New York State Assembly

Bill No.:  

 
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S04111 Summary:

BILL NO	S04111
SAME AS	No Same As
SPONSOR	SANDERS
COSPNSR	SEPULVEDA
MLTSPNSR
Amd §14-116, El L
Relates to corporate political contributions including rights of shareholders and disclosure.

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S04111 Actions:

BILL NO	S04111
02/03/2017	REFERRED TO ELECTIONS
01/03/2018	REFERRED TO ELECTIONS

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S04111 Committee Votes:

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S04111 Floor Votes:

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S04111 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4111
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    February 3, 2017
                                       ___________
 
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Elections
 
        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.
                                                                   LBD02245-01-7

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