SB246Introduced in the Senate
Virginia Nonstock Corporation Act; numerous revisions to Act, delayed effective date.
Introduced by Scott Surovell, District 34
What does this bill do?
Plain-English breakdown
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Official description
Virginia Nonstock Corporation Act. Provides for numerous revisions to the Virginia Nonstock Corporation Act. Among other revisions, the bill (i) authorizes certain actions to derive from its bylaws in addition to its articles of incorporation, (ii) makes changes to the process of amending articles of incorporation and bylaws, (iii) authorizes inclusion of an exclusive forum provision in the bylaws, (iv) permits transfer of membership interests, (v) authorizes members to bring derivative proceedings, (vi) permits a court to remove a director in certain circumstances, (vii) provides for abandonment of an amendment or restatement of the articles of incorporation, (viii) extends the current provisions related to mergers to include interest exchanges and to provide for parent-subsidiary mergers, (ix) replaces existing provisions on conversion with provisions based on the Virginia Stock Act, and (x) adds provisions governing charitable corporations and charitable assets, including the authority of the Office of the Attorney General with respect to such. The bill includes technical amendments and has a delayed effective date of January 1, 2027. This bill is identical to HB 439.
Where it stands
Acts of Assembly Chapter text (CHAP0394)
April 8, 2026
How did lawmakers vote?
House of Delegates votes
3 recorded votes · each counted separately
Senate votes
4 recorded votes · each counted separately
SenateStage: House amendments agreed to by Senate (40-Y 0-N 0-A) · March 12, 2026
40
Yes
0
No
0
Absent or Not Voting
40 senators recorded in this Senate 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 senator voted
| Senator | District | Vote |
|---|---|---|
| Elizabeth Bennett-Parker | 5 | Yes |
| Michael Jones | 77 | Yes |
| Timmy French | 1 | Yes |
| Mark Obenshain | 2 | Yes |
| Chris Head | 3 | Yes |
| David Suetterlein | 4 | Yes |
| Travis Hackworth | 5 | Yes |
| Todd Pillion | 6 | Yes |
| William Stanley | 7 | Yes |
| Mark Peake | 8 | Yes |
Bill history
Prefiled and ordered printed; Offered 01-14-2026 26105208D
Referred to Committee on Commerce and Labor
Fiscal Impact Statement from State Corporation Commission (SB246)
Senate committee offered
Reported from Commerce and Labor with substitute (15-Y 0-N)
Committee substitute printed 26106184D-S1
Rules suspended
Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
Passed by for the day Block Vote (Voice Vote)
Passed by for the day
Read second time
Commerce and Labor Substitute agreed to
Engrossed by Senate (Voice Vote)
Engrossed by Senate - committee substitute
Read third time and passed Senate (38-Y 0-N 0-A)
Fiscal Impact Statement from State Corporation Commission (SB246)
Placed on Calendar
Read first time
Referred to Committee on Labor and Commerce
Assigned HCL sub: Subcommittee #1
House subcommittee offered
Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
Reported from Labor and Commerce with amendment(s) (21-Y 0-N)
Read second time
Passed by for the day
Moved from Uncontested Calendar to Regular Calendar
Floor offered Delegate Hope Amendments
Read third time
committee amendments agreed to
Delegate Hope Floor amendments agreed to
Engrossed by House as amended
Passed House with amendments (99-Y 0-N 0-A)
House amendments agreed to by Senate (40-Y 0-N 0-A)
Enrolled
Bill text as passed Senate and House (SB246ER)
Signed by President
Signed by Speaker
Enrolled Bill communicated to Governor on March 31, 2026
Governor's Action Deadline 11:59 p.m., April 13, 2026
Fiscal Impact Statement from State Corporation Commission (SB246)
Approved by Governor-Chapter 394 (effective 1/1/2027)
Acts of Assembly Chapter text (CHAP0394)
Verify the information
- Official page on the Virginia Legislature website
- Labor and Commerce Amendment (amendment)
- Subcommittee #1 Subcommittee Amendment (amendment)
- Labor and Commerce Amendment (amendment)
- House Amendments (amendment)
- Delegate Hope Amendments (amendment)
- Fiscal Note/Analysis (supplement)
- Fiscal Note/Analysis (supplement)
- Fiscal Note/Analysis (supplement)
- Introduced (text)
- Comm Sub (text)
- Comm Sub (text)
- Enrolled (text)
- Chaptered (text)
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