Banking institutions; reclassification or conversion of shares of stock. (SB884)

Introduced By

Sen. Don McEachin (D-Richmond)


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


12/31/2008Prefiled and ordered printed; offered 01/14/09
12/31/2008Prefiled and ordered printed; offered 01/14/09 090051273
12/31/2008Referred to Committee on Commerce and Labor
01/19/2009Reported from Commerce and Labor with substitute (14-Y 0-N) (see vote tally)
01/19/2009Committee substitute printed 090150273-S1
01/21/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/22/2009Read second time
01/22/2009Reading of substitute waived
01/22/2009Committee substitute agreed to 090150273-S1
01/22/2009Engrossed by Senate - committee substitute SB884S1
01/23/2009Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/26/2009Impact statement from SCC (SB884S1)
02/02/2009Placed on Calendar
02/02/2009Read first time
02/02/2009Referred to Committee on Commerce and Labor
02/17/2009Reported from Commerce and Labor (20-Y 0-N) (see vote tally)
02/19/2009Read second time
02/20/2009Passed by for the day
02/23/2009Passed by for the day
02/24/2009Read third time
02/24/2009Passed House BLOCK VOTE (99-Y 0-N)
02/24/2009VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/28/2009Bill text as passed Senate and House (SB884ER)
02/28/2009Signed by President
02/28/2009Signed by Speaker
03/03/2009Impact statement from SCC (SB884ER)
03/27/2009G Approved by Governor-Chapter 253 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0253)

Duplicate Bills

The following bills are identical to this one: HB1964.