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SB479Introduced in the Senate

Virginia Stock Corporation Act; changes to Act.

Passed

Introduced by Dave Marsden, District 35

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 HB 316.

Where it stands

Acts of Assembly Chapter text (CHAP0892)

April 13, 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 11, 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.

See how each senator voted

SenatorDistrictVote
Elizabeth Bennett-Parker5Yes
Michael Jones77Yes
Timmy French1Yes
Mark Obenshain2Yes
Chris Head3Yes
David Suetterlein4Yes
Travis Hackworth5Yes
Todd Pillion6Yes
William Stanley7Yes
Mark Peake8Yes

Bill history

  1. Prefiled and ordered printed; Offered 01-14-2026 26103811D

  2. Referred to Committee on Commerce and Labor

  3. Fiscal Impact Statement from State Corporation Commission (SB479)

  4. Senate committee offered

  5. Senate committee offered

  6. Reported from Commerce and Labor with substitute (15-Y 0-N)

  7. Committee substitute printed 26106187D-S1

  8. Rules suspended

  9. Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)

  10. Passed by for the day Block Vote (Voice Vote)

  11. Passed by for the day

  12. Read second time

  13. Commerce and Labor Substitute agreed to

  14. Engrossed by Senate (Voice Vote)

  15. Engrossed by Senate - committee substitute

  16. Read third time and passed Senate (38-Y 0-N 0-A)

  17. Placed on Calendar

  18. Read first time

  19. Referred to Committee on Labor and Commerce

  20. Assigned HCL sub: Subcommittee #1

  21. Fiscal Impact Statement from State Corporation Commission (SB479)

  22. House subcommittee offered

  23. Subcommittee recommends reporting with amendment(s) (9-Y 0-N)

  24. Reported from Labor and Commerce with amendment(s) (21-Y 0-N)

  25. Read second time

  26. Read third time

  27. committee amendments agreed to

  28. Engrossed by House as amended

  29. Passed House with amendments (99-Y 0-N 0-A)

  30. House amendments agreed to by Senate (40-Y 0-N 0-A)

  31. Enrolled

  32. Bill text as passed Senate and House (SB479ER)

  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 (SB479)

  38. Approved by Governor-Chapter 892 (effective 7/1/2026)

  39. Acts of Assembly Chapter text (CHAP0892)

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