HB316
Virginia Stock Corporation Act; changes to Act.
Status:
In House
Latest Action:
Feb. 3, 2026
House: Engrossed by House - committee substitute
Chief Patron:
Patrick Hope (D)
Session:
2026 Regular Session
Summary
As Introduced. Virginia Stock Corporation Act.
Makes various changes to the Virginia Stock Corporation Act, many of which conform the Act to recent changes to the Model Business Corporation Act produced by the Corporate Laws Committee of the American Bar Association's Business Law Section. Among other things, the bill (i) addresses the authority of a board ... (More) of directors to delegate authority with respect to the issuance of shares to a committee of the board and one or more of the corporation's officers, (ii) removes the requirement for the cessation of shareholder agreements when a corporation becomes a public corporation, (iii) requires a corporation to maintain in its records certain shareholder agreements, (iv) removes the requirement for a corporation to maintain its financial statements for the three most recent fiscal years, and (v) authorizes a corporation to submit a matter to a vote of its shareholders even if, after approving the matter, the board of directors determines it no longer recommends such matter. (Less)-
Bill History
- 01/09/2026 - House: Prefiled and ordered printed; Offered 01-14-2026 26103481D
- 01/09/2026 - House: Referred to Committee on Labor and Commerce
- 01/19/2026 - House: Assigned HCL sub: Subcommittee #1
- 01/23/2026 - House: Placed on Labor and Commerce Agenda
- 01/25/2026 - House: Fiscal Impact Statement from State Corporation Commission (HB316)
- 01/27/2026 - House: House subcommittee offered
- 01/27/2026 - House: Subcommittee recommends reporting with substitute (9-Y 0-N)
- 01/28/2026 - House: Placed on Labor and Commerce Agenda
- 01/29/2026 - House: Reported from Labor and Commerce with substitute (22-Y 0-N)
- 01/29/2026 - House: Committee substitute printed 26106247D-H1
- 02/01/2026 - House: Fiscal Impact Statement from State Corporation Commission (HB316)
- 02/02/2026 - House: Read first time
- 02/03/2026 - House: Read second time
- 02/03/2026 - House: committee substitute agreed to
- 02/03/2026 - House: Engrossed by House - committee substitute
