On Mar. 13, WAS LEG enacted Business Corporation Act bill into law.
WAS LEG enacted Bill SB 5786 to update WAS Business Corporation Act (WBCA).
Replaced chapter on mergers, share exchanges with new chapter that substantially mirrors the provisions in the current Model Business Corporation Act (MBCA).
Proposed legislative updates also made various changes to definitions, quorum.
Also voting and shareholder approval requirements to conform the WBCA with MBCA.
Repealed all sections under WAS LEG 23B.11, merger and share exchange.
Bill Provisions
Provided for authorization for mergers, share exchanges; approval requirements.
Group voting; finalizing articles; surviving entity property ownership, liabilities.
Additionally made amendments to WBCA definitions; quorum, voting; approval of amendments, conversion, disposition of property; social purpose corporation.
Legislative History
On Jan. 8, 2024, bill was introduced in Senate; on Feb. 6, 2024, bill passed Senate.
On Feb. 8, 2024, bill was introduced in House; on Feb. 27, 2024, bill passed House.
On Mar. 13 , 2024, bill was signed by Governor; became Chapter 22, 2024 Laws.
