Employee stock ownership plan; authorizes option plans. (SB108)

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

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

Description

Professional corporations; employee stock ownership plans. Authorizes a professional corporation to issue shares of its stock to, and authorizes its shareholders to transfer shares to, the trustees of an eligible employee stock ownership plan. An eligible employee stock ownership plan is a plan with trustees who are licensed to render the professional service for which the corporation is organized and that prohibits an individual not licensed to render the professional service from owning, or being issued, shares in the professional corporation. However, professional corporations rendering the services of certified public accountants, architects, engineers, land surveyors, certified landscape architects or certified interior designers may have employee stock ownership plans that permit individuals who are not duly licensed to render such service or legally authorized to use such title, as appropriate, to render these services to participate in the plan if the minimum percentages of equity interest required for stock ownership generally are satisfied. Read the Bill »

Status

04/05/2006: signed by governor

History

DateAction
01/09/2006Prefiled and ordered printed; offered 01/11/06 067038824
01/09/2006Referred to Committee on Commerce and Labor
01/16/2006Reported from Commerce and Labor (15-Y 0-N)
01/18/2006Fiscal impact statement from DPB (SB108)
01/18/2006Constitutional reading dispensed (39-Y 0-N)
01/18/2006VOTE: (39-Y 0-N)
01/19/2006Read second time and engrossed
01/20/2006Read third time and passed Senate (38-Y 0-N)
01/20/2006VOTE: (38-Y 0-N)
01/20/2006Communicated to House
01/23/2006Placed on Calendar
01/23/2006Read first time
01/23/2006Referred to Committee on Commerce and Labor
02/28/2006Reported from Commerce and Labor with substitute (22-Y 0-N)
03/01/2006Committee substitute printed 062768824-H1
03/02/2006Read second time
03/03/2006Passed by for the day
03/06/2006Fiscal impact statement from DPB (SB108H1)
03/06/2006Read third time
03/06/2006Committee substitute agreed to 062768824-H1
03/06/2006Engrossed by House - committee substitute SB108H1
03/06/2006Passed House with substitute BLOCK VOTE (99-Y 0-N)
03/06/2006VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
03/08/2006House substitute agreed to by Senate (40-Y 0-N)
03/08/2006VOTE: (40-Y 0-N)
03/15/2006Bill text as passed Senate and House (SB108ER)
03/15/2006Enrolled
03/15/2006Signed by Speaker
03/16/2006Signed by President
03/23/2006Fiscal impact statement from DPB (SB108ER)
04/05/2006G Approved by Governor-Chapter 715 (effective 7/1/06)
04/17/2006G Acts of Assembly Chapter text (CHAP0715)

Duplicate Bills

The following bills are identical to this one: HB952.