Virginia Stock Corporation Act and Virginia Nonstock Corporation Act; updates terminology. (HB2176)

Introduced By

Del. Johnny Joannou (D-Portsmouth) with support from co-patrons Del. Terry Kilgore (R-Gate City), and Del. Lee Ware (R-Powhatan)

Description

Virginia Stock Corporation Act and Virginia Nonstock Corporation Act. Updates terminology and addresses shortcomings in the Virginia Stock and Nonstock Corporation Acts. The measure (i) authorizes fiduciaries to sign a corporate annual report; (ii) authorizes the State Corporation Commission of its own motion to enter an order correcting staff errors; (iii) authorizes a credit for charter fees previously paid by a Virginia corporation that had converted to a Virginia limited liability company upon its conversion back to a Virginia corporation; (iv) authorizes the conversion of a Virginia stock corporation to a Virginia limited liability company by the board of directors when there are no shareholders and by the incorporators when there are no shareholders or directors; (v) redesignates a "reentry" by a revoked foreign corporation as a "reinstatement"; and (vi) provides hat a Virginia nonstock corporation can become a Virginia stock corporation by filing articles of restatement instead of articles of amendment. Other technical changes bring the provisions of these Acts into alignment with similar provisions in the Virginia Limited Liability Company Act, the Virginia Business Trust Act, the Virginia Revised Uniform Limited Partnership Act, and the Virginia Uniform Partnership Act. Read the Bill »

Outcome

History