S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3658
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2017
                                ___________
 
 Introduced by Sens. SQUADRON, ADDABBO, HOYLMAN -- read twice and ordered
   printed,  and  when printed to be committed to the Committee on Corpo-
   rations, Authorities and Commissions
 
 AN ACT to amend the business corporation  law,  the  cooperative  corpo-
   rations law, the not-for-profit corporation law, the railroad law, the
   transportation  corporations  law,  the  banking  law  and the limited
   liability company law, in relation to enacting  the  "corporate  poli-
   tical activity accountability to shareholders act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title.  This act shall be known and may be  cited  as
 the "corporate political activity accountability to shareholders act".
   §  2.  The business corporation law is amended by adding a new section
 631 to read as follows:
 § 631. POLITICAL CONTRIBUTIONS.
   (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00884-01-7

 S. 3658                             2
 
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
 THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
 CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
 FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
 AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
 SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (A)  A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
 CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
 CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A COMMUNICATION WHICH CONSTITUTES  AN  EXPENDITURE  MADE  BY  AN  ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   (B) NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATE CONTRIBUTIONS TO, OR
 EXPENDITURES  ON BEHALF OF, CANDIDATES FOR PUBLIC OR PARTY OFFICE, POLI-
 TICAL COMMITTEES, PARTY COMMITTEES OR BALLOT REFERENDUM, BEFORE A CORPO-
 RATION OR ANY OF ITS SUBSIDIARIES MAY MAKE A CONTRIBUTION OR INDEPENDENT
 EXPENDITURE, THE CORPORATION SHALL, AT LEAST ANNUALLY, OBTAIN THE  PRIOR
 AUTHORIZATION  BY  VOTE  OF A MAJORITY OF THE SHARES CAST ON SUCH RESOL-
 UTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO  A  STATED
 AGGREGATE ANNUAL AMOUNT.
   (C)  ANY  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES, MAKING A
 CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT LEAST ANNUALLY DISCLOSE
 TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE  AN  ACCOUNTING
 OF   THE  CONTRIBUTIONS  AND  INDEPENDENT  EXPENDITURES  USED  FOR  SUCH
 PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
 PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
 TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
 EXPENDITURE.
   (D) THE SECRETARY  OF  STATE  SHALL  POST  EACH  CORPORATION'S  ANNUAL
 DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 3. The business corporation law is amended by adding a  new  section
 1321 to read as follows:
 § 1321. POLITICAL CONTRIBUTIONS.
   (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
 LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
 POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
 CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
 DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
 SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
 PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE
 GENERAL PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A  GOVERNMENT
 OFFICIAL,  CANDIDATE  FOR  PUBLIC  OR  PARTY  OFFICE  OR POLITICAL PARTY
 REGARDING PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
 REGULATION;

 S. 3658                             3
 
   (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
 PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
 CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
 CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A  COMMUNICATION  WHICH  CONSTITUTES  AN  EXPENDITURE  MADE BY AN ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   (B) NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATE CONTRIBUTIONS TO, OR
 EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR PARTY OFFICE,  POLI-
 TICAL  COMMITTEES,  PARTY  COMMITTEES  OR  BALLOT  REFERENDUM,  BEFORE A
 FOREIGN CORPORATION DOING BUSINESS  IN  THE  STATE  IN  ACCORDANCE  WITH
 SECTION  THIRTEEN HUNDRED ONE OF THIS ARTICLE MAY MAKE A CONTRIBUTION OR
 INDEPENDENT EXPENDITURE IN NEW YORK, THE FOREIGN CORPORATION  SHALL,  AT
 LEAST  ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF A MAJORITY OF
 THE SHARES CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR  INDEPENDENT
 EXPENDITURES UP TO A STATED AGGREGATE ANNUAL AMOUNT.
   (C)  ANY  FOREIGN  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES,
 MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN NEW  YORK  SHALL  AT
 LEAST  ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY
 OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
 USED FOR SUCH PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
 PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
 TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
 EXPENDITURE.
   (D) THE SECRETARY OF STATE SHALL POST EACH FOREIGN CORPORATION'S ANNU-
 AL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   (E) THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   §  4.  The business corporation law is amended by adding a new section
 1517 to read as follows:
 § 1517. POLITICAL CONTRIBUTIONS.
   (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL

