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2005 SESSION
SB 1228 Stock Corporation Act; changes in provisions.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Stock Corporation Act. Updates the Virginia Stock Corporation Act to incorporate refinements to the Revised Model Business Corporation Act that have been adopted by the Business Law Section of the American Bar Association since its Model Act was enacted by Virginia. Substantive changes include permitting several corporate actions to be taken electronically; 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; making the process for amending articles of incorporation more flexible; streamlining the process for combining corporations with other types of business entities; expanding situations where a shareholder can exercise appraisal rights; revising the test for determining whether a sale of corporate assets requires shareholder approval; establishing a shareholder buy-out alternative to court-ordered dissolution; and establishing a process for resolving contingent liabilities of a dissolving corporation.
FULL TEXT
- 01/13/05 Senate: Presented & ordered printed 054115824 pdf
- 01/27/05 Senate: Printed as engrossed 054115824-E pdf | impact statement
- 03/07/05 Senate: Bill text as passed Senate and House (SB1228ER) pdf | impact statement
- 04/04/05 Governor: Acts of Assembly Chapter text (CHAP0765) pdf
AMENDMENTS
HISTORY
- 01/13/05 Senate: Presented & ordered printed 054115824
- 01/13/05 Senate: Referred to Committee on Commerce and Labor
- 01/24/05 Senate: Reported from C. & L. with amendments (13-Y 0-N)
- 01/26/05 Senate: Constitutional reading dispensed (37-Y 0-N)
- 01/26/05 Senate: VOTE: CONST. RDG. DISPENSED R (37-Y 0-N)
- 01/27/05 Senate: Read second time
- 01/27/05 Senate: Reading of amendments waived
- 01/27/05 Senate: Committee amendments agreed to
- 01/27/05 Senate: Engrossed by Senate as amended SB1228E
- 01/27/05 Senate: Printed as engrossed 054115824-E
- 01/28/05 Senate: Read third time and passed Senate (39-Y 0-N)
- 01/28/05 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 01/28/05 Senate: Communicated to House
- 02/08/05 House: Placed on Calendar
- 02/08/05 House: Read first time
- 02/08/05 House: Referred to Committee on Commerce and Labor
- 02/11/05 House: Reported from Commerce and Labor (19-Y 1-N)
- 02/14/05 House: Read second time
- 02/15/05 House: Read third time
- 02/15/05 House: Passed House (97-Y 0-N)
- 02/15/05 House: VOTE: PASSAGE (97-Y 0-N)
- 03/07/05 Senate: Bill text as passed Senate and House (SB1228ER)
- 03/09/05 Senate: Enrolled
- 03/09/05 House: Signed by Speaker
- 03/11/05 Senate: Signed by President
- 03/26/05 Governor: Approved by Governor-Chapter 765 (effective 7/1/05)
- 04/04/05 Governor: Acts of Assembly Chapter text (CHAP0765)