Sec. 8. Political spending
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/bill/116/s/3215/is/section-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section: The term electioneering communication has the meaning given the term in section 304(f)(3) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30104(f)(3) ), except that the term any public communication shall be substituted for any broadcast, cable, or satellite communication in the matter preceding subclause
(I)of subparagraph (A)(i) of such section 304(f)(3). The term independent expenditure means an expenditure, as that term is defined in section 301 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30101 ), by a person that expressly advocates the election or defeat of a clearly identified candidate, or is the functional equivalent of express advocacy because, when taken as a whole, the expenditure can be interpreted by a reasonable person only as advocating the election or defeat of a candidate, taking into account whether the communication involved— mentions a candidacy, a political party, or a challenger to a candidate; or takes a position on character, qualifications, or fitness for office of a candidate. The term political expenditure in support of or in opposition to any candidate for Federal, State, or local public office means an expenditure or series of expenditures totaling more than $10,000 for any single candidate during any single election that— is an independent expenditure; or with respect to a candidate for State or local public office, would be treated as an independent expenditure if the candidate were a candidate for Federal public office; is an electioneering communication; or with respect to a candidate for State or local public office, would be treated as an electioneering communication if the candidate were a candidate for Federal public office; or are dues or other payments, disbursements, or transfers to any other person that— are, or could reasonably be anticipated to be, used or transferred to another association or organization for the purposes described in subparagraph
(A)or (B); and are not investments or payments, disbursements, or transfers made in commercial transactions in the ordinary course of any trade or business. A United States corporation may not make a political expenditure in support of or in opposition to any candidate for Federal, State, or local public office unless— not less than 75 percent of the shareholders of the corporation and not less than 75 percent of the directors of the corporation approve of the expenditure; and the approvals required under paragraph
(1)occur— before the date on which the expenditure is made or obligated; and after the date on which the shareholders and directors described in that paragraph have been informed regarding the precise nature of the proposed expenditure, including— the amount of the proposed expenditure; and the candidate and election to which the proposed expenditure relates. A shareholder of a United States corporation may bring a civil action in an appropriate district court of the United States to enjoin a United States corporation from making a political expenditure in support of or in opposition to any candidate for Federal, State, or local public office that violates the requirements under subsection (b). The Office may revoke the charter of a United States corporation that knowingly or repeatedly violates the requirements under subsection (b).
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