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Washington – Legislation Effective July 28

Senate Bill 5002 (Chapter 35) signed by the governor April 17 and effective July 28 enacts the Limited Cooperative Association Act to authorize  unincorporated associations jointly owned by persons for a mutual benefit for any lawful purpose, except for the business of generating, distributing, purchasing or selling electric energy. 

Senate Bill 5003 signed by the governor April 26 and effective July 28 amends the Business Corporation Act to provide that a shareholder of a corporation formed on or after January 1, 2020 has no preemptive right to acquire the corporation’s unissued shares or cumulate their votes for directors unless the articles of incorporation provided for preemptive rights.

House Bill 1252 (Chapter 211) signed by the governor April 30 and effective July 28 modifies criminal liability standards for business entities.