WA People
BILL · 2019–20 SESSION · LATEST VERSION SSB 5003

SB 5003: Business corporation act

Concerning Washington's business corporation act.

Summary

  • For corporations formed on or after January 1, 2020, eliminates shareholders' preemptive rights to acquire unissued corporate shares and shareholders' cumulative voting rights in elections for directors, unless authorized in the articles of incorporation.
  • Revises standards governing when shareholder approval is required for a sale or other disposition of the corporation's property and assets other than in the usual and regular course of business.

From the Substitute House Bill Report (SSB 5003), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 141, Laws of 2019
  1. IntroducedJan 14, 2019
  2. Out of committeeJan 25, 2019
  3. Passed SenateFeb 20, 2019
  4. Passed HouseApr 15, 2019
  5. GovernorApr 26, 2019
  6. LawApr 26, 2019
Prime sponsor
Jamie Pedersen (D-43)
Introduced
January 14, 2019 in the Senate
Last action
April 26, 2019
Session law
Chapter 141, Laws of 2019
Requested by
Other
Budget
Has a fiscal note
Versions
SB 5003, SSB 5003

AN ACT Relating to Washington's business corporation act;

Sponsors

Prime sponsor: Jamie Pedersen (D-43)

1 co-sponsor (0 Democrats, 1 Republican)

Mike Padden R-4

Votes

Senate · 3rd Reading & Final Passage

Passed February 20, 2019
Version voted on: SSB 5003
45 Yea 0 Nay 0 Absent 4 Excused
PartyYeaNayAbsentExcused
Democrat25004
Republican20000
How each member voted

Excused (4)

Permalink to this vote

House · Final Passage

Passed April 15, 2019
Version voted on: SSB 5003
98 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat57000
Republican41000
How each member voted

Yea (98)

Permalink to this vote

History

  1. Effective date 7/28/2019. (SSB 5003)
  2. Chapter 141, 2019 Laws. (SSB 5003)
  3. Governor signed. (SSB 5003)
  4. Delivered to Governor. (SSB 5003)
  5. Speaker signed. (SSB 5003)
  6. President signed. (SSB 5003)
  7. Third reading, passed; yeas, 98; nays, 0; absent, 0; excused, 0. (SSB 5003)
  8. Rules suspended. Placed on Third Reading. (SSB 5003)
  9. Rules Committee relieved of further consideration. Placed on second reading. (SSB 5003)
  10. Referred to Rules 2 Review. (SSB 5003)
  11. CRJ - Majority; do pass. (SSB 5003)
  12. First reading, referred to Civil Rights & Judiciary. (SSB 5003)
  13. Rules suspended. Placed on Third Reading. (SSB 5003)
  14. Third reading, passed; yeas, 45; nays, 0; absent, 0; excused, 4. (SSB 5003)
  15. 1st substitute bill substituted. (SSB 5003)
  16. 1st substitute bill substituted.
  17. Placed on second reading consent calendar. (SSB 5003)
  18. Placed on second reading consent calendar.
  19. Passed to Rules Committee for second reading. (SSB 5003)
  20. Passed to Rules Committee for second reading.
  21. LAW - Majority; 1st substitute bill be substituted, do pass. (SSB 5003)
  22. LAW - Majority; 1st substitute bill be substituted, do pass.
  23. First reading, referred to Law & Justice.
  24. Prefiled for introduction.

SB 5003 in other sessions

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

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