FORTY-EIGHTH LEGISLATURESB 477/a

FIRST SESSION, 2007

February 12, 2007

Madam President:

    Your CORPORATIONS AND TRANSPORTATION COMMITTEE, to whom has been referred

SENATE BILL 477

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

    1. On page 3, line 4, strike "and".

    2. On page 3, between lines 4 and 5, insert the following new paragraphs:

             "(3) "aircraft manufacturer" means a business entity that in the ordinary course of business designs and builds private or commercial aircraft certified by the federal aviation administration;

             (4) "business entity" means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint venture;

             (5) "control" means equity ownership in a business entity that:

                  (a) represents at least fifty percent of the total voting power of that business entity; and

                  (b) has a value equal to at least fifty percent of the total equity of that business entity; and".

    3. Renumber the succeeding paragraph accordingly.,

and thence referred to the FINANCE COMMITTEE.

                               Respectfully submitted,

                               __________________________________

                               Shannon Robinson, Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 7 For 0 Against

Yes:      7

No:       0

Excused: Ingle, Nava

Absent:   None

SB0477CT1                                                 .167531.1