HOUSE OF REPRESENTATIVES

H.B. NO.

644

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to campaign finance.

 

 

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

 


SECTION 1. Chapter 11, Hawaii Revised Statutes, is amended by adding a new section to subpart E of part XIII to be appropriately designated and to read as follows:

"11- Contributions, expenditures, and independent expenditures by corporations; determination of shareholder preference required. (a) No corporation shall make any contribution or expenditure to or on behalf of any candidate, candidate committee, or noncandidate committee, or make any independent expenditure, except in accordance with the preference of the majority of all shareholders of the corporation, as determined through the procedures required under subsection (b).

(b) A corporation shall include procedures in its bylaws for assessing the preference of the majority of all shareholders of the corporation regarding any proposal by the corporation to make a contribution, expenditure, or independent expenditure.

(c) Within forty-eight hours of making any contribution, expenditure, or independent expenditure pursuant to subsection (a), a corporation shall post on a publicly accessible website maintained by the corporation, and until no sooner than the thirtieth day following the date of the pertinent election, the following information for each contribution, expenditure, or independent expenditure:

(1) The amount and date of disposition;

(2) The recipient; and

(3) The purpose, including the identity of the subject candidate or ballot question and whether the contribution, expenditure, or independent expenditure was made to support or oppose the candidate or ballot question."

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:

Elections; Campaign Finance; Corporations; Shareholder Preference for Contributions and Expenditures

 

Description:

Prohibits corporations from making contributions, expenditures, or independent expenditures for an election except in accordance with the preference of the majority of the corporation's shareholders. Requires corporations to post information on a website within forty-eight hours of making a contribution, expenditure, or independent expenditure.

 

 

 

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