Legislature(2015 - 2016)BARNES 124
02/16/2015 03:15 PM House LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Adjourn | |
| Start | |
| HB49 |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | TELECONFERENCED | ||
| += | HB 49 | TELECONFERENCED | |
HB 49-BENEFIT CORPORATIONS
3:16:43 PM
CHAIR OLSON announced that the only order of business would be
HOUSE BILL NO. 49, "An Act relating to corporations, including
benefit corporations, and other entities; and providing for an
effective date."
3:17:31 PM
REPRESENTATIVE PAUL SEATON, Alaska State Legislature, as prime
sponsor, summarized HB 49, stating this bill will allow the
state to form a new type of "for profit" corporation called the
benefit corporation. The main difference between the proposed
benefit corporation [also known as a "B" corporation] and the
current "C" corporations is that in addition to making profits
for its shareholders, the corporation can also define and
promote a general or specific public benefit. These public
benefits are required to be listed on the corporate paperwork so
investors, managers, and employees will be aware of the purpose
of the corporation besides making profits for its shareholders.
3:18:52 PM
REPRESENTATIVE HUGHES moved to adopt Amendment 1, labeled 29-
LS0002\H.1, Bannister, 2/12/15, which read as follows:
Page 2, lines 9 - 10:
Delete "delivering its benefit report to the
department under AS 10.60.570 or in paying the filing
fee for the benefit report"
Insert "including its benefit report in its
biennial report under AS 10.60.570 or in paying the
fee established under AS 10.60.570 for including the
benefit report in the biennial report"
Page 10, line 28:
Delete "In addition to"
Insert "As part of"
Page 12, lines 26 - 28:
Delete "Concurrently with the filing of its
biennial report under AS 10.06.805, a benefit
corporation shall deliver a copy of the benefit report
to the department for filing by the department"
Insert "A benefit corporation shall include its
benefit report in the biennial report that it files
under AS 10.06.805"
Page 12, lines 30 - 31:
Delete "delivered to the department"
Insert "included in the biennial report"
Page 13, line 1:
Delete "filing a benefit report"
Insert "including the benefit report in the
biennial report of the benefit corporation"
Page 13, lines 2 - 4:
Delete "delivering the benefit report to the
department under (a) of this section or in paying the
filing fee for the benefit report"
Insert "including its benefit report in its
biennial report under AS 10.60.570 or in paying the
fee established under this section for including the
benefit report in the biennial report"
Page 13, following line 5:
Insert a new subsection to read:
"(c) A benefit corporation may submit its
benefit report to the department electronically. The
department may file in paper form, rather than
electronic form, the benefit report portion of a
biennial report filed with the department."
CHAIR OLSON objected for the purpose of discussion.
3:19:20 PM
REPRESENTATIVE SEATON explained Amendment 1 would add language
to page 2, lines 9-10 to clarify that the benefit report will be
included in the corporation's biennial report filed with the
department. He stated that this report can be submitted
electronically instead of requiring benefit corporations to
submit a second benefit report or a hard copy report to the
agency. This provision will also negate the need for the
department to make changes to its database or website. Small
technical changes are also made to several places in the bill,
he added.
3:21:04 PM
CHAIR OLSON removed his objection. There being no further
objection, Amendment 1 was adopted.
3:21:26 PM
CHAIR OLSON, after first determining no one wished to testify,
closed public testimony on HB 49.
3:21:37 PM
REPRESENTATIVE HUGHES moved to report HB 49, as amended, out of
committee with individual recommendations and the accompanying
fiscal note. There being no objection, CSHB 49(L&C) was
reported from the House Labor and Commerce Standing Committee.
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