 S. 3658                             4
 
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
 CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
 CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A  COMMUNICATION  WHICH  CONSTITUTES  AN  EXPENDITURE  MADE BY AN ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   (B) NOTWITHSTANDING ANY OTHER LIMITS ON  PROFESSIONAL  SERVICE  CORPO-
 RATION  CONTRIBUTIONS  TO,  OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR
 PUBLIC OR PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT
 REFERENDUM,  BEFORE  A  PROFESSIONAL  SERVICE  CORPORATION  MAY  MAKE  A
 CONTRIBUTION OR INDEPENDENT EXPENDITURE, THE PROFESSIONAL SERVICE CORPO-
 RATION  SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE
 OF A MAJORITY OF THE SHARES CAST ON SUCH  RESOLUTION  TO  MAKE  CONTRIB-
 UTIONS  OR  INDEPENDENT  EXPENDITURES  UP  TO  A STATED AGGREGATE ANNUAL
 AMOUNT.
   (C) ANY PROFESSIONAL SERVICE CORPORATION,  EITHER  BY  ITSELF  OR  ITS
 SUBSIDIARIES,  MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT
 LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE  SECRETARY
 OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
 USED FOR SUCH PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
 PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
 TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
 EXPENDITURE.
   (D) THE SECRETARY OF STATE SHALL POST EACH PROFESSIONAL SERVICE CORPO-
 RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
 STATE.
   (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 5. The business corporation law is amended by adding a  new  section
 1534 to read as follows:
 § 1534. POLITICAL CONTRIBUTIONS.
   (A) DEFINITIONS. WHEN USED IN THIS SECTION:

 S. 3658                             5

   (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
 LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
 POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
 CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
 DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
 SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
 PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE
 GENERAL PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A  GOVERNMENT
 OFFICIAL,  CANDIDATE  FOR  PUBLIC  OR  PARTY  OFFICE  OR POLITICAL PARTY
 REGARDING PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
 REGULATION;
   (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
 PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
 BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
 MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
 AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
 ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
 THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
 CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
 FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
 AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
 SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (A)  A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
 CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
 CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A COMMUNICATION WHICH CONSTITUTES  AN  EXPENDITURE  MADE  BY  AN  ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   (B)  NOTWITHSTANDING  ANY OTHER LIMITS ON FOREIGN PROFESSIONAL SERVICE
 CORPORATION CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF  OF,  CANDIDATES
 FOR  PUBLIC  OR  PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR
 BALLOT REFERENDUM, BEFORE A FOREIGN PROFESSIONAL SERVICE CORPORATION, AS
 DEFINED BY SUBDIVISION (D) OF SECTION  FIFTEEN  HUNDRED  TWENTY-FIVE  OF
 THIS  ARTICLE, MAY MAKE A CONTRIBUTION OR INDEPENDENT EXPENDITURE IN NEW
 YORK, THE FOREIGN PROFESSIONAL SERVICE CORPORATION SHALL, AT LEAST ANNU-
 ALLY, OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES
 CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS  OR  INDEPENDENT  EXPENDI-
 TURES UP TO A STATED AGGREGATE ANNUAL AMOUNT.
   (C)  ANY FOREIGN PROFESSIONAL SERVICE CORPORATION, EITHER BY ITSELF OR
 ITS SUBSIDIARIES, MAKING A CONTRIBUTION OR  INDEPENDENT  EXPENDITURE  IN
 NEW  YORK  SHALL AT LEAST ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE
 WITH THE SECRETARY OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDE-
 PENDENT EXPENDITURES USED FOR SUCH PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
 PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
 TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
 EXPENDITURE.

