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A05836 Summary:

BILL NO    A05836 

SAME AS    SAME AS S00339

SPONSOR    Kavanagh

COSPNSR    Woerner

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:

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

                                         5836

                              2015-2016 Regular Sessions

                                 I N  A S S E M B L Y

                                     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    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.
                                                                  LBD00946-01-5
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