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Committee hears updates to Washington Business Corporations Act including committees of one
Summary
Senate Bill 5,006 would amend the Washington Business Corporations Act to permit board committees composed of one director, expand share option language, add dissenter's rights for corporate conversion, and lower voting thresholds for voluntary dissolution for corporations formed after 08/01/2024.
The House Civil Rights & Judiciary Committee heard Senate Bill 5,006 on March 14, a statutory cleanup and modernization package that would revise multiple provisions of the Washington Business Corporations Act.
Committee staff explained the bill incorporates recommendations from the Corporate Act Revision Committee of the Washington State Bar and makes changes across several topics: committees of the board of directors, share options, share exchanges, dissenter’s rights, and the voting threshold for voluntary dissolution for new corporations.
Staff explained the bill would allow a board committee to be composed of one or more directors, remove several…
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