S-3357               _______________________________________________

                                   SENATE CONCURRENT RESOLUTION NO. 8420

                        _______________________________________________

State of Washington                              50th Legislature                         1987 2nd Special Session

By Senators Warnke, Bender, Newhouse, Vognild and Anderson

Read first time 8/10/87 and referred to Committee on Ways & Means.

WHEREAS, Corporate ownership and policy have great impact on the social and economic well-being of the state; and

          WHEREAS, Corporate structure, ownership, and transfers often determine corporate policy and, in turn, employment retention or the loss of jobs; and

          WHEREAS, A carefully structured balance between the competing interests of regulated and unregulated exchange of corporate ownership can protect the legitimate interests of the citizens of this state; and

          WHEREAS, Complex legal and policy questions surround the issues of state regulation of corporate acquisition and merger activity;

          NOW, THEREFORE, BE IT RESOLVED, By the Senate of the state of Washington, the House of Representatives concurring, That a joint select committee on corporate merger and acquisitions be established to devise and recommend legislation relating thereto; and

          BE IT FURTHER RESOLVED, That the committee, through hearings and consultation with various specialists and interest groups affected, shall make recommendations on the following issues:

          (1) The desirability of any further state regulation in the field of corporate merger and acquisition activity;

          (2) The constitutional authority of the state to regulate this activity, particularly with respect to the extraterritorial effect of such legislation; and

          (3) The proper balance between the free market exchange of corporate ownership and corporate stability and continuity; and

          BE IT FURTHER RESOLVED, That the committee shall consist of ten voting members appointed as follows:

          (1) Two members from each caucus of the Senate, selected by the President of the Senate;

          (2) Two members from each caucus of the House of Representatives, selected by the Speaker of the House; and

          (3) The chairs of the Senate and House of Representatives Committees on Commerce and Labor; and

          BE IT FURTHER RESOLVED, That the committee shall use legislative facilities and staff, and may hire additional staff with specific technical expertise if it is determined necessary to carry out the mandates of this resolution.  All expenses of the committee shall be paid jointly by the Senate and the House of Representatives; and

          BE IT FURTHER RESOLVED, That the committee shall report its findings and recommendations to the Governor and the Legislature by the commencement of the 1988 regular session of the Legislature.  The committee shall cease to exist on April 1, 1988.