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 SB 479.
Where do you stand?
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 8Acts of Assembly Chapter text (CHAP0383)Latest
- Apr 8Approved by Governor Abigail Spanberger-Chapter 383 (effective 7/1/2026)Became Law
- Apr 6Fiscal Impact Statement from State Corporation Commission (HB316)
- 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 House and Senate (HB316ER)Major
- Mar 30EnrolledMinor
- Mar 12Senate amendments agreed to by House (97-Y 0-N 0-A)Major
- Vote recorded H VOTE:. Result: pass.Lower
- Mar 11Passed Senate with amendments Block Vote (40-Y 0-N 0-A)Major
- Vote recorded Reconsider R. Result: pass.Upper
- Vote recorded Passage R. Result: pass.Upper
- Vote recorded Passage R. Result: pass.Upper
- Mar 11Reconsideration of Senate passage agreed to by Senate Block Vote (40-Y 0-N 0-A)
- Mar 11Passed Senate with amendments Block Vote (39-Y 0-N 0-A)Major
- Mar 11Engrossed by Senate as amended
- Mar 11Commerce and Labor Amendments agreed toMajor
- Mar 11Read third timeMinor
- Mar 10Passed by for the day (Voice Vote)
- Vote recorded Constitutional reading dispensed (on 2nd reading). Result: pass.Upper
- Mar 10Constitutional reading dispensed (on 2nd reading) (37-Y 0-N 0-A)
- Mar 10Rules suspended
- Mar 9Reported from Commerce and Labor with amendments (14-Y 0-N)Minor
- Vote recorded Reported from Commerce and Labor with amendments. Result: pass.Upper
- Mar 9Senate committee offered
- Feb 5Referred to Committee on Commerce and LaborMinor
- Feb 5Constitutional reading dispensed (on 1st reading)
- Feb 4Passed House (98-Y 0-N 0-A)Passed Senate
- Vote recorded H VOTE:. Result: pass.Lower
- Vote recorded H VOTE:. Result: pass.Lower
- Feb 4Reconsideration of passage agreed to by House
- Feb 4Read third time and passed House (97-Y 1-N 0-A)Passed House
- Feb 3Engrossed by House - committee substituteMajor
- Feb 3committee substitute agreed toMajor
- Feb 3Read second timeMinor
- Feb 2Read first timeMinor
- Feb 1Fiscal Impact Statement from State Corporation Commission (HB316)
- Jan 29Committee substitute printed 26106247D-H1Major
- Vote recorded Reported from Labor and Commerce with substitute. Result: pass.Lower
- Jan 29Reported from Labor and Commerce with substitute (22-Y 0-N)Minor
- Jan 27Subcommittee recommends reporting with substitute (9-Y 0-N)Major
- Vote recorded Subcommittee recommends reporting with substitute. Result: pass.Lower
- Jan 27House subcommittee offered
- Jan 25Fiscal Impact Statement from State Corporation Commission (HB316)
- Jan 19Assigned HCL sub: Subcommittee #1Minor
- Jan 9Referred to Committee on Labor and CommerceMinor
- Jan 9Prefiled and ordered printed; Offered 01-14-2026 26103481DIntroduced