An Act Requiring Corporations To Have Approval from a Majority of Their Shareholders before Making Political Contributions Valued at Greater Than $5,000
Sec. 1. 13-C MRSA §305 is enacted to read:
§ 305. Political contributions
(1) A specific candidate or candidates;
(2) Candidates of a specific political party or parties;
(3) A specific political party or parties;
(4) A specific committee or committees;
(5) A specified entity or entities exempt from taxation under the United States Internal Revenue Code of 1986, Section 501(c)(4) or 501(c)(6) or successor provisions; or
(6) A specific ballot question or questions.
This bill requires a majority vote of shareholders in order for a Maine corporation to make a political contribution or expenditure of over $5,000 and requires that once the contribution or expenditure has been made the corporation send notice to its shareholders and post the notice on its website. This bill makes a director who makes a contribution in violation of these conditions personally liable to the corporation in the amount of the contribution or expenditure plus 6% interest per year.