§ 17-25-15 - Political action committee – Notice of formation.
SECTION 17-25-15
§ 17-25-15 Political action committee– Notice of formation. – (a) No political action committee shall accept any contributions or make anyexpenditures prior to filing notice of its organization with the board ofelections. The notice shall contain:
(1) The name or names of any candidates whose election ordefeat the committee intends to advocate;
(2) The names and addresses of all officers of the committee;
(3) The mailing address or addresses of the committee;
(4) The goals and purposes of the political action committee;and
(5) A statement indicating whether the membership and/orcontributor base of the political action committee is derived primarily fromthe employees of one corporation or business entity or from one business orprofessional group or association or labor union and, if so, the identity ofthat employer or group or association or union.
(b) No committee shall advocate the election or defeat of anycandidate other than that set forth in its notice of organization or amendmentto the notice. A political action committee may amend its notice oforganization at any time. The board of elections shall prescribe forms incompliance with this section.
(c) In addition to all other reporting requirements, eachpolitical action committee shall include in each report required to be filed bythis chapter:
(1) The source and amount of all funds received by thecommittee in excess of one hundred dollars ($100) in the aggregate from asingle source in a calendar year; provided, that funds received through aregular payroll check-off plan in which the aggregate contribution from eachindividual does not exceed one hundred dollars ($100) per calendar year shallreport the name and address of each entity transferring the funds to thecommittee, the aggregate amount received from the payroll check-off, and thetotal number of contributors; and provided also, that funds received by thepolitical action committee of a labor organization from the members of thelabor organization in amounts not exceeding twenty-five dollars ($25.00) percalendar year from a single source shall be reported by the aggregate amountreceived and the total number of members of the labor organization contributing;
(2) The name and address of each person to whom expenditureswere made, and the amount and purpose of each expenditure; and
(3) The name and address of each elected official andcandidate for elected office to whom a contribution was made, and the amount ofthe contribution.
(d) The board of elections may reject the use by a politicalaction committee of a name which is misleading and/or does not accuratelyidentify the membership or contributor base of the committee.
(e) If a political action committee derives more than fiftypercent (50%) of its funds from the employees, officers, directors, investors,and/or stockholders of a corporation or other business entity, the name of thepolitical action committee must incorporate the name of that corporation orbusiness entity. If a political action committee derives more than fiftypercent (50%) of its funds from persons affiliated with one industry,profession, trade organization, or association or labor union, the name of thepolitical action committee must identify that industry, profession, tradeorganization or association, or labor union.