This bill introduces a new chapter to Title 23B RCW, establishing specific definitions and regulations regarding corporate powers in Washington State. It defines key terms such as "ballot measure activity," "corporation," and "election activity," which pertain to contributions or expenditures aimed at influencing ballot measures or elections. The bill stipulates that all powers previously granted to corporations are revoked, and corporations can only exercise powers explicitly granted by this new title and Titles 23 and 24 RCW. Notably, the bill prohibits corporations from engaging in any ballot measure or election activities, declaring any such actions outside their granted powers as ultra vires and void.

Additionally, the bill outlines that foreign or out-of-state corporations engaging in election or ballot measure activities within Washington will be considered as transacting business in the state, thus subjecting them to local jurisdiction. It also ensures that existing contracts or legal obligations entered into before the bill's effective date remain valid and unaffected. The bill includes a severability clause, ensuring that if any provision is found invalid, the remainder of the act will still stand.