THE SENATE

S.B. NO.

2721

TWENTY-EIGHTH LEGISLATURE, 2016

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO CORPORATIONS.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


SECTION 1. Chapter 414, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"414-   Report to shareholders of election expenditures. (a) All domestic and foreign corporations authorized to transact business in this State shall deliver to their shareholders an annual report that discloses the corporation's independent expenditures and contributions to any election candidate, candidate committee, or noncandidate committee. The report shall set forth an itemized list of:

(1) The name and address of the entity or candidate to whom the independent expenditure or contribution was made;

(2) The dollar amount of each independent expenditure or contribution;

(3) The election for which each independent expenditure or contribution is directed;

(4) An identification of the specific monetary or nonmonetary benefit that accrued to the domestic or foreign corporation as a direct result of each independent expenditure or contribution; provided that if the specific monetary or nonmonetary benefit to the corporation is zero or unidentifiable, the domestic or foreign corporation shall specify that the monetary or nonmonetary benefit to the domestic or foreign corporation is zero or unidentifiable; and

(5) The total dollar amount of all independent expenditures and contributions in the reporting period.

(b) For the purposes of this section:

"Contribution" shall have the same meaning as in section 11-302.

"Independent expenditure" shall have the same meaning as in section 11-302."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

 

INTRODUCED BY:

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Report Title:

Corporation Reports; Independent Campaign Expenditures and Political Contributions

 

Description:

Requires domestic and foreign corporations to provide their shareholders with detailed reports of independent expenditures and political contributions.

 

 

 

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