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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 13, 2026
Last Action
Mar 11, 2026
Session
VA 2026
Sponsors
1 primary · 0 co
House amendments agreed to by Senate (40-Y 0-N 0-A)
Passed House with amendments (99-Y 0-N 0-A)
Engrossed by House as amended
committee amendments agreed to
Read third time
Read second time
Reported from Labor and Commerce with amendment(s) (21-Y 0-N)
Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
House subcommittee offered
Fiscal Impact Statement from State Corporation Commission (SB479)
Assigned HCL sub: Subcommittee #1
Read first time
Referred to Committee on Labor and Commerce
Placed on Calendar
Read third time and passed Senate (38-Y 0-N 0-A)
Read second time
Engrossed by Senate - committee substitute
Engrossed by Senate (Voice Vote)
Commerce and Labor Substitute agreed to
Rules suspended
Passed by for the day
Passed by for the day Block Vote (Voice Vote)
Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
Committee substitute printed 26106187D-S1
Senate committee offered
Reported from Commerce and Labor with substitute (15-Y 0-N)
Fiscal Impact Statement from State Corporation Commission (SB479)
Referred to Committee on Commerce and Labor
Prefiled and ordered printed; Offered 01-14-2026 26103811D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
House amendments agreed to by Senate (40-Y 0-N 0-A)
David W. Marsden