 S. 3658                             6
 
   (D) THE SECRETARY  OF  STATE  SHALL  POST  EACH  FOREIGN  PROFESSIONAL
 SERVICE  CORPORATION'S  ANNUAL  DISCLOSURE ON THE WEB SITE MAINTAINED BY
 THE SECRETARY OF STATE.
   (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 6. The cooperative corporations law  is  amended  by  adding  a  new
 section 78 to read as follows:
   §  78.  POLITICAL  CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN USED IN THIS
 SECTION:
   (A) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (B) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
 CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
 CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A  COMMUNICATION  WHICH  CONSTITUTES  AN  EXPENDITURE  MADE BY AN ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   2.  NOTWITHSTANDING  ANY  OTHER  LIMITS  ON  COOPERATIVE   CORPORATION
 CONTRIBUTIONS  TO  OR  EXPENDITURES  ON  BEHALF OF POLITICAL CANDIDATES,
 POLITICAL COMMITTEES, PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE  A
 COOPERATIVE  CORPORATION MAY MAKE A CONTRIBUTION OR INDEPENDENT EXPENDI-
 TURE, THE COOPERATIVE CORPORATION SHALL AT  LEAST  ANNUALLY  OBTAIN  THE
 PRIOR  AUTHORIZATION BY VOTE OF A MAJORITY OF THE SHARES OR MEMBERS CAST
 ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES, UP
 TO A STATED AGGREGATE ANNUAL AMOUNT.
   3. ANY COOPERATIVE CORPORATION, EITHER BY ITSELF OR ITS  SUBSIDIARIES,
 MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL, AT LEAST ANNUAL-
 LY, DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE AN
 ACCOUNTING  OF  THE  CONTRIBUTIONS AND INDEPENDENT EXPENDITURES USED FOR
 SUCH PURPOSES, INCLUDING:
   (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;

 S. 3658                             7
 
   (C) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
 PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
 TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (D)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
 EXPENDITURE.
   4. THE SECRETARY OF STATE SHALL POST  EACH  COOPERATIVE  CORPORATION'S
 ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   5.   THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 7. The not-for-profit corporation law is amended  by  adding  a  new
 section 522 to read as follows:
 § 522. POLITICAL CONTRIBUTIONS.
   (A) DEFINITIONS. WHEN USED IN THIS SECTION:
   (1)  THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION, OUTSTANDING
 LOAN, ADVANCE, DEPOSIT OF MONEY OR ANY THING  OF  VALUE  PROVIDED  TO  A
 POLITICAL  COMMITTEE,  PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE OR DULY
 CONSTITUTED SUBCOMMITTEE OF A  COUNTY  COMMITTEE,  AS  THOSE  TERMS  ARE
 DEFINED  IN  ARTICLE  FOURTEEN  OF THE ELECTION LAW, IN SUPPORT OR OPPO-
 SITION TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM,  POLITICAL
 PARTY,  ELECTIONEERING  COMMUNICATION  OR  ANY COMMUNICATION MADE TO THE
 GENERAL PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A  GOVERNMENT
 OFFICIAL,  CANDIDATE  FOR  PUBLIC  OR  PARTY  OFFICE  OR POLITICAL PARTY
 REGARDING PENDING LEGISLATION, PUBLIC POLICY OR  A  GOVERNMENT  RULE  OR
 REGULATION;
   (2)  THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY A
 PERSON FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC  AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL  PUBLIC  AUDIENCE  VIA  ADVERTISEMENTS, PAMPHLETS, CIRCULARS, FLYERS,
 BROCHURES, LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR  INFOR-
 MATION  CONVEYED  TO  FIVE  HUNDRED  OR MORE MEMBERS OF A GENERAL PUBLIC
 AUDIENCE BY COMPUTER OR OTHER ELECTRONIC DEVICES  WHICH:  (I)  EXPRESSLY
 ADVOCATES  THE  ELECTION  OR DEFEAT OF A CLEARLY IDENTIFIED CANDIDATE OR
 THE SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE,  THE
 CANDIDATE'S  POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL COMMITTEE
 FORMED TO PROMOTE THE SUCCESS OR DEFEAT OF  A  BALLOT  PROPOSAL  OR  ITS
 AGENTS,  DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN ANY
 SUCH COMMUNICATION.   INDEPENDENT EXPENDITURES DO  NOT  INCLUDE:  (A)  A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
 CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
 CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A COMMUNICATION WHICH CONSTITUTES  AN  EXPENDITURE  MADE  BY  AN  ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   (B)  NOTWITHSTANDING  ANY  OTHER  LIMITS ON NOT-FOR-PROFIT CORPORATION
 CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR
 PARTY OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT  REFEREN-
 DUM,  BEFORE A NOT-FOR-PROFIT CORPORATION OR ANY OF ITS SUBSIDIARIES MAY
 MAKE A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE  NOT-FOR-PROFIT
 CORPORATION  SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION BY
 VOTE OF A MAJORITY OF THE MEMBERS VOTING  ON  SUCH  RESOLUTION  TO  MAKE
 CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED AGGREGATE ANNU-
 AL AMOUNT.
   (C)  ANY  NOT-FOR-PROFIT  CORPORATION, EITHER BY ITSELF OR ITS SUBSID-
 IARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT  LEAST

