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GA SB363
Bill
Status
Introduced
2/10/2016
Primary Sponsor
Nan Orrock
Click for details
AI Summary
- Corporations are prohibited from using corporate money or property for political expenditures unless stockholders approve in advance by an affirmative majority vote, specifying the total amount and designating specific candidates, parties, political committees, 501(c)(4) or 501(c)(6) entities, or ballot questions as recipients
- Stockholder authorization of political expenditures must occur at an annual or special meeting of stockholders
- Corporations must notify stockholders who have requested notice via electronic transmission within 48 hours of making a political expenditure, including the amount, recipient, date, and purpose; corporations with websites must also post this information online
- Corporate annual reports must include a complete list of all political expenditures made during the reporting period, detailing the amount, recipient, date, and purpose of each expenditure
- The Attorney General may bring civil actions against corporations that violate the law, seeking remedies including temporary restraining orders, injunctions, declaratory judgments, rescission, restitution, and civil penalties of up to three times the unauthorized expenditure amount or $5,000 for other violations
Legislative Description
"Shareholders United Act of 2016"
Last Action
Senate Read and Referred
2/11/2016
Full Bill Text
No bill text available