SB 5006 — Making updates to Washington's corporation acts.

What this bill does

Modifies the composition, powers, and limitations of corporate and nonprofit board committees. Clarifies provisions related to share options and provides that a corporation may issue rights, options, or warrants for the purchase of other securities of the corporation. Clarifies the rights of former holders of shares exchanged in a share exchange. Provides for dissenters' rights during a conversion of a corporation. Lowers from two-thirds to a majority of the votes the statutory threshold by which shareholders may approve a voluntary dissolution proposal in corporations formed on or after August 1, 2024.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

Floor votes

• House — 3rd Reading & Final Passage · March 26, 2025
  92 yea · 6 nay
• Senate — 3rd Reading & Final Passage · February 5, 2025
  49 yea · 0 nay

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