOVERNMENT
   32  OFFICIAL,  CANDIDATE  FOR  PUBLIC  OR  PARTY  OFFICE  OR POLITICAL PARTY
   33  REGARDING PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
   34  REGULATION;
   35    (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
   36  PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
   37  VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
   38  AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
   39  BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
   40  MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
   41  AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
   42  ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
   43  THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
   44  CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
   45  FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
   46  AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
   47  SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
   48  COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
   49  AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
   50  CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
   51  CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
   52  (II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
   53  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
   54  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   55    (B)  NOTWITHSTANDING ANY OTHER LIMITS ON CONTRIBUTIONS TO, OR EXPENDI-
   56  TURES ON BEHALF OF, CANDIDATES FOR PUBLIC  OR  PARTY  OFFICE,  POLITICAL
       A. 696--A                          10

    1  COMMITTEES,  PARTY  COMMITTEES  OR  BALLOT  REFERENDUM, BEFORE A LIMITED
    2  LIABILITY COMPANY MAY MAKE A CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,
    3  THE LIMITED LIABILITY COMPANY SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR
    4  AUTHORIZATION  BY  VOTE OF A MAJORITY OF THE MEMBERS OR MANAGERS CAST ON
    5  SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP  TO
    6  A STATED AGGREGATE ANNUAL AMOUNT.
    7    (C)  ANY  LIMITED  LIABILITY  COMPANY, EITHER BY ITSELF OR ITS SUBSID-
    8  IARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT  LEAST
    9  ANNUALLY DISCLOSE TO ITS MEMBERS OR MANAGERS AND FILE WITH THE SECRETARY
   10  OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
   11  USED FOR SUCH PURPOSES, INCLUDING:
   12    (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   13    (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   14    (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
   15  PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
   16  TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
   17  REGULATION SUPPORTED OR OPPOSED; AND
   18    (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
   19  EXPENDITURE.
   20    (D) THE SECRETARY OF STATE SHALL POST EACH LIMITED LIABILITY COMPANY'S
   21  ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   22    (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
   23  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   24    S 10. The business corporation law is amended by adding a new  section
   25  1517 to read as follows:
   26  S 1517. POLITICAL CONTRIBUTIONS.
   27    (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   28    (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
   29  LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
   30  POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
   31  CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
   32  DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
   33  SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
   34  PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE
   35  GENERAL PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A  GOVERNMENT
   36  OFFICIAL,  CANDIDATE  FOR  PUBLIC  OR  PARTY  OFFICE  OR POLITICAL PARTY
   37  REGARDING PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
   38  REGULATION;
   39    (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
   40  PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
   41  VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
   42  AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
   43  BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
   44  MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
   45  AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
   46  ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
   47  THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
   48  CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
   49  FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
   50  AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
   51  SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (I)  A
   52  COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
   53  AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
   54  CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
   55  CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
   56  (II) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE  OR  FORUM;  OR
       A. 696--A                          11

