VirginiaVirginia Stock Corporation Act; changes to Act.
What it does
Virginia Stock Corporation Act. Makes various changes to the Virginia Stock Corporation Act, many of which conform the Act to recent changes to the Model Business Corporation Act produced by the Corporate Laws Committee of the American Bar Association's Business Law Section. Among other things, the bill (i) addresses the authority of a board of directors to delegate authority with respect to the issuance of shares to a committee of the board and one or more of the corporation's officers, (ii) removes the requirement for the cessation of shareholder agreements when a corporation becomes a public corporation, (iii) requires a corporation to maintain in its records certain shareholder agreements, (iv) removes the requirement for a corporation to maintain its financial statements for the three most recent fiscal years, and (v) authorizes a corporation to submit a matter to a vote of its shareholders even if, after approving the matter, the board of directors determines it no longer recommends such matter.
More detail
This bill is identical to HB 316.
Where do you stand?
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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 13Approved by Governor Abigail Spanberger-Chapter 892 (effective 7/1/2026)Became Law
- Apr 6Fiscal Impact Statement from State Corporation Commission (SB479)
- 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 (SB479ER)Major
- Mar 30EnrolledMinor
- Mar 11House amendments agreed to by Senate (40-Y 0-N 0-A)Major
- Vote recorded Concur House Amendments R. Result: pass.Upper
- Mar 10Passed House with amendments (99-Y 0-N 0-A)Passed House
- Vote recorded H VOTE:. Result: pass.Lower
- Mar 10Engrossed by House as amended
- Mar 10committee amendments agreed toMajor
- Mar 10Read third timeMinor
- 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 26Fiscal Impact Statement from State Corporation Commission (SB479)
- Feb 25Assigned HCL sub: Subcommittee #1Minor
- Feb 4Referred to Committee on Labor and CommerceMinor
- Feb 4Read first timeMinor
- Feb 4Placed on Calendar
- 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 26106187D-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 26Senate committee offered
- Jan 25Fiscal Impact Statement from State Corporation Commission (SB479)
- Jan 13Referred to Committee on Commerce and LaborMinor
- Jan 13Prefiled and ordered printed; Offered 01-14-2026 26103811DIntroduced