Washington § 23B.19.030 Transaction excluded from chapter—Inadvertent acquisition.

Washington Statutes

§ 23B.19.030 — Transaction excluded from chapter—Inadvertent acquisition.

Washington § 23B.19.030

Title 23BWASHINGTON BUSINESS CORPORATION ACT

Ch. 23B.19SIGNIFICANT BUSINESS TRANSACTIONS

This text of Washington § 23B.19.030 (Transaction excluded from chapter—Inadvertent acquisition.) is published on Counsel Stack Legal Research, covering Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wash. Rev. Code § 23B.19.030 (2026).

Text

This chapter does not apply to a significant business transaction of a target corporation with an acquiring person of the target corporation which became an acquiring person inadvertently, if the acquiring person (1) as soon as practicable, divests itself of a sufficient amount of the voting shares of the target corporation so that it no longer is the beneficial owner, directly or indirectly, of voting shares entitled to cast votes comprising ten percent or more of the voting power of the target corporation, and (2) would not at any time within the five-year period preceding the announcement date of the significant business transaction have been an acquiring person but for the inadvertent acquisition.

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This chapter does not apply to a significant business transaction of a target corporation with an acquiring person of the target corporation which became an acquiring person inadvertently, if the acquiring person (1) as soon as practicable, divests itself of a sufficient amount of the voting shares of the target corporation so that it no longer is the beneficial owner, directly or indirectly, of voting shares entitled to cast votes comprising ten percent or more of the voting power of the target corporation, and (2) would not at any time within the five-year period preceding the announcement date of the significant business transaction have been an acquiring person but for the inadvertent acquisition.