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HB316Introduced in the House of Delegates

Virginia Stock Corporation Act; changes to Act.

Passed

Introduced by Patrick Hope, District 1

What does this bill do?

Plain-English breakdown

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Official description

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. This bill is identical to SB 479.

Where it stands

Acts of Assembly Chapter text (CHAP0383)

April 8, 2026

How did lawmakers vote?

House of Delegates votes

5 recorded votes · each counted separately

Senate votes

5 recorded votes · each counted separately

House of DelegatesStage: Senate amendments agreed to by House (97-Y 0-N 0-A) · March 12, 2026

97

Yes

0

No

2

Absent or Not Voting

99 delegates recorded in this House of Delegates vote. Colors show vote categories only, not whether a vote was good or bad.

What do people think?

Citizen Voice

How would you vote on this bill?

An unofficial public opinion poll. It does not affect the bill or the official vote.

One response per device. Location is self-reported and not verified. Results are informal and not a scientific survey.

See how each delegate voted

DelegateDistrictVote
Patrick Hope1Yes
Adele McClure2Yes
Alfonso Lopez3Yes
Charniele Herring4Yes
Kirk McPike5Yes
Richard Sullivan6Yes
Karen Keys-Gamarra7Yes
Irene Shin8Yes
Karrie Delaney9Yes
Dan Helmer10Yes

Bill history

  1. Prefiled and ordered printed; Offered 01-14-2026 26103481D

  2. Referred to Committee on Labor and Commerce

  3. Assigned HCL sub: Subcommittee #1

  4. Fiscal Impact Statement from State Corporation Commission (HB316)

  5. House subcommittee offered

  6. Subcommittee recommends reporting with substitute (9-Y 0-N)

  7. Reported from Labor and Commerce with substitute (22-Y 0-N)

  8. Committee substitute printed 26106247D-H1

  9. Fiscal Impact Statement from State Corporation Commission (HB316)

  10. Read first time

  11. Read second time

  12. committee substitute agreed to

  13. Engrossed by House - committee substitute

  14. Read third time and passed House (97-Y 1-N 0-A)

  15. Reconsideration of passage agreed to by House

  16. Passed House (98-Y 0-N 0-A)

  17. Constitutional reading dispensed (on 1st reading)

  18. Referred to Committee on Commerce and Labor

  19. Senate committee offered

  20. Reported from Commerce and Labor with amendments (14-Y 0-N)

  21. Rules suspended

  22. Constitutional reading dispensed (on 2nd reading) (37-Y 0-N 0-A)

  23. Passed by for the day (Voice Vote)

  24. Read third time

  25. Commerce and Labor Amendments agreed to

  26. Engrossed by Senate as amended

  27. Passed Senate with amendments Block Vote (39-Y 0-N 0-A)

  28. Reconsideration of Senate passage agreed to by Senate Block Vote (40-Y 0-N 0-A)

  29. Passed Senate with amendments Block Vote (40-Y 0-N 0-A)

  30. Senate amendments agreed to by House (97-Y 0-N 0-A)

  31. Enrolled

  32. Bill text as passed House and Senate (HB316ER)

  33. Signed by President

  34. Signed by Speaker

  35. Enrolled Bill communicated to Governor on March 31, 2026

  36. Governor's Action Deadline 11:59 p.m., April 13, 2026

  37. Fiscal Impact Statement from State Corporation Commission (HB316)

  38. Approved by Governor-Chapter 383 (effective 7/1/2026)

  39. Acts of Assembly Chapter text (CHAP0383)

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