13-35-227. Prohibited contributions from corporations. (1) (a) Except as provided in subsection (4), a corporation may not make a contribution or an expenditure in connection with a candidate, a ballot issue, or a political committee that supports or opposes a candidate, a ballot issue, or a political party.
     (b) For purposes of this section, "corporation" refers to for-profit and nonprofit corporations.
     (2) A person, candidate, or political committee may not accept or receive a corporate contribution described in subsection (1).
     (3) This section does not prohibit the establishment or administration of a separate, segregated fund to be used for making political contributions or expenditures if the fund consists only of voluntary contributions solicited from an individual who is a shareholder, employee, or member of the corporation.
     (4) The provisions of subsection (1) prohibiting corporate contributions to or expenditures in connection with a ballot issue do not apply to a nonprofit corporation formed for the purpose, among others, of promoting political ideas and that:
     (a) does not engage in business activities;
     (b) has no shareholders or other affiliated persons who have a private claim on the corporation's assets or earnings;
     (c) does not accept foreign or domestic for-profit corporations as members; and
     (d) does not accept in the aggregate more than 5% annually of its total revenue from foreign or domestic for-profit corporations.
     (5) A person who violates this section is subject to the civil penalty provisions of 13-37-128.

     History: En. Sec. 25, Init. Act, Nov. 1912; re-en. Sec. 10790, R.C.M. 1921; re-en. Sec. 10790, R.C.M. 1935; Sec. 94-1444, R.C.M. 1947; redes. 23-4744 by Sec. 29, Ch. 513, L. 1973; amd. Sec. 1, Ch. 296, L. 1975; R.C.M. 1947, 23-4744; amd. Sec. 1, Ch. 404, L. 1979; amd. Sec. 1, I.M. No. 125, Nov. 5, 1996; amd. Sec. 1, Ch. 294, L. 1997 (voided by I.R. No. 114, Nov. 3, 1998).