Nonstock Corporation Act; conforms revisions to Model Business Corporation Act. (SB131)
Introduced By
Sen. Walter Stosch (R-Glen Allen)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
✓ |
Became Law |
Description
Virginia Nonstock Corporation Act. Conforms provisions of the Virginia Nonstock Corporation Act to revisions to the Model Business Corporation Act prepared by the Business Law Section of the American Bar Association, and makes several technical or clarifying revisions. Provisions (i) expand the governing of electronic transmission of notices and other communications; (ii) provide that notice to a member that is sent by U.S. mail is effective upon deposit in the U.S. mail; currently, such mailings to members are effective five days after mailing; (iii) require words in communications to be in the English language, unless otherwise agreed; (iv) permit a board of directors to establish separate record dates for determining members entitled to notices of, and to vote at, meetings; (v) allow members to participate remotely in members meetings; (vi) repeal the existing provision that limits the power of the board of directors to alter the boards size to an amount not greater than 30 percent of its existing size; (vii) confirm the authority of a board of directors to require the corporation to provide indemnity, including advancement and reimbursement; (viii) authorize a corporation to obligate itself to provide indemnification, and advance funds to pay for or reimburse expenses, in advance of the act or omission giving rise to a proceeding; and (ix) correct cross-references. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/08/2010 | Prefiled and ordered printed; offered 01/13/10 10100413D |
01/08/2010 | Referred to Committee on Commerce and Labor |
01/15/2010 | Impact statement from SCC (SB131) |
01/25/2010 | Reported from Commerce and Labor (12-Y 0-N) (see vote tally) |
01/27/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
01/28/2010 | Read second time and engrossed |
01/29/2010 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
02/08/2010 | Placed on Calendar |
02/08/2010 | Read first time |
02/08/2010 | Referred to Committee on Commerce and Labor |
02/18/2010 | Reported from Commerce and Labor (22-Y 0-N) (see vote tally) |
02/22/2010 | Read second time |
02/23/2010 | Read third time |
02/23/2010 | Passed House BLOCK VOTE (99-Y 0-N) |
02/23/2010 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
03/01/2010 | Enrolled |
03/01/2010 | Bill text as passed Senate and House (SB131ER) |
03/01/2010 | Signed by Speaker |
03/02/2010 | Signed by President |
03/03/2010 | Impact statement from SCC (SB131ER) |
03/11/2010 | Governor's recommendation received by Senate |
03/11/2010 | Placed on Calendar |
03/12/2010 | Senate concurred in Governor's recommendation (38-Y 0-N) (see vote tally) |
03/13/2010 | Passed by temporarily |
03/13/2010 | House concurred in Governor's recommendation (93-Y 0-N 1-A) |
03/13/2010 | VOTE: --- ADOPTION (93-Y 0-N 1-A) (see vote tally) |
03/13/2010 | G Governor's recommendation adopted |
03/13/2010 | Reenrolled |
03/13/2010 | Reenrolled bill text (SB131ER2) |
03/13/2010 | Signed by Speaker as reenrolled |
03/13/2010 | Signed by President as reenrolled |
03/13/2010 | Enacted, Chapter 171 (effective 7/1/10) |
03/13/2010 | G Acts of Assembly Chapter text (CHAP0171) |