FINAL BILL REPORT

                   SB 5713

                           C 44 L 97

                      Synopsis as Enacted

Brief Description:  Defining nonprofit corporation.

Sponsors:  Senators Prentice, Winsley and Hale; by request of Housing Finance Commission.

Senate Committee on Financial Institutions, Insurance & Housing

House Committee on Trade & Economic Development

Background:  The Washington State Housing Finance Commission has authority to assist the development of nonprofit cultural and educational facilities through bond issues and secured loans.  Some nonprofit entities served by the commission are organized as corporations and some are organized as partnerships, associations, or other legal formats.

The current statute that authorizes the Housing Finance Commission to engage in this activity refers to nonprofit Acorporations@ only.

Summary:  The nonprofit facilities portion of the Washington State Housing Finance Commission enabling statute is amended to refer to nonprofit Aorganization@ instead of nonprofit Acorporation.@

Votes on Final Passage:

Senate 47 0

House     98 0

Effective:  July 27, 1997