Community Trust Bank Needed Board OK for Political Contribution to CBLE PAC

A five hundred dollar contribution from Community Trust Bank to the Citizens for Better Law Enforcement PAC must have had prior approval from the bank’s board of directors for the contribution to be legal, a state law says.

It is not known whether that approval was or was not given.

The contribution was part of over $5 thousand raised by the PAC to support passage of a $1.8 million, 1/4 cent sales tax hike that won approval by a 53 to 47 percent margin last Saturday.

See here the finance report noting the donation.

LA RS 18:1505.2. Contributions; expenditures; certain prohibitions and limitations

F. No profit or nonprofit corporation, labor organization, or trade, business, or professional association shall make any campaign contribution or expenditure unless specifically authorized to do so whether: by the vote of the board of directors of the corporation, of the executive board of the labor organization or of the trade, business, or professional association at a regular or special meeting thereof; by the president, vice president, secretary, or treasurer of a corporation or labor organization whom the board has specifically empowered to authorize such contributions or expenditures, or, for a corporation, by any other person designated by resolution of the board of directors of a corporation to authorize contributions or expenditures; or by a vote of the membership of the labor organization. No profit or nonprofit corporation, labor organization or trade, business, or professional association shall make any contribution or expenditure, other than an in-kind contribution or expenditure, except by check.

The contribution seems unusual – we don’t recall seeing a political contribution from a bank in the three years we’ve been covering area politics and reviewing campaign contribution filings.

About these ads