STATE OF NEW YORK
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1581
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
___________
Introduced by M. of A. WOERNER -- read once and referred to the Commit-
tee on Election Law
AN ACT to amend the business corporation law, in relation to requiring
notice for political expenditures
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The business corporation law is amended by adding a new
2 section 521 to read as follows:
3 § 521. Political expenditures.
4 (a) For purposes of this section, "political expenditure" means a
5 contribution, gift, transfer, disbursement, or promise of money or a
6 thing of value to promote or assist in the promotion of the success or
7 defeat of a candidate, political party, or question in any state or
8 federal election. (1) Within forty-eight hours after making a political
9 expenditure, the corporation shall: (A) give notice of the political
10 expenditure by electronic transmission to each stockholder that has
11 requested notice and (B) if the corporation maintains a web site, post
12 notice of the political expenditure on the website.
13 (2) The notice shall state the amount, recipient, date, and purpose of
14 the political expenditure.
15 (b) The annual report of the corporation shall contain a list of all
16 political expenditures made by the corporation during the reporting
17 period, including the amount, recipient, date, and purpose of each poli-
18 tical expenditure.
19 (c) Whenever it appears to the attorney general that any person has
20 engaged in any act or practice constituting a violation of any provision
21 of this section, the attorney general may bring an action to obtain one
22 or more of the following remedies:
23 (1) a temporary restraining order;
24 (2) a temporary or permanent injunction;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03376-01-7
A. 1581 2
1 (3) a civil penalty not exceeding five thousand dollars for any
2 violation of this section;
3 (4) a declaratory judgement;
4 (5) rescission;
5 (6) restitution; and
6 (7) any other appropriate relief.
7 § 2. This act shall take effect immediately.