Maine LD 53: An Act To Require Shareholder Consent for Corporate Political Contributions

LD 53 (subjects: ELECTIONS , CAMPAIGN FINANCE )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=53&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor: Rep. Deane Rykerson of Kittery: (D – District 1) — e-mail | Twitter | Facebook

10 Cosponsors:

Actions

Chamber

Action
1/14/2015 House Committee on Veterans and Legal Affairs suggested and ordered printed.
The Bill was REFERRED to the Committee on VETERANS AND LEGAL AFFAIRS.
Sent for concurrence. ORDERED SENT FORTHWITH.
1/20/2015 Senate On motion by Senator Cyrway of Kennebec, REFERRED to the Committee on Veterans and Legal Affairs, in concurrence.
3/17/2015 House Reports READ.
On motion of Representative LUCHINI of Ellsworth, the Majority Ought Not to Pass Report was ACCEPTED.
(Roll Call Requested)
Less than one-fifth of the members present expressed a desire for a roll call, which was not ordered.
Sent for concurrence. ORDERED SENT FORTHWITH.
3/18/2015 Senate Reports READ.
On motion by Senator CYRWAY of Kennebec the Majority Ought Not to Pass Report ACCEPTED, in concurrence.
Placed in the Legislative Files (DEAD).

Bill Text

.

An Act To Require Shareholder Consent for Corporate Political Contributions

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. Political contributions. A corporation must obtain the consent of a majority of its shareholders before making a contribution or expenditure in a political campaign. The consent of a majority of shareholders under this subsection must be an affirmative vote of a majority of all votes entitled to be cast at a properly held shareholder meeting prior to making the political contribution or expenditure. If a majority of a corporation’s shares are owned by one or more institutional investors that cannot hold public office, such as a pension fund or a for-profit or nonprofit corporation, the corporation may not make any political contributions or expenditures.
2. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

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

3. Notice. If the corporation has a website accessible to its shareholders, within 48 hours after making a political contribution or expenditure under this section the corporation shall post the notice of the contribution or expenditure on the website.
4. Pro rata rebate. If a shareholder disagrees with a political contribution or expenditure made under this section, the shareholder may receive from the corporation upon request a pro rata rebate in an amount of the percentage of the political contribution or expenditure equal to the percentage of ownership the shareholder has in the corporation.

summary

This bill requires a majority vote of a corporation’s shareholders before the corporation makes a political contribution or expenditure and requires that once the contribution or expenditure has been made, the corporation posts notice of the contribution or expenditure on its website. This bill disallows a corporation that has over half of its shares owned by one or more institutional investors who cannot hold public office, such as a pension fund or a for-profit or nonprofit corporation, from making any political contributions or expenditures. This bill also allows a shareholder who disagrees with a corporation’s political contribution or expenditure to receive from the corporation upon request a rebate of a percentage of the political contribution or expenditure equal to the percentage of ownership the shareholder has in the corporation.

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 53 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.

Share this page…Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInShare on TumblrDigg thisShare on RedditEmail this to someonePrint this page

Be the first to comment on "Maine LD 53: An Act To Require Shareholder Consent for Corporate Political Contributions"

Leave a comment

Democracy thrives on participation; please share your thoughts!
Your email address will not be published. Required fields are marked *

Your email address will not be published.


*