Bill Text: HI SB220 | 2015 | Regular Session | Introduced
Bill Title: Campaign Finance; Corporations; Shareholder Approval
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2015-02-11 - The committee on CPN deferred the measure. [SB220 Detail]
Download: Hawaii-2015-SB220-Introduced.html
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THE SENATE |
S.B. NO. |
220 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to campaign finance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 414, Hawaii Revised Statutes, is amended by adding a new section to subpart E of part XIII to be appropriately designated and to read as follows:
"§414- Contributions by corporations; shareholder vote. (a) No corporation shall make a contribution to any candidate, candidate committee, or noncandidate committee unless the contribution is approved by a majority of the corporation's shareholders. A corporation shall adopt bylaws prescribing the procedures for making campaign contributions pursuant to this section.
(b) No corporation with a majority of its shares owned by persons who are prohibited from making contributions pursuant to section 11-355 or 11-356 or taking political positions due to investments with the State or county shall make a contribution to any candidate, candidate committee, or noncandidate committee.
(c) If a contribution is made with the approval of a majority of the corporation's shareholders, then the corporation shall provide written notice or post on the corporation's website, if available, within forty-eight hours of the contribution.
(d) A voting shareholder who did not approve of the contribution may request a prorated reimbursement of the contribution made by the corporation with the approval of the majority of the shareholders.
(e) For purposes of this section, "corporation" means a business entity incorporated or granted a certificate of authority under state law."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Campaign Finance; Corporations; Shareholder Approval
Description:
Requires a corporation to have the approval from the majority of shareholders to make a contribution to any candidate, candidate committee, or noncandidate committee. Prohibits a corporation from making a contribution if the majority of its shares are owned by persons who are prohibited from makings contributions under state law or taking political positions due to investments with the State or county. Requires corporations to provide notice within forty-eight hours of the contribution. Permits voting shareholders who did not approve of the contribution to request a prorated reimbursement of the contribution made by the corporation.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
