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A05836 Summary:

BILL NOA05836
 
SAME ASSAME AS S00339
 
SPONSORKavanagh
 
COSPNSRWoerner
 
MLTSPNSR
 
Amd SS14-102 & 14-116, El L
 
Treats parent corporations and their 50% or more owned subsidiaries as one entity for purposes of the applicability of the 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.
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A05836 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5836
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                      March 5, 2015
                                       ___________
 
        Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
          tee 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    §  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    § 3. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00946-01-5
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