 S. 3658                             8
 
 ANNUALLY DISCLOSE TO ITS MEMBERS AND FILE WITH THE SECRETARY OF STATE AN
 ACCOUNTING  OF  THE  CONTRIBUTIONS AND INDEPENDENT EXPENDITURES USED FOR
 SUCH PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
 PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
 TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
 EXPENDITURE.
   (D)  THE  SECRETARY  OF  STATE  SHALL  POST EACH NOT-FOR-PROFIT CORPO-
 RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
 STATE.
   (E) THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL  PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 8. The railroad law is amended by adding a new section 35 to read as
 follows:
   §  35.  POLITICAL  CONTRIBUTIONS.  1.  DEFINITIONS.  WHEN USED IN THIS
 SECTION:
   (A) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (B) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
 CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
 CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A  COMMUNICATION  WHICH  CONSTITUTES  AN  EXPENDITURE  MADE BY AN ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   2. NOTWITHSTANDING ANY OTHER LIMITS ON RAILROAD  CORPORATION  CONTRIB-
 UTIONS  TO  OR EXPENDITURES ON BEHALF OF POLITICAL CANDIDATES, POLITICAL
 COMMITTEES, PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE  A  RAILROAD
 CORPORATION  MAY  MAKE  A  CONTRIBUTION  OR INDEPENDENT EXPENDITURE, THE
 RAILROAD CORPORATION SHALL AT LEAST ANNUALLY OBTAIN THE  PRIOR  AUTHORI-

 S. 3658                             9
 
 ZATION  BY  VOTE  OF  A  MAJORITY  OF THE SHARES OR MEMBERS CAST ON SUCH
 RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES,  UP  TO  A
 STATED AGGREGATE ANNUAL AMOUNT.
   3.  ANY  RAILROAD  CORPORATION,  EITHER BY ITSELF OR ITS SUBSIDIARIES,
 MAKING CONTRIBUTIONS OR INDEPENDENT EXPENDITURES SHALL, AT LEAST ANNUAL-
 LY, DISCLOSE TO ITS SHAREHOLDERS AND FILE WITH THE SECRETARY OF STATE AN
 ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT  EXPENDITURES  USED  FOR
 SUCH PURPOSES, INCLUDING:
   (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (C)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
 PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
 TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
 EXPENDITURE.
   4. THE SECRETARY OF STATE SHALL POST EACH RAILROAD CORPORATION'S ANNU-
 AL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   5.   THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 9. The transportation corporations law is amended by  adding  a  new
 section 7 to read as follows:
   §  7.  POLITICAL  CONTRIBUTIONS.  (A)  DEFINITIONS.  WHEN USED IN THIS
 SECTION:
   (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
 CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
 CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A  COMMUNICATION  WHICH  CONSTITUTES  AN  EXPENDITURE  MADE BY AN ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.

