Bill Summaries: H636 (2015-2016 Session)

Tracking:
  • Summary date: Apr 13 2015 - View summary

    Enacts new 163‑278.12D prohibiting a corporation from using any money or other corporation property in connection with an independent expenditure or electioneering communication unless the stockholders of the corporation, by the affirmative vote of a majority of all votes entitled to be cast, have: (1) given advance authorization of the total amount of money or property that may be used for all independent expenditures or electioneering communications during a specific fiscal year of the corporation; and (2) directed that the money or property be used for an independent expenditure or electioneering communication relating to a specified candidate, a candidate of a specified political party, a specified political party, a specified political committee, a specified tax exempt entity, or a specified question.

    Also requires a corporation to, within 48 hours after making an independent expenditure or electioneering communication, give electronic notice of the independent expenditure or electioneering communication to those stockholders who have requested notice and post notice of the independent expenditure or electioneering communication on the corporation's website. Requires specified information to be included in the notice. 

    Requires the corporation's annual report to list of all independent expenditures or electioneering communications that the corporation made during the reporting period.

    Effective October 1, 2015.