California 2009-2010 Regular Session Status: Passed Assembly

AB 919 — Corporations: political activities: shareholder objections.

Last action — From committee without further action pursuant to Joint Rule 62(a).

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “Passed Assembly” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law provides a shareholder dissenter's rights with respect to specified corporate transactions, including mergers and sales of assets, if a shareholder does not vote in favor of the transaction and notifies the corporation, as specified, that the shareholder dissents, and requires the corporation to pay the dissenting shareholder cash in the amount of the fair market value of the shareholder's dissenting shares, as specified, in lieu of the other consideration that a nondissenting shareholder is entitled to receive. The Political Reform Act of 1974 provides for the regulation of political campaign financing, including the reporting and disclosure of campaign contributions and expenditures. Under the act, elected officers, candidates for elective office, and campaign committees are required to file periodic campaign statements that disclose specified information for specified reporting periods, including the amount of contributions received and the identities of donors. This bill would require a corporation, as defined, that makes a contribution or expenditure to, or in support of, or in opposition to, a candidate, ballot measure campaign, or a signature-gathering effort on behalf of a ballot measure, political party, or political action committee to report those contributions or expenditures to shareholders by specified means, including posting the report on the corporation's Internet Web site, if any, and to refund to an objecting shareholder, in the form of a dividend, a pro rata share of the dollar value of those contributions or expenditures, based on the shareholder's share ownership. The bill would define, among other terms, "objecting shareholder" and "political activity" for these purposes. This bill would provide for a civil cause of action, including recovery of reasonable attorney's fees, by a shareholder against a corporation for violations of the bill's provisions. The bill would require a corporation to maintain records that include copies of the reports on its political activities for 5 years, and to make copies of these reports available to the Secretary of State upon request. The bill would also state findings and declarations of the Legislature.

Bill Text

Action History

  1. From committee without further action pursuant to Joint Rule 62(a).

  2. In committee: Set, second hearing. Failed passage.

  3. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., F. & I.

  4. (Corrected October 23.)

  5. In committee: Set, first hearing. Hearing canceled at the request of author.

  6. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., F. & I.

  7. Referred to Coms. on B., F. & I. and JUD.

  8. In Senate. Read first time. To Com. on RLS. for assignment.

  9. Read third time, passed, and to Senate. (Ayes 75. Noes 1. Page 1962.)

  10. Read second time. To third reading.

  11. Read second time and amended. Ordered returned to second reading.

  12. From committee: Amend, and do pass as amended. (Ayes 17. Noes 0.) (May 28).

  13. In committee: Set, first hearing. Referred to APPR. suspense file.

  14. From committee: Do pass, and re-refer to Com. on APPR. Re-referred. (Ayes 11. Noes 0.) (April 20).

  15. Re-referred to Com. on B. & F.

  16. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  17. Referred to Com. on B. & F.

  18. From printer. May be heard in committee March 29.

  19. Read first time. To print.

Sponsors

  • Nava · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

  • Nava

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Do pass as amended, and re-refer to the Committee on Judiciary.

Failed 4 Yea · 3 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 4203
Democratic 0101
Total 4304
% of votes cast 36%27%0%36%
How each member voted (11)
Member Party Vote
Lowenthal — Yea
Runner — Nay
Florez — Yea
Liu — Yea
Cogdill — Nay
Price — Not Voting
Kehoe — Yea
Correa — Not Voting
Cox — Not Voting
Calderon, Lisa Democratic Nay
Padilla, Stephen C. Democratic Not Voting

Official roll call →

AB 919 NAVA Assembly Third Reading

Passed 86 Yea · 1 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 80105
Democratic 3000
Republican 3000
Total 86105
% of votes cast 93%1%0%5%
How each member voted (92)
Member Party Vote
Carter — Yea
Chesbro — Yea
Conway — Yea
Tom — Yea
Eng — Yea
Evans — Yea
Fuentes — Yea
Fuller — Yea
Charles — Yea
Galgiani — Yea
Garrick — Yea
Hagman — Yea
Hall — Yea
Hayashi — Yea
Hernandez — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Hill — Yea
Fletcher — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Ammiano — Yea
Blakeslee — Yea
Cook — Yea
Coto — Yea
Davis — Yea
Duvall — Yea
Huffman — Yea
Jeffries — Yea
Krekorian — Yea
Lieu — Yea
Mendoza — Yea
Monning — Yea
Nava — Yea
Price — Yea
Ruskin — Yea
Skinner — Yea
Audra — Yea
Bill — Not Voting
DeVore — Not Voting
Yamada — Yea
Miller — Not Voting
Bass — Yea
Block — Not Voting
Solorio — Yea
Torlakson — Yea
Torres — Yea
Tran — Yea
Adams — Yea
Anderson — Nay
Beall — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Harkey — Yea
Huber — Yea
Knight — Yea
Logue — Yea
Ma — Yea
Nestande — Yea
Nielsen — Yea
Silva — Yea
Smyth — Yea
Swanson — Yea
Torrico — Yea
Villines — Yea
Emmerson — Yea
Feuer — Yea
Furutani — Yea
Gilmore — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Not Voting
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass as amended.

Passed 22 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 20000
Democratic 1000
Republican 1000
Total 22000
% of votes cast 100%0%0%0%
How each member voted (22)
Member Party Vote
Duvall — Yea
Charles — Yea
De — Yea
Leon — Yea
John — Yea
A. — Yea
Perez — Yea
Audra — Yea
Hall — Yea
Harkey — Yea
Ammiano — Yea
Price — Yea
Solorio — Yea
Torlakson — Yea
Krekorian — Yea
Miller — Yea
Nielsen — Yea
Skinner — Yea
Davis — Yea
Fuentes — Yea
Calderon, Lisa Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Subjects

finance civil-rights elections
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 919 do?
Existing law provides a shareholder dissenter's rights with respect to specified corporate transactions, including mergers and sales of assets, if a shareholder does not vote in favor of the transaction and notifies the corporation, as specified, that the shareholder dissents, and requires the corporation to pay the dissenting shareholder cash in the amount of the fair market value of the shareholder's dissenting shares, as specified, in lieu of the other consideration that a nondissenting shareholder is entitled to receive. The Political Reform Act of 1974 provides for the regulation of political campaign financing, including the reporting and disclosure of campaign contributions and expenditures. Under the act, elected officers, candidates for elective office, and campaign committees are required to file periodic campaign statements that disclose specified information for specified reporting periods, including the amount of contributions received and the identities of donors. This bill would require a corporation, as defined, that makes a contribution or expenditure to, or in support of, or in opposition to, a candidate, ballot measure campaign, or a signature-gathering effort on behalf of a ballot measure, political party, or political action committee to report those contributions or expenditures to shareholders by specified means, including posting the report on the corporation's Internet Web site, if any, and to refund to an objecting shareholder, in the form of a dividend, a pro rata share of the dollar value of those contributions or expenditures, based on the shareholder's share ownership. The bill would define, among other terms, "objecting shareholder" and "political activity" for these purposes. This bill would provide for a civil cause of action, including recovery of reasonable attorney's fees, by a shareholder against a corporation for violations of the bill's provisions. The bill would require a corporation to maintain records that include copies of the reports on its political activities for 5 years, and to make copies of these reports available to the Secretary of State upon request. The bill would also state findings and declarations of the Legislature.
Who sponsors AB 919?
AB 919 is sponsored by Nava.
What is the current status of AB 919?
This bill died with 2009-2010 Regular Session. It reached “Passed Assembly” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 919?
Track AB 919 free on One Click Politics — get push/email alerts when it moves.

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