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2010 SESSION
SB 131 Nonstock Corporation Act; conforms revisions to Model Business Corporation Act.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
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 board’s 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.
FULL TEXT
- 01/08/10 Senate: Prefiled and ordered printed; offered 01/13/10 10100413D pdf | impact statement
- 03/01/10 Senate: Bill text as passed Senate and House (SB131ER) pdf | impact statement
- 03/13/10 Senate: Reenrolled bill text (SB131ER2) pdf
- 03/13/10 Governor: Acts of Assembly Chapter text (CHAP0171) pdf
AMENDMENTS
HISTORY
- 01/08/10 Senate: Prefiled and ordered printed; offered 01/13/10 10100413D
- 01/08/10 Senate: Referred to Committee on Commerce and Labor
- 01/25/10 Senate: Reported from Commerce and Labor (12-Y 0-N)
- 01/27/10 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/28/10 Senate: Read second time and engrossed
- 01/29/10 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/08/10 House: Placed on Calendar
- 02/08/10 House: Read first time
- 02/08/10 House: Referred to Committee on Commerce and Labor
- 02/18/10 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/22/10 House: Read second time
- 02/23/10 House: Read third time
- 02/23/10 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/23/10 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 03/01/10 Senate: Enrolled
- 03/01/10 Senate: Bill text as passed Senate and House (SB131ER)
- 03/01/10 House: Signed by Speaker
- 03/02/10 Senate: Signed by President
- 03/11/10 Senate: Governor's recommendation received by Senate
- 03/11/10 Senate: Placed on Calendar
- 03/12/10 Senate: Senate concurred in Governor's recommendation (38-Y 0-N)
- 03/13/10 House: Passed by temporarily
- 03/13/10 House: House concurred in Governor's recommendation (93-Y 0-N 1-A)
- 03/13/10 House: VOTE: --- ADOPTION (93-Y 0-N 1-A)
- 03/13/10 Governor: Governor's recommendation adopted
- 03/13/10 House: Reenrolled
- 03/13/10 Senate: Reenrolled bill text (SB131ER2)
- 03/13/10 House: Signed by Speaker as reenrolled
- 03/13/10 Senate: Signed by President as reenrolled
- 03/13/10 House: Enacted, Chapter 171 (effective 7/1/10)
- 03/13/10 Governor: Acts of Assembly Chapter text (CHAP0171)