Amendments to the Virginia Stock Corporation Act (the “Act”) have been passed by the 2010 General Assembly and will take effect today, July 1. The changes conform provisions of the Act to recently revised provisions of the Model Business Corporation Act relating to technological innovations and shareholder relations and clarify other provisions. The amendments, while applicable specifically to Virginia corporations, demonstrate governance reforms recently adopted and under consideration in many other states, including Delaware.
The Virginia amendments include the following topics and are discussed, along with other amendments, in more detail in our client memo:
There are many proposed changes to the corporate governance landscape generally. They take the form of state law amendments, such as those in Virginia, federal legislation, including provisions of the financial services reform bills, rules of the Securities and Exchange Commission and rules of the stock exchanges. McGuireWoods is actively monitoring these developments and participates in legislative activities relating to corporate governance. You may contact any of the authors for additional information.