Banking institutions; reclassification or conversion of shares of stock. (HB1964)

Introduced By

Del. Chris Saxman (R-Staunton)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Banking institutions; reclassification or conversion of shares. Authorizes a bank, savings institution, bank holding company, savings and loan holding company, or multiple or diversified savings and loan holding company organized as a stock corporation to reclassify or convert a portion of the shares of its stock from one class or series into another class or series for the purpose of ceasing to be, or avoiding the status of, an institution that is required to file periodic reports under provisions of the Securities Exchange Act of 1934, if authorized by its articles of incorporation. Such a reclassification or conversion is exempt from appraisal rights provisions of the Stock Corporation Act if the institution's directors recommend the approval and all shares are reclassified or converted on the same terms. Read the Bill »


Bill Has Passed


01/13/2009Prefiled and ordered printed; offered 01/14/09 091179712
01/13/2009Referred to Committee on Commerce and Labor
01/20/2009Impact statement from SCC (HB1964)
01/20/2009Reported from Commerce and Labor with substitute (20-Y 0-N) (see vote tally)
01/21/2009Committee substitute printed 090152712-H1
01/22/2009Read first time
01/23/2009Read second time
01/23/2009Committee substitute agreed to 090152712-H1
01/23/2009Engrossed by House - committee substitute HB1964H1
01/26/2009Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/26/2009VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/27/2009Constitutional reading dispensed
01/27/2009Referred to Committee on Commerce and Labor
02/06/2009Impact statement from SCC (HB1964H1)
02/16/2009Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/18/2009Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/19/2009Read third time
02/19/2009Passed Senate (40-Y 0-N) (see vote tally)
02/24/2009Bill text as passed House and Senate (HB1964ER)
02/24/2009Impact statement from SCC (HB1964ER)
02/25/2009Signed by Speaker
02/27/2009Signed by President
03/27/2009G Approved by Governor-Chapter 356 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0356)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.

Duplicate Bills

The following bills are identical to this one: SB884.