Fabio
111 lines
7.5 KiB
Markdown
111 lines
7.5 KiB
Markdown
---
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type: "Bill"
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title: "Virginia Stock Corporation Act; changes to Act."
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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."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2026"
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identifier: "HB 316"
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citation: "Virginia HB 316 (2026)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Patrick A. Hope"]
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version_count: 7
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action_count: 39
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vote_count: 10
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first_action: "2026-01-09"
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last_action: "2026-04-08"
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source: "openstates"
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source_identifier: "ocd-bill/86663e5d-8644-4a0d-ad26-4af7ae3fa24e"
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source_url: "https://lis.virginia.gov/bill-details/20261/HB316"
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source_hash: "d734a5fc508d1e4059399efccf81cd6ecb1a949c0b452891948719a7ac43be95"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia HB 316 (2026) — Virginia Stock Corporation Act; changes to Act.
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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. This bill is identical to SB 479.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](https://lis.blob.core.windows.net/files/1083813.PDF)
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2. **Chaptered** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1217770.PDF)
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3. **Commerce and Labor Amendment** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1202060.HTML)
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4. **Labor and Commerce Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1103462.PDF)
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5. **Senate Amendments** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1205921.HTML)
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6. **Subcommittee #1 Subcommittee Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1098937.PDF)
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7. **Enrolled** (enrolled) — [source](https://lis.blob.core.windows.net/files/1213431.PDF)
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## Votes
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- H VOTE: — **98–0** (pass) · lower
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- H VOTE: — **97–0** (pass) · lower
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- Subcommittee recommends reporting with substitute — **9–0** (pass) · lower
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- Reported from Commerce and Labor with amendments — **14–0** (pass) · upper
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- Passage R — **39–0** (pass) · upper
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- Reconsider R — **40–0** (pass) · upper
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- Reported from Labor and Commerce with substitute — **22–0** (pass) · lower
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- Constitutional reading dispensed (on 2nd reading) — **37–0** (pass) · upper
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- Passage R — **40–0** (pass) · upper
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- H VOTE: — **97–1** (pass) · lower
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## Sponsors
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- Patrick A. Hope — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2026-01-09** Prefiled and ordered printed; Offered 01-14-2026 26103481D `filing, introduction`
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- **2026-01-09** Referred to Committee on Labor and Commerce `referral-committee`
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- **2026-01-19** Assigned HCL sub: Subcommittee #1 `referral-committee`
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- **2026-01-25** Fiscal Impact Statement from State Corporation Commission (HB316)
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- **2026-01-27** House subcommittee offered
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- **2026-01-27** Subcommittee recommends reporting with substitute (9-Y 0-N) `substitution`
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- **2026-01-29** Reported from Labor and Commerce with substitute (22-Y 0-N) `committee-passage`
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- **2026-01-29** Committee substitute printed 26106247D-H1 `substitution`
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- **2026-02-01** Fiscal Impact Statement from State Corporation Commission (HB316)
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- **2026-02-02** Read first time `reading-1`
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- **2026-02-03** Read second time `reading-2`
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- **2026-02-03** committee substitute agreed to `substitution`
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- **2026-02-03** Engrossed by House - committee substitute `substitution`
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- **2026-02-04** Read third time and passed House (97-Y 1-N 0-A) `passage, reading-3`
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- **2026-02-04** Reconsideration of passage agreed to by House
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- **2026-02-04** Passed House (98-Y 0-N 0-A) `passage`
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- **2026-02-05** Constitutional reading dispensed (on 1st reading)
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- **2026-02-05** Referred to Committee on Commerce and Labor `referral-committee`
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- **2026-03-09** Senate committee offered
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- **2026-03-09** Reported from Commerce and Labor with amendments (14-Y 0-N) `committee-passage`
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- **2026-03-10** Rules suspended
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- **2026-03-10** Constitutional reading dispensed (on 2nd reading) (37-Y 0-N 0-A)
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- **2026-03-10** Passed by for the day (Voice Vote)
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- **2026-03-11** Read third time `reading-3`
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- **2026-03-11** Commerce and Labor Amendments agreed to `amendment-passage`
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- **2026-03-11** Engrossed by Senate as amended
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- **2026-03-11** Passed Senate with amendments Block Vote (39-Y 0-N 0-A) `passage`
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- **2026-03-11** Reconsideration of Senate passage agreed to by Senate Block Vote (40-Y 0-N 0-A)
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- **2026-03-11** Passed Senate with amendments Block Vote (40-Y 0-N 0-A) `passage`
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- **2026-03-12** Senate amendments agreed to by House (97-Y 0-N 0-A) `amendment-passage`
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- **2026-03-30** Enrolled `enrolled`
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- **2026-03-30** Bill text as passed House and Senate (HB316ER) `passage`
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- **2026-03-30** Signed by President `passage`
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- **2026-03-31** Signed by Speaker `passage`
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- **2026-03-31** Enrolled Bill communicated to Governor on March 31, 2026 `enrolled, executive-receipt`
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- **2026-03-31** Governor's Action Deadline 11:59 p.m., April 13, 2026 `executive-receipt`
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- **2026-04-06** Fiscal Impact Statement from State Corporation Commission (HB316)
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- **2026-04-08** Approved by Governor-Chapter 383 (effective 7/1/2026) `executive-signature`
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- **2026-04-08** Acts of Assembly Chapter text (CHAP0383)
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/86663e5d-8644-4a0d-ad26-4af7ae3fa24e`. Confidence: reported (aggregated from official Virginia legislature records).
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