SB 5006: Making updates to Washington's corporation acts.
Signed into law: Chapter 4, Laws of 2025
- Sponsor
- Pedersen
- Introduced
- January 13, 2025
- Status
- C 4 L 25
- Last action
- Effective date 7/27/2025. (April 4, 2025)
- As of
- October 16, 2026, 5:15 AM Pacific, from the Legislature’s records
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, 202592 yea · 6 nay
- Senate: 3rd Reading & Final Passage · February 5, 202549 yea · 0 nay
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Create a free accountOther bills sponsored by Pedersen
- ESSB 5129: Concerning common interest communities.
- E2SSB 5263: Concerning special education funding.
- ESB 5313: Adding to the list of provisions prohibited from rental agreements.
- SSB 5720: Enacting the uniform consumer debt default judgments act.
- ESSB 5837: Concerning guardianship, conservatorship, and other protective arrangements for adults.
All 2025-26 Washington State bills →
Source: the Washington State Legislature. OlympiaTrack is an independent bill-tracking service and is not affiliated with the Legislature. View on leg.wa.gov ↗