Maine LD 383: An Act Requiring Corporations To Have Approval from a Majority of Their Shareholders before Making Political Contributions Valued at Greater Than $5,000

LD 383 (subjects: ELECTIONS , CAMPAIGN FINANCE )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=383&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor: Sen. Geoffrey Gratwick of Penobscot: (D – District 9) — e-mail | Twitter | Facebook

8 Cosponsors:

Actions

Chamber

Action
2/12/2015 Senate Committee on VETERANS AND LEGAL AFFAIRS
suggested and ordered printed
On motion by Senator Cyrway of Kennebec REFERRED to the Committee on VETERANS AND LEGAL AFFAIRS
Ordered sent down forthwith for concurrence.
2/12/2015 House Bill REFERRED to the Committee on VETERANS AND LEGAL AFFAIRS.
In concurrence. ORDERED SENT FORTHWITH.
3/12/2015 Senate Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

Bill Text

.

An Act Requiring Corporations To Have Approval from a Majority of Their Shareholders before Making Political Contributions Valued at Greater Than $5,000

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 13-C MRSA 305 is enacted to read:

305. Political contributions

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

A. “Committee” has the same meaning as in Title 21-A, section 1052, subsection 2.
B. “Contribution” has the same meaning as in Title 21-A, section 1052, subsection 3.
C. “Expenditure” has the same meaning as in Title 21-A, section 1052, subsection 4.

2. Political contributions. A corporation shall obtain consent by an affirmative vote of a majority of all votes entitled to be cast at a properly held shareholder meeting before making a contribution or expenditure over the amount of $5,000 in a political campaign. The consent must:

A. Authorize the total amount of the contribution or expenditure; and
B. Direct that the contribution or expenditure be for a specific purpose, including for:

(1) A specific candidate or candidates;

(2) Candidates of a specific political party or parties;

(3) A specific political party or parties;

(4) A specific committee or committees;

(5) A specified entity or entities exempt from taxation under the United States Internal Revenue Code of 1986, Section 501(c)(4) or 501(c)(6) or successor provisions; or

(6) A specific ballot question or questions.

3. Notice. Within 48 hours after making a contribution or expenditure under this section, a corporation shall give notice of the contribution or expenditure by electronic transmission to each shareholder and, if the corporation has a website, post the notice on the website. A notice under this subsection must state the amount, recipient and purpose of the contribution or expenditure.
4. Violation. A director who makes or authorizes a contribution or expenditure by a corporation in violation of this section is personally liable to the corporation for the amount of the contribution or expenditure plus 6% interest per year.

summary

This bill requires a majority vote of shareholders in order for a Maine corporation to make a political contribution or expenditure of over $5,000 and requires that once the contribution or expenditure has been made the corporation send notice to its shareholders and post the notice on its website. This bill makes a director who makes a contribution in violation of these conditions personally liable to the corporation in the amount of the contribution or expenditure plus 6% interest per year.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 383 was last updated on 2016-05-12.
The Open Maine Politics website is in a beta release and results should not be taken as definitive. Please visit the official website of the Maine State Legislature for entirely verifiable information.

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