S-512                 _______________________________________________

                                                   SENATE BILL NO. 5106

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Senators Smitherman, Lee, Warnke, Williams and McMullen

Read first time 1/13/89 and referred to Committee on Economic Development & Labor.

AN ACT Relating to foreign sales corporations; adding a new section to chapter 43.31 RCW; and making an appropriation.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 43.31 RCW to read as follows:

          The department of trade and economic development is authorized to develop a model shared foreign sales corporation and make the model available to exporters, port authorities, and trade associations in the state.  The department is authorized to execute all documents necessary to comply with this section and to adopt rules governing the development of shared foreign sales corporations.

NEW SECTION. Sec. 2.     There is appropriated from the general fund to the department of trade and economic development the sum of fifty thousand dollars, or as much thereof as may be necessary, for the biennium ending June 30, 1991, to implement the provisions of this act.