 S. 3658                            10
 
   (B) NOTWITHSTANDING ANY OTHER  LIMITS  ON  TRANSPORTATION  CORPORATION
 CONTRIBUTIONS TO, OR EXPENDITURES ON BEHALF OF, CANDIDATES FOR PUBLIC OR
 PARTY  OFFICE, POLITICAL COMMITTEES, PARTY COMMITTEES OR BALLOT REFEREN-
 DUM, BEFORE A TRANSPORTATION CORPORATION OR ANY OF ITS SUBSIDIARIES  MAY
 MAKE  A  CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,  THE TRANSPORTATION
 CORPORATION SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR AUTHORIZATION  BY
 VOTE  OF  A  MAJORITY  OF  THE  SHARES  CAST  ON SUCH RESOLUTION TO MAKE
 CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP TO A STATED AGGREGATE ANNU-
 AL AMOUNT.
   (C) ANY TRANSPORTATION CORPORATION, EITHER BY ITSELF  OR  ITS  SUBSID-
 IARIES,  MAKING CONTRIBUTIONS OR INDEPENDENT EXPENDITURES SHALL AT LEAST
 ANNUALLY DISCLOSE TO ITS SHAREHOLDERS AND FILE  WITH  THE  SECRETARY  OF
 STATE  AN  ACCOUNTING  OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
 USED FOR SUCH PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3) THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN  INDE-
 PENDENT  EXPENDITURE,  THE  IDENTITY OF THE CANDIDATE, REFERENDUM, POLI-
 TICAL PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE  OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4)  THE  BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION OR INDEPENDENT
 EXPENDITURE.
   (D) THE SECRETARY OF  STATE  SHALL  POST  EACH  TRANSPORTATION  CORPO-
 RATION'S ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF
 STATE.
   (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 10. The banking law is amended by adding a new section 5017 to  read
 as follows:
   §  5017.  POLITICAL  CONTRIBUTIONS.  1. DEFINITIONS. WHEN USED IN THIS
 SECTION:
   (A) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (B) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-

