Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 15, 2016 |
print number 43a |
Jan 15, 2016 |
amend and recommit to corporations, authorities and commissions |
Jan 06, 2016 |
referred to corporations, authorities and commissions |
Jan 07, 2015 |
referred to corporations, authorities and commissions |
Senate Bill S43A
2015-2016 Legislative Session
Sponsored By
(D, WF) 47th Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2015-S43 - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Business Corporation Law
- Laws Affected:
- Add §§609-a & 609-b, BC L
- Versions Introduced in 2013-2014 Legislative Session:
-
S2952
2015-S43 - Summary
Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; requires the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management.
2015-S43 - Sponsor Memo
BILL NUMBER: S43 TITLE OF BILL : An act to amend the business corporation law, in relation to requiring the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; and to require the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management PURPOSE : Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations. SUMMARY OF PROVISIONS : Section One - Designates the act to be known as the "New York Shareholder Protection Act of 2015. Section Two - Outlines legislative intent and purpose. Section Three - Amends the business corporation law by adding two new sections 609-a and 609-b. Notwithstanding any provision of law to the contrary, no publicly-held corporation, subject to the provisions of this chapter, shall make any
2015-S43 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 43 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the business corporation law, in relation to requiring the authorization of certain political expenditures by the sharehold- ers and the board of directors of public corporations; and to require the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "New York shareholder protection act of 2015". S 2. Legislative intent and purpose. The legislature hereby finds that: a. Corporations make significant political contributions and expendi- tures that directly or indirectly influence the election of candidates and support or oppose political causes. Decisions to use corporate funds for political contributions and expenditures are usually made by corpo- rate boards and executives, rather than shareholders. b. Corporations, acting through their boards and executives, are obli- gated to conduct business for the best interests of their owners, the shareholders. c. Historically, shareholders have not had a way to know, or to influ- ence, the political activities of corporations they own. Shareholders and the public have a right to know how corporations are spending their funds to make political contributions or expenditures benefitting candi- dates, political parties, and political causes. d. Corporations should be accountable to their shareholders in making political contributions or expenditures affecting Federal governance and public policy. Requiring the express approval of a corporation's share- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2015-S43A (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Business Corporation Law
- Laws Affected:
- Add §§609-a & 609-b, BC L
- Versions Introduced in 2013-2014 Legislative Session:
-
S2952
2015-S43A (ACTIVE) - Summary
Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; requires the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management.
2015-S43A (ACTIVE) - Sponsor Memo
BILL NUMBER: S43A TITLE OF BILL : An act to amend the business corporation law, in relation to requiring the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; and to require the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management PURPOSE : Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations. SUMMARY OF PROVISIONS : Section One - Designates the act to be known as the "New York Shareholder Protection Act of 2016. Section Two - Outlines legislative intent and purpose. Section Three - Amends the business corporation law by adding two new sections 609-a and 609-b. Notwithstanding any provision of law to the contrary, no publicly-held
2015-S43A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 43--A 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corporations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the business corporation law, in relation to requiring the authorization of certain political expenditures by the sharehold- ers and the board of directors of public corporations; and to require the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "New York shareholder protection act of 2016". S 2. Legislative intent and purpose. The legislature hereby finds that: a. Corporations make significant political contributions and expendi- tures that directly or indirectly influence the election of candidates and support or oppose political causes. Decisions to use corporate funds for political contributions and expenditures are usually made by corpo- rate boards and executives, rather than shareholders. b. Corporations, acting through their boards and executives, are obli- gated to conduct business for the best interests of their owners, the shareholders. c. Historically, shareholders have not had a way to know, or to influ- ence, the political activities of corporations they own. Shareholders and the public have a right to know how corporations are spending their funds to make political contributions or expenditures benefitting candi- dates, political parties, and political causes. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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