    1  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
    2  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
    3    (B)  NOTWITHSTANDING  ANY  OTHER LIMITS ON PROFESSIONAL SERVICE CORPO-
    4  RATION CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF  OF,  CANDIDATES  FOR
    5  PUBLIC OR PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT
    6  REFERENDUM,  BEFORE  A  PROFESSIONAL  SERVICE  CORPORATION  MAY  MAKE  A
    7  CONTRIBUTION OR INDEPENDENT EXPENDITURE, THE PROFESSIONAL SERVICE CORPO-
    8  RATION SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY  VOTE
    9  OF  A  MAJORITY  OF  THE SHARES CAST ON SUCH RESOLUTION TO MAKE CONTRIB-
   10  UTIONS OR INDEPENDENT EXPENDITURES  UP  TO  A  STATED  AGGREGATE  ANNUAL
   11  AMOUNT.
   12    (C)  ANY  PROFESSIONAL  SERVICE  CORPORATION,  EITHER BY ITSELF OR ITS
   13  SUBSIDIARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL  AT
   14  LEAST  ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY
   15  OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
   16  USED FOR SUCH PURPOSES, INCLUDING:
   17    (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   18    (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   19    (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
   20  PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
   21  TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
   22  REGULATION SUPPORTED OR OPPOSED; AND
   23    (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
   24  EXPENDITURE.
   25    (D) THE SECRETARY OF STATE SHALL POST EACH PROFESSIONAL SERVICE CORPO-
   26  RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
   27  STATE.
   28    (E) THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
   29  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   30    S  11. The business corporation law is amended by adding a new section
   31  1534 to read as follows:
   32  S 1534. POLITICAL CONTRIBUTIONS.
   33    (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   34    (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
   35  LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
   36  POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
   37  CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
   38  DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
   39  SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
   40  PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
   41  GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
   42  OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
   43  REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
   44  REGULATION;
   45    (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
   46  PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
   47  VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
   48  AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
   49  BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
   50  MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
   51  AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
   52  ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
   53  THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
   54  CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
   55  FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
   56  AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
       A. 696--A                          12

    1  SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (I) A
    2  COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
    3  AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
    4  CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
    5  CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
    6  (II)  A  COMMUNICATION  THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR
    7  (III) A COMMUNICATION WHICH CONSTITUTES AN EXPENDITURE MADE BY AN ENTITY
    8  REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
    9    (B) NOTWITHSTANDING ANY OTHER LIMITS ON FOREIGN  PROFESSIONAL  SERVICE
   10  CORPORATION  CONTRIBUTIONS  TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES
   11  FOR PUBLIC OR PARTY OFFICE, POLITICAL COMMITTEES,  PARTY  COMMITTEES  OR
   12  BALLOT REFERENDUM, BEFORE A FOREIGN PROFESSIONAL SERVICE CORPORATION, AS
   13  DEFINED  BY  SUBDIVISION  (D)  OF SECTION FIFTEEN HUNDRED TWENTY-FIVE OF
   14  THIS ARTICLE, MAY MAKE A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN  NEW
   15  YORK, THE FOREIGN PROFESSIONAL SERVICE CORPORATION SHALL, AT LEAST ANNU-
   16  ALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES
   17  CAST  ON  SUCH  RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDI-
   18  TURES UP TO A STATED AGGREGATE ANNUAL AMOUNT.
   19    (C) ANY FOREIGN PROFESSIONAL SERVICE CORPORATION, EITHER BY ITSELF  OR
   20  ITS  SUBSIDIARIES,  MAKING  A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN
   21  NEW YORK SHALL AT LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS  AND  FILE
   22  WITH THE SECRETARY OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDE-
   23  PENDENT EXPENDITURES USED FOR SUCH PURPOSES, INCLUDING:
   24    (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   25    (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   26    (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
   27  PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
   28  TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
   29  REGULATION SUPPORTED OR OPPOSED; AND
   30    (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
   31  EXPENDITURE.
   32    (D)  THE  SECRETARY  OF  STATE  SHALL  POST  EACH FOREIGN PROFESSIONAL
   33  SERVICE CORPORATION'S ANNUAL DISCLOSURE ON THE WEB  SITE  MAINTAINED  BY
   34  THE SECRETARY OF STATE.
   35    (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
   36  TO ENFORCE THE PROVISIONS OF THIS SECTION.
   37    S 12. Severability. If any clause,  sentence,  paragraph,  section  or
   38  part  of  this act shall be adjudged by any court of competent jurisdic-
   39  tion to be invalid and after exhaustion of all further judicial  review,
   40  the judgment shall not affect, impair or invalidate the remainder there-
   41  of,  but  shall  be  confined  in its operation to the clause, sentence,
   42  paragraph, section or part of this act directly involved in the  contro-
   43  versy in which the judgment shall have been rendered.
   44    S  13. This act shall take effect on the first of August next succeed-
   45  ing the date on which it shall have become a law.
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