 S. 3658                            11
 
 AL OR DISTRIBUTED THROUGH THE FACILITIES OF  ANY  BROADCASTING  STATION,
 CABLE  OR  SATELLITE  UNLESS SUCH PUBLICATION OR FACILITIES ARE OWNED OR
 CONTROLLED BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE;  OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A  COMMUNICATION  WHICH  CONSTITUTES  AN  EXPENDITURE  MADE BY AN ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   2. NOTWITHSTANDING ANY OTHER LIMITS ON CORPORATION CONTRIBUTIONS TO OR
 EXPENDITURES ON BEHALF OF POLITICAL  CANDIDATES,  POLITICAL  COMMITTEES,
 PARTY COMMITTEES, OR BALLOT REFERENDUMS, BEFORE A CORPORATION MAY MAKE A
 CONTRIBUTION  OR INDEPENDENT EXPENDITURE, THE CORPORATION SHALL AT LEAST
 ANNUALLY OBTAIN THE PRIOR AUTHORIZATION BY VOTE OF  A  MAJORITY  OF  THE
 SHARES OR MEMBERS CAST ON SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDE-
 PENDENT EXPENDITURES, UP TO A STATED AGGREGATE ANNUAL AMOUNT.
   3.  ANY  CORPORATION,  EITHER  BY ITSELF OR ITS SUBSIDIARIES, MAKING A
 CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE  SHALL,  AT  LEAST  ANNUALLY,
 DISCLOSE  TO  ITS  SHAREHOLDERS  AND FILE WITH THE SECRETARY OF STATE AN
 ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT  EXPENDITURES  USED  FOR
 SUCH PURPOSES, INCLUDING:
   (A) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (B) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (C)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
 PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
 TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (D) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
 EXPENDITURE.
   4. THE SECRETARY OF STATE SHALL POST EACH CORPORATION'S ANNUAL DISCLO-
 SURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   5.  THE  ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 11. The limited liability company law is amended  by  adding  a  new
 section 510 to read as follows:
   §  510.  POLITICAL  CONTRIBUTIONS.  (A) DEFINITIONS. WHEN USED IN THIS
 SECTION:
   (1) THE TERM "CONTRIBUTION" MEANS ANY GIFT, SUBSCRIPTION,  OUTSTANDING
 LOAN,  ADVANCE,  DEPOSIT  OF  MONEY  OR ANY THING OF VALUE PROVIDED TO A
 POLITICAL COMMITTEE, PARTY  COMMITTEE,  CONSTITUTED  COMMITTEE  OR  DULY
 CONSTITUTED  SUBCOMMITTEE  OF  A  COUNTY  COMMITTEE,  AS THOSE TERMS ARE
 DEFINED IN ARTICLE FOURTEEN OF THE ELECTION LAW,  IN  SUPPORT  OR  OPPO-
 SITION  TO A CANDIDATE FOR PUBLIC OR PARTY OFFICE, REFERENDUM, POLITICAL
 PARTY, ELECTIONEERING COMMUNICATION OR ANY  COMMUNICATION  MADE  TO  THE
 GENERAL  PUBLIC INTENDED TO ENCOURAGE THE PUBLIC TO CONTACT A GOVERNMENT
 OFFICIAL, CANDIDATE FOR  PUBLIC  OR  PARTY  OFFICE  OR  POLITICAL  PARTY
 REGARDING  PENDING  LEGISLATION,  PUBLIC  POLICY OR A GOVERNMENT RULE OR
 REGULATION;
   (2) THE TERM "INDEPENDENT EXPENDITURE" MEANS AN EXPENDITURE MADE BY  A
 PERSON  FOR AN AUDIO OR VIDEO COMMUNICATION TO A GENERAL PUBLIC AUDIENCE
 VIA BROADCAST, CABLE OR SATELLITE OR A WRITTEN COMMUNICATION TO A GENER-
 AL PUBLIC AUDIENCE VIA  ADVERTISEMENTS,  PAMPHLETS,  CIRCULARS,  FLYERS,
 BROCHURES,  LETTERHEADS OR OTHER PRINTED MATTER AND STATEMENTS OR INFOR-
 MATION CONVEYED TO FIVE HUNDRED OR MORE  MEMBERS  OF  A  GENERAL  PUBLIC
 AUDIENCE  BY  COMPUTER  OR OTHER ELECTRONIC DEVICES WHICH: (I) EXPRESSLY
 ADVOCATES THE ELECTION OR DEFEAT OF A CLEARLY  IDENTIFIED  CANDIDATE  OR
 THE  SUCCESS OR DEFEAT OF A BALLOT PROPOSAL AND (II) SUCH CANDIDATE, THE
 CANDIDATE'S POLITICAL COMMITTEE OR ITS AGENTS, OR A POLITICAL  COMMITTEE
 FORMED  TO  PROMOTE  THE  SUCCESS  OR DEFEAT OF A BALLOT PROPOSAL OR ITS

