VirginiaVirginia Nonstock Corporation Act; numerous revisions to Act, delayed effective date.
What it does
Virginia Nonstock Corporation Act. Provides for numerous revisions to the Virginia Nonstock Corporation Act. Among other revisions, the bill (i) authorizes certain actions to derive from its bylaws in addition to its articles of incorporation, (ii) makes changes to the process of amending articles of incorporation and bylaws, (iii) authorizes inclusion of an exclusive forum provision in the bylaws, (iv) permits transfer of membership interests, (v) authorizes members to bring derivative proceedings, (vi) permits a court to remove a director in certain circumstances, (vii) provides for abandonment of an amendment or restatement of the articles of incorporation, (viii) extends the current provisions related to mergers to include interest exchanges and to provide for parent-subsidiary mergers, (ix) replaces existing provisions on conversion with provisions based on the Virginia Stock Act, and (x) adds provisions governing charitable corporations and charitable assets, including the authority of the Office of the Attorney General with respect to such.
More detail
The bill includes technical amendments and has a delayed effective date of January 1, 2027. This bill is identical to HB 439.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 8Acts of Assembly Chapter text (CHAP0394)Latest
- Apr 8Approved by Governor Abigail Spanberger-Chapter 394 (effective 1/1/2027)Became Law
- Apr 6Fiscal Impact Statement from State Corporation Commission (SB246)
- Mar 31Governor's Action Deadline 11:59 p.m., April 13, 2026To Governor
- Mar 31Enrolled Bill communicated to Governor on March 31, 2026Minor
- Mar 31Signed by SpeakerMajor
- Mar 30Signed by PresidentMajor
- Mar 30Bill text as passed Senate and House (SB246ER)Major
- Mar 30EnrolledMinor
- Mar 12House amendments agreed to by Senate (40-Y 0-N 0-A)Major
- Vote recorded Concur House Amendments R. Result: pass.Upper
- Mar 11Passed House with amendments (99-Y 0-N 0-A)Passed House
- Vote recorded H VOTE:. Result: pass.Lower
- Mar 11Engrossed by House as amended
- Mar 11Delegate Hope Floor amendments agreed toMajor
- Mar 11committee amendments agreed toMajor
- Mar 11Read third timeMinor
- Mar 11Floor offered Delegate Hope Amendments
- Mar 11Moved from Uncontested Calendar to Regular Calendar
- Mar 10Passed by for the day
- Mar 9Read second timeMinor
- Mar 5Reported from Labor and Commerce with amendment(s) (21-Y 0-N)Minor
- Vote recorded Reported from Labor and Commerce with amendment(s). Result: pass.Lower
- Mar 3Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
- Vote recorded Subcommittee recommends reporting with amendment(s). Result: pass.Lower
- Mar 3House subcommittee offered
- Feb 25Assigned HCL sub: Subcommittee #1Minor
- Feb 4Referred to Committee on Labor and CommerceMinor
- Feb 4Read first timeMinor
- Feb 4Placed on Calendar
- Feb 2Fiscal Impact Statement from State Corporation Commission (SB246)
- Jan 30Read third time and passed Senate (38-Y 0-N 0-A)Passed Senate
- Vote recorded Passage R. Result: pass.Upper
- Jan 29Engrossed by Senate - committee substituteMajor
- Jan 29Engrossed by Senate (Voice Vote)
- Jan 29Commerce and Labor Substitute agreed to
- Jan 29Read second timeMinor
- Jan 28Passed by for the day
- Vote recorded Constitutional reading dispensed R. Result: pass.Upper
- Jan 28Passed by for the day Block Vote (Voice Vote)
- Jan 28Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
- Jan 28Rules suspended
- Jan 27Committee substitute printed 26106184D-S1Major
- Jan 26Reported from Commerce and Labor with substitute (15-Y 0-N)Minor
- Vote recorded Reported from Commerce and Labor with substitute. Result: pass.Upper
- Jan 26Senate committee offered
- Jan 26Fiscal Impact Statement from State Corporation Commission (SB246)
- Jan 12Referred to Committee on Commerce and LaborMinor
- Jan 12Prefiled and ordered printed; Offered 01-14-2026 26105208DIntroduced