as introduced - 88th Legislature (2013 - 2014) Posted on 03/03/2014 03:10pm
Engrossments | ||
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Introduction | Posted on 03/03/2014 |
A bill for an act
relating to campaign finance; requiring notice and consent for certain political
activities by corporations; providing penalties; amending Minnesota Statutes
2012, section 211B.15, by adding a subdivision; proposing coding for new law in
Minnesota Statutes, chapters 10A; 211B.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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The board must maintain a copy of each
shareholder notification report received under section 211B.155 on the board's Web site.
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On an annual basis, the board shall randomly audit the
extent of compliance or noncompliance by corporations required to provide shareholder
notification under section 211B.155. No later than June 30 of each year, the board shall
submit a report to the legislature on the results of audits conducted in the preceding year.
An audit required by this subdivision shall be conducted in the manner provided for audits
and investigations by the board under section 10A.02, subdivision 10.
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This section is effective June 1, 2014.
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Minnesota Statutes 2012, section 211B.15, is amended by adding a subdivision
to read:
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(a) A corporation may not engage in contribution
or expenditure activity for political purposes that, in the aggregate, exceeds $10,000 in a
calendar year, unless the shareholders of the corporation have approved the contribution
or expenditure activity by majority vote. The vote must be conducted according to
the rules and bylaws of the corporation, and may authorize a specific contribution or
expenditure, or may authorize a total budget for all contribution and expenditure activity
by the corporation in a calendar year. The date and result of a vote required under this
subdivision must be included in the shareholder report required by section 10A.205.
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(b) As used in this subdivision, "shareholders" means, in the case of a corporation
registered to do business in this state, all shareholders of the corporation residing in
the state; in the case of a corporation incorporated in this state, all shareholders of the
corporation; and in the case of a partnership registered to do business in this state, all
partners.
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For purposes of this section, the following terms have
the meanings given:
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(1) "corporation" has the meaning provided in section 211B.15, subdivision 1; and
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(2) "shareholders" has the meaning provided in section 211B.15, subdivision 4a.
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(a) At least quarterly, a corporation that
directly or indirectly makes a contribution or expenditure for political purposes must notify
the corporation's shareholders in writing of the nature of its contribution and expenditure
activity during the previous quarter. For purposes of this section, a corporation makes a
contribution or expenditure if the contribution or expenditure is funded through its general
corporate treasury, a separate segregated fund, or any other entity or account established
and controlled by the corporation.
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(b) A notification required by this section must contain:
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(1) the date and amount of each contribution and expenditure;
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(2) if the contribution or expenditure was made to support or oppose a candidate for
public office, the office sought by the candidate, the candidate's political party affiliation,
and whether the contribution or expenditure was made in support of, or in opposition to,
the candidate;
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(3) if the contribution or expenditure was made to support or oppose a ballot
question, a description of the ballot question, and whether the contribution or expenditure
was made in support of, or in opposition to, the question;
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(4) if the contribution or expenditure was made to advocate or raise awareness about
a policy issue, the nature of the issue, and the corporation's position on the issue;
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(5) if applicable, the date and result of any shareholder votes required to be
conducted under section 211B.15, subdivision 4a, and the amount and nature of activity
authorized by the vote; and
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(6) the name of any corporate officer directly advocating for or approving the
corporation's involvement in support or opposition to the candidate, ballot question, or
policy issue.
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(c) A corporation required to provide a notification to shareholders under this section
must make a copy of the notification accessible on the corporation's Web site for at least
one year following the date of the notification.
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A corporation required to provide a notification to
shareholders under this section must provide a copy of the notification to the Campaign
Finance and Public Disclosure Board, subject to the requirements and penalties provided
in section 10A.025 for filing reports.
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A corporation convicted of violating this section is subject to the
penalties provided in section 211B.15, subdivision 7.
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This section is effective June 1, 2014, and applies to
contributions and expenditures made on or after that date.
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