Nonstock Corporation Act; updates to make consistent with changes to Stock Corporation Act. (SB1286)

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

√
 Introduced
√
 Passed Committee
√
 Passed House
√
 Passed Senate
√
 Signed by Governor
√
 Became Law

Description

Virginia Nonstock Corporation Act. Updates the Virginia Nonstock Corporation Act to make several provisions consistent with changes to the Virginia Stock Corporation Act that were enacted in 2005, based upon recent amendments to the Model Business Corporation Act. Specific areas of substantive change include setting forth procedures for the approval of a business opportunity; defining "disinterested director"; permitting several corporate actions to be taken electronically; updating provisions regarding member voting and elections; staggering the terms of directors; indemnifying directors and officers; streamlining the process for combining corporations with other types of business entities; asserting claims against dissolved corporations; and confirming that provisions in corporate documents filed with the State Corporation Commission may be made dependent on statistical or market indices or other objectively ascertainable facts. Amends § 13.1-801, § 13.1-804, § 13.1-804.1, § 13.1-806, § 13.1-810.1, § 13.1-813, § 13.1-815, § 13.1-815.1, § 13.1-816, § 13.1-819, § 13.1-820, § 13.1-822, § 13.1-844.1, § 13.1-847.1, § 13.1-850, § 13.1-852, § 13.1-852.2, § 13.1-855, § 13.1-857, § 13.1-862, § 13.1-864, § 13.1-871.1, § 13.1-872, § 13.1-874, § 13.1-878, § 13.1-879.1, § 13.1-883, § 13.1-885, § 13.1-886, § 13.1-887.1, § 13.1-888, § 13.1-889, § 13.1-891, § 13.1-893.1, § 13.1-897, § 13.1-897.1, § 13.1-898.2, § 13.1-900, § 13.1-902, § 13.1-904, § 13.1-906, § 13.1-908.1, § 13.1-908.2, § 13.1-908.3, § 13.1-917, § 13.1-919, § 13.1-928.1, § 13.1-929, § 13.1-934, § 13.1-935.1, § 13.1-936, § 13.1-936.1, § 13.1-939, § 55-532, of the Code of Virginia. View Full Text »

Status

04/04/2007: enacted

History

  • 01/10/2007 Prefiled and ordered printed; offered 01/10/07 070166824
  • 01/10/2007 Referred to Committee on Commerce and Labor
  • 01/17/2007 Impact statement from SCC (SB1286)
  • 01/24/2007 Constitutional reading dispensed (40-Y 0-N)
  • 01/25/2007 Read second time
  • 01/25/2007 Reading of amendments waived
  • 01/25/2007 Committee amendments agreed to
  • 01/25/2007 Engrossed by Senate as amended SB1286E
  • 01/25/2007 Printed as engrossed 070166824-E
  • 01/26/2007 Read third time and passed Senate (38-Y 0-N)
  • 01/26/2007 Communicated to House
  • 02/06/2007 Placed on Calendar
  • 02/06/2007 Read first time
  • 02/06/2007 Referred to Committee on Commerce and Labor
  • 02/07/2007 Impact statement from SCC (SB1286E)
  • 02/13/2007 Reported from Commerce and Labor (19-Y 1-N) (see vote tally)
  • 02/15/2007 Read second time
  • 02/16/2007 Read third time
  • 02/16/2007 Passed House (98-Y 0-N)
  • 03/12/2007 Enrolled
  • 03/12/2007 Bill text as passed Senate and House (SB1286ER)
  • 03/12/2007 Signed by President
  • 03/13/2007 Signed by Speaker
  • 03/14/2007 Impact statement from SCC (SB1286ER)
  • 03/26/2007 Governor's recommendation received by Senate
  • 03/27/2007 Governor's substitute printed 070304824-S1
  • 04/03/2007 Placed on Calendar
  • 04/04/2007 Enacted, Chapter (effective 7/1/07)
  • 04/04/2007 House concurred in Governor's recommendation (98-Y 0-N)
  • 04/04/2007 G Governor's recommendation adopted
  • 04/04/2007 VOTE: ADOPTION (98-Y 0-N) (see vote tally)
  • 04/04/2007 Reenrolled
  • 04/04/2007 Reenrolled bill text (SB1286ER2)
  • 04/04/2007 Signed by President as reenrolled
  • 04/04/2007 Signed by Speaker as reenrolled
  • 04/04/2007 Enacted, Chapter 925 (effective 7/1/07)
  • 04/11/2007 G Acts of Assembly Chapter text (CHAP0925)