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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 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.
Introduced
Jan 9, 2026
Last Action
Mar 12, 2026
Session
VA 2026
Sponsors
1 primary · 0 co
Senate amendments agreed to by House (97-Y 0-N 0-A)
Read third time
Reconsideration of Senate passage agreed to by Senate Block Vote (40-Y 0-N 0-A)
Passed Senate with amendments Block Vote (39-Y 0-N 0-A)
Engrossed by Senate as amended
Commerce and Labor Amendments agreed to
Passed Senate with amendments Block Vote (40-Y 0-N 0-A)
Constitutional reading dispensed (on 2nd reading) (37-Y 0-N 0-A)
Passed by for the day (Voice Vote)
Rules suspended
Senate committee offered
Reported from Commerce and Labor with amendments (14-Y 0-N)
Referred to Committee on Commerce and Labor
Constitutional reading dispensed (on 1st reading)
Passed House (98-Y 0-N 0-A)
Read third time and passed House (97-Y 1-N 0-A)
Reconsideration of passage agreed to by House
Read second time
Engrossed by House - committee substitute
committee substitute agreed to
Read first time
Fiscal Impact Statement from State Corporation Commission (HB316)
Reported from Labor and Commerce with substitute (22-Y 0-N)
Committee substitute printed 26106247D-H1
Subcommittee recommends reporting with substitute (9-Y 0-N)
House subcommittee offered
Fiscal Impact Statement from State Corporation Commission (HB316)
Assigned HCL sub: Subcommittee #1
Referred to Committee on Labor and Commerce
Prefiled and ordered printed; Offered 01-14-2026 26103481D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Senate amendments agreed to by House (97-Y 0-N 0-A)
Patrick A. Hope