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

Introduced By

Sen. Walter Stosch (R-Glen Allen)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


04/04/2007: enacted


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