MINUTES OF THE

HOUSE BUSINESS AND LABOR

STANDING COMMITTEE

Wednesday, January 25, 2017 • 2:00 pm • 445 State Capitol

Members Present: Rep. Mike Schultz

Rep. James A. Dunnigan, Chair Rep. Jon E. Stanard

Rep. Marc K. Roberts, Vice Chair Rep. R. Curt Webb

Rep. Susan Duckworth Rep. Mark A. Wheatley

Rep. Gage Froerer

Rep. Adam Gardiner Members Absent:

Rep. Timothy D. Hawkes Rep. Brad R. Wilson

Rep. John Knotwell

Rep. Mike K. McKell Staff Present:

Rep. Jeremy A. Peterson Ms. M'kynzi E. Newbold, Policy Analyst

Note: A list of others present, a copy of related materials, and an audio recording of the meeting can be found at le.utah.gov.

Chair Dunnigan called the meeting to order.

1. H.B. 41 Utah Revised Business Corporation Act Modifications (Peterson, V.)

Rep. Val L. Peterson presented the bill with the assistance of Mr. Brian Allen, Merit Medical.

MOTION: Rep. Knotwell moved to amend H.B. 41 with Amendment #1. The motion passed with a vote of 12-0-2.

Voting in the affirmative were:

Dunnigan J, Roberts M, Duckworth S, Froerer G, Gardiner A, Hawkes T, Knotwell J, McKell M, Schultz M, Stanard J, Webb R C, Wheatley M

Absent or not voting were:

Peterson J, Wilson B

1. Page 8, Lines 221 through 229:

221under the Exchange Act on which the stock is listed;

222

{

(iii) if the stock is not quoted on the composite tape or listed on the exchange described

223in Subsection (11)(a)(i) and is not listed on an exchange described in Subsection (11)(a)(ii), the

224highest closing bid quotation with respect to a share of the stock during the 30-day period

225preceding the date in question on the National Association of Securities Dealers, Inc.,

226Automated Quotations System, or any system then in use; or

227 (iv)

}

(iii)

if no quotation is available under Subsections (11)(a)(i)

{

through (iii)

}

or (ii)

, the fair

228market value on the date in question of a share of the stock as determined by the board of

229directors of the corporation in good faith; and

2. Page 13, Lines 396 through 397:

396shareholder whose stock acquisition date is on or before the effective date of the amendment;

(4) a domestic corporation in the mineral extractive industry, including exploration, development, sand and gravel, mining, smelting, or refining of mineral properties;

397

{

(4)

}

(5)

any business combination of a domestic corporation with an interested shareholder

3. Page 14, Line 406:

406

{

(5)

}

(6)

any business combination with an interested shareholder who was the beneficial

MOTION: Rep. Duckworth moved to pass H.B. 41 out favorably. The motion passed with a vote of 13-0-1.

Voting in the affirmative were:

Dunnigan J, Roberts M, Duckworth S, Froerer G, Gardiner A, Hawkes T, Knotwell J, McKell M, Peterson J, Schultz M, Stanard J, Webb R C, Wheatley M

Absent or not voting was:

Wilson B

2. H.B. 27 Interstate Compact on Military Children Amendments (Winder, M.)

Rep. Winder presented the bill with the assistance of Mr. Brian Garrett, Salt Lake Military Affairs Committee.

Mr. Ben Rasmussen, Utah State Board of Education spoke to the bill.

MOTION: Rep. McKell moved to amend H.B. 27 with Amendment #1. The motion passed with a vote of 13-0-1. Voting in the affirmative were:

Dunnigan J, Roberts M, Duckworth, S, Froerer, G, Gardiner, A, Hawkes, T, Knotwell, J, McKell, M, Peterson, J, Schultz, M, Stanard, J, Webb, A C, Wheatley, M Absent or not voting was:

Wilson, B

1. Page 10, Lines 289 through 291:

289 (4) The compact commissioner responsible for the administration and management of

290the state's participation in the compact shall be appointed

{

by the Governor or as otherwise

291determined by each member state

}

in accordance with Section 53A-1-1020

2. Page 22, Lines 650 through 662:

650 (2) The members of the State Council on Military Children shall include:

* * * Some lines not shown * * *

662 (h) the compact commissioner, appointed in accordance with Section

{

53A-1-1003

}

53A-1-1020

; and

MOTION: Rep. Froerer moved to pass H.B. 27 out favorably. The motion passed with a vote of 13-0-1.

Voting in the affirmative were:

Dunnigan J, Roberts M, Duckworth S, Froerer G, Gardiner A, Hawkes T, Knotwell J, McKell M, Peterson J, Schultz M, Stanard J, Webb R C, Wheatley M

Absent or not voting was:

Wilson B

MOTION: Rep. Knotwell moved to adjourn. The motion passed with a vote of 13-0-1.

Voting in the affirmative were:

Dunnigan J, Roberts M, Duckworth S, Froerer G, Gardiner A, Hawkes T, Knotwell J, McKell M, Peterson J, Schultz M, Stanard J, Webb R C, Wheatley M

Absent or not voting was:

Wilson B

_________________________________________

Rep. James A. Dunnigan, Chair