NC H624

Requires North Carolina corporations spending $10,000 or more of corporate treasury funds on independent expenditures or electioneering communications to obtain shareholder approval.

Mandates a separate shareholder resolution be included in proxy materials for annual (or special) shareholder meetings to approve such spending, with authorization taking effect six months after final regulations are published.

Requires corporations to specify the maximum dollar amount authorized for the next 12 months and disclose whether funds will be spent directly by the corporation or paid to nonprofits or trade associations.

Makes shareholder approval binding on the corporation; authorizes directors who incur unauthorized expenditures to be jointly and severally liable to repay the corporation with 8% annual interest.

Becomes effective January 1, 2012, and applies to elections held on or after that date.