S-947                 _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 3048

                        _______________________________________________

State of Washington                              49th Legislature                              1985 Regular Session

By Senate Committee on Financial Institutions (originally sponsored by Senator Moore)

Read first time 1/29/85.

AN ACT Relating to securities; and amending RCW 21.20.550 and 21.20.570.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 55, chapter 282, Laws of 1959 as amended by section 3, chapter 171, Laws of 1973 1st ex. sess. and RCW 21.20.550 are each amended to read as follows:

          There is hereby created a state advisory committee which shall consist of ((seven)) nine members to be appointed by the governor on the basis of their experience and qualifications.  The membership shall be selected, insofar as possible, on the basis of giving both geographic representation and representation to all phases of the securities business including representatives of direct participation program issuers, corporate securities issuers, financial planning and advisory firms, securities broker-dealer firms, and the legal and accounting professions.

        Sec. 2.  Section 57, chapter 282, Laws of 1959 and RCW 21.20.570 are each amended to read as follows:

          ((The first members of the committee shall hold office as follows:  Two members to serve two years; two members to serve three years; and three members to serve four years.))   Upon the expiration of ((said original terms subsequent)) the terms of the advisory committee members serving on the effective date of this 1985 act, appointment shall be for four years except in the case of a vacancy, in which event appointment shall be only for the remainder of the unexpired term in which the vacancy occurs.