Legislature(2015 - 2016)BARNES 124

02/16/2015 03:15 PM LABOR & COMMERCE

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03:22:15 PM Adjourn
03:16:33 PM Start
03:16:43 PM HB49
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ Bills Previously Heard/Scheduled TELECONFERENCED
+= HB 49 BENEFIT CORPORATIONS TELECONFERENCED
Moved CSHB 49(L&C) Out of Committee
                   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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