Stock Corporation Act; establishes and modifies certain requirements thereof. (SB1285)
Introduced By
Sen. Walter Stosch (R-Glen Allen)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Stock Corporation Act. Authorizes circuit courts to appoint a custodian or receiver for a public corporation in proceedings where the directors are deadlocked or are acting fraudulently and causing irreparable injury to the corporation. The measure establishes requirements regarding approval of interested transactions involving the acquisition or conversion of shares or assets of the corporation by a person who is the beneficial owner of 20% or more of the voting power or otherwise in an interested person. Other provisions (i) modify the requirements for taking corporate actions without meetings, with the consent of shareholders; (ii) authorize corporations to engage in "householding," where one copy of notices, reports, and statements are provided for all of shareholders who share a common address, with the consent of each shareholder at the address; (iii) address giving notice of appraisal rights that may be available when certain corporate actions are proposed; and (iv) establish limitations on the ability of shareholders to contest certain fundamental transactions after shareholders have approved the corporate action. Read the Bill »
Status
03/09/2007: signed by governor
History
Date | Action |
---|---|
01/10/2007 | Prefiled and ordered printed; offered 01/10/07 070165824 |
01/10/2007 | Referred to Committee on Commerce and Labor |
01/17/2007 | Impact statement from SCC (SB1285) |
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 SB1285E |
01/25/2007 | Printed as engrossed 070165824-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 (SB1285E) |
02/13/2007 | Reported from Commerce and Labor (20-Y 1-N) (see vote tally) |
02/15/2007 | Read second time |
02/16/2007 | Read third time |
02/16/2007 | Passed House (94-Y 0-N) |
02/22/2007 | Enrolled |
02/22/2007 | Bill text as passed Senate and House (SB1285ER) |
02/23/2007 | Signed by Speaker |
02/24/2007 | Signed by President |
02/26/2007 | Impact statement from SCC (SB1285ER) |
03/09/2007 | G Approved by Governor-Chapter 165 (effective 7/1/07) |
03/14/2007 | G Acts of Assembly Chapter text (CHAP0165) |