 S. 3658                            12
 
 AGENTS, DID NOT AUTHORIZE, REQUEST, SUGGEST, FOSTER OR COOPERATE IN  ANY
 SUCH  COMMUNICATION.    INDEPENDENT  EXPENDITURES  DO NOT INCLUDE: (A) A
 COMMUNICATION APPEARING IN A WRITTEN NEWS STORY, COMMENTARY, OR EDITORI-
 AL  OR  DISTRIBUTED  THROUGH THE FACILITIES OF ANY BROADCASTING STATION,
 CABLE OR SATELLITE UNLESS SUCH PUBLICATION OR FACILITIES  ARE  OWNED  OR
 CONTROLLED  BY ANY POLITICAL PARTY, POLITICAL COMMITTEE OR CANDIDATE; OR
 (B) A COMMUNICATION THAT CONSTITUTES A CANDIDATE DEBATE OR FORUM; OR (C)
 A COMMUNICATION WHICH CONSTITUTES  AN  EXPENDITURE  MADE  BY  AN  ENTITY
 REQUIRED TO REPORT SUCH EXPENDITURE WITH A BOARD OF ELECTIONS.
   (B)  NOTWITHSTANDING ANY OTHER LIMITS ON CONTRIBUTIONS TO, OR EXPENDI-
 TURES ON BEHALF OF, CANDIDATES FOR PUBLIC  OR  PARTY  OFFICE,  POLITICAL
 COMMITTEES,  PARTY  COMMITTEES  OR  BALLOT  REFERENDUM, BEFORE A LIMITED
 LIABILITY COMPANY MAY MAKE A CONTRIBUTION  OR  INDEPENDENT  EXPENDITURE,
 THE LIMITED LIABILITY COMPANY SHALL, AT LEAST ANNUALLY, OBTAIN THE PRIOR
 AUTHORIZATION  BY  VOTE OF A MAJORITY OF THE MEMBERS OR MANAGERS CAST ON
 SUCH RESOLUTION TO MAKE CONTRIBUTIONS OR INDEPENDENT EXPENDITURES UP  TO
 A STATED AGGREGATE ANNUAL AMOUNT.
   (C)  ANY  LIMITED  LIABILITY  COMPANY, EITHER BY ITSELF OR ITS SUBSID-
 IARIES, MAKING A CONTRIBUTION OR INDEPENDENT EXPENDITURE SHALL AT  LEAST
 ANNUALLY DISCLOSE TO ITS MEMBERS OR MANAGERS AND FILE WITH THE SECRETARY
 OF STATE AN ACCOUNTING OF THE CONTRIBUTIONS AND INDEPENDENT EXPENDITURES
 USED FOR SUCH PURPOSES, INCLUDING:
   (1) THE DATE OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (2) THE AMOUNT OF THE CONTRIBUTION OR INDEPENDENT EXPENDITURE;
   (3)  THE IDENTITY OF THE RECIPIENT OF THE CONTRIBUTION, OR IF AN INDE-
 PENDENT EXPENDITURE, THE IDENTITY OF THE  CANDIDATE,  REFERENDUM,  POLI-
 TICAL  PARTY, PENDING LEGISLATION, PUBLIC POLICY OR A GOVERNMENT RULE OR
 REGULATION SUPPORTED OR OPPOSED; AND
   (4) THE BUSINESS RATIONALE FOR EACH SUCH CONTRIBUTION  OR  INDEPENDENT
 EXPENDITURE.
   (D) THE SECRETARY OF STATE SHALL POST EACH LIMITED LIABILITY COMPANY'S
 ANNUAL DISCLOSURE ON THE WEBSITE MAINTAINED BY THE SECRETARY OF STATE.
   (E)  THE ATTORNEY GENERAL MAY COMMENCE AN ACTION OR SPECIAL PROCEEDING
 TO ENFORCE THE PROVISIONS OF THIS SECTION.
   § 12. Severability. If any clause,  sentence,  paragraph,  section  or
 part  of  this act shall be adjudged by any court of competent jurisdic-
 tion to be invalid and after exhaustion of all further judicial  review,
 the judgment shall not affect, impair or invalidate the remainder there-
 of,  but  shall  be  confined  in its operation to the clause, sentence,
 paragraph, section or part of this act directly involved in the  contro-
 versy in which the judgment shall have been rendered.
   §  13. This act shall take effect on the first of August next succeed-
 ing the date on which it shall have become a law.