; or (ii) 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; (B) (i) is an electioneering communication; or (ii) 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 (C) are dues or other payments, disbursements, or transfers to any other person that— (i) 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 (ii) are not investments or payments, disbursements, or transfers made in commercial transactions in the ordinary course of any trade or business. (b) Shareholder and director approval 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— (1) 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 (2) the approvals required under paragraph (1) occur— (A) before the date on which the expenditure is made or obligated; and (B) 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— (i) the amount of the proposed expenditure