WA People
BILL · 2015–16 SESSION

SB 5031: Advance action/bus. corp act

Permitting advance action regarding business opportunities under the business corporation act.

Summary

  • Allows for articles of incorporation to limit or eliminate a requirement that a director or other fiduciary offer the corporation the right to participate in any business opportunity prior to that person's taking of the opportunity.
  • Limits liability for directors, officers, or related persons who take advantage of certain business opportunity.

From the House Bill Report (SB 5031), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 20, Laws of 2015
  1. IntroducedJan 12, 2015
  2. Out of committeeFeb 4, 2015
  3. Passed SenateFeb 24, 2015
  4. Passed HouseApr 8, 2015
  5. GovernorApr 17, 2015
  6. LawApr 17, 2015
Prime sponsor
Jamie Pedersen (D-43)
Introduced
January 12, 2015 in the Senate
Last action
April 17, 2015
Session law
Chapter 20, Laws of 2015
Requested by
Other

AN ACT Relating to permitting advance action regarding business opportunities under the business corporation act;

Sponsors

Prime sponsor: Jamie Pedersen (D-43)

1 co-sponsor (0 Democrats, 1 Republican)

Steve O'Ban R-28

Votes

Senate · 3rd Reading & Final Passage

Passed February 24, 2015
Version voted on: SB 5031
47 Yea 0 Nay 0 Absent 2 Excused
PartyYeaNayAbsentExcused
Democrat22002
Republican25000
How each member voted

Excused (2)

Permalink to this vote

House · Final Passage

Passed April 8, 2015
Version voted on: SB 5031
96 Yea 1 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat50100
Republican46001
How each member voted

Yea (96)

Nay (1)

Excused (1)

Permalink to this vote

History

  1. Effective date 7/24/2015.
  2. Chapter 20, 2015 Laws.
  3. Governor signed.
  4. Delivered to Governor.
  5. Speaker signed.
  6. President signed.
  7. Placed on second reading by Rules Committee.
  8. Third reading, passed; yeas, 96; nays, 1; absent, 0; excused, 1.
  9. Rules suspended. Placed on Third Reading.
  10. Referred to Rules 2 Review.
  11. JUDI - Majority; do pass.
  12. First reading, referred to Judiciary (Not Officially read and referred until adoption of Introduction report).
  13. Third reading, passed; yeas, 47; nays, 0; absent, 0; excused, 2.
  14. Rules suspended. Placed on Third Reading.
  15. Placed on second reading consent calendar.
  16. Passed to Rules Committee for second reading.
  17. LAW - Majority; do pass.
  18. First reading, referred to Law & Justice.
  19. Prefiled for introduction.

SB 5031 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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