HOUSE BILL REPORT

SB 6665

BYSenators Nelson and Talmadge

Revising the corporations statutes.

House Committe on Judiciary

Majority Report:  Do pass.  (17)

      Signed by Representatives Appelwick, Chair; Crane, Vice Chair; Padden, Ranking Republican Member; Belcher, Brough, Dellwo, Forner, Hargrove, Inslee, R. Meyers, Moyer, H. Myers, Schmidt, Scott, D. Sommers, Tate and Wineberry.

House Staff:Regina Jones (786-7191)

AS REPORTED BY COMMITTEE ON JUDICIARY FEBRUARY 21, 1990

BACKGROUND:

In 1989, the Legislature adopted a new Washington Business Corporation Act.  The new Washington Business Corporation Act, codified in Title 23B RCW, replaces the current Washington Business Corporation Act, Title 23A RCW, and goes into effect on July 1, 1990.

SUMMARY:

References to Title 23A are changed to refer to Title 23B.

Language is added clarifying that a corporation may, in the ordinary course of business, dispose of or encumber property without shareholder approval unless approval is required by the articles of incorporation.

The bill removes provisions authorizing the Secretary of State to print, reprint, and distribute the Washington Uniform Commercial Code (Title 62A RCW) and the provisions and rules of chapter 42.17 RCW adopted by the Public Disclosure Commission.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    Don Whiting, Office of the Secretary of State.

House Committee - Testified Against:      No one.

House Committee - Testimony For:    This bill updates references to the new corporations act through the code.

House Committee - Testimony Against:      None.