VA HB2121 | 2021 | 1st Special Session

Note: Carryover of previous HB2121

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on March 31 2021 - 100% progression
Action: 2021-03-31 - Governor: Acts of Assembly Chapter text (CHAP0487)
Text: Latest bill text (Chaptered) [HTML]

Summary

State Corporation Commission; business entities filings; Virginia Stock Corporation Act. Aligns provisions governing the filings by nonstock corporations, limited liability companies, business trusts, and partnerships related to cancellations, abandonments, name restrictions and registered agent resignations, and entity conversions to the provisions governing such filings for stock corporations. The Virginia Stock Corporation Act was comprehensively updated during the 2019 Session of the General Assembly. The bill includes adjustments to the assessment of annual fees after certain entity conversions or domestications. The bill also provides that certain legacy terms will be construed to mean their updated counterparts during a two-year transition. State Corporation Commission; business entities filings; Virginia Stock Corporation Act. Aligns provisions governing the filings by nonstock corporations, limited liability companies, business trusts, and partnerships related to cancellations, abandonments, name restrictions and registered agent resignations, and entity conversions to the provisions governing such filings for stock corporations. The Virginia Stock Corporation Act was comprehensively updated during the 2019 Session of the General Assembly. The bill includes adjustments to the assessment of annual fees after certain entity conversions or domestications. The bill also provides that certain legacy terms will be construed to mean their updated counterparts during a two-year transition. The bill amends various provisions of the Virginia Stock Corporation Act (the Act). The bill provides that for any notice to shareholders required by the Act, such notice is not required for a shareholder for whom notice of two consecutive annual meetings and all notices of meetings in between, or all distributions in a 12-month period or two consecutive distributions in a period of more than 12 months, have been sent and have been returned undeliverable or could not be delivered. The bill authorizes a board of directors to adopt certain emergency bylaws and exercise its emergency powers when there is a catastrophic event, including an attack on the United States or in any locality in which the corporation conducts its business or customarily holds meetings of the board of directors or shareholders, an epidemic or pandemic, or a declaration of a national emergency by the United States government or an emergency by the government of the locality in which the corporation's principal office is located, that affects the corporation and regardless of whether a quorum of the board of directors or a committee can be readily convened for action. The bill provides that during such an emergency, a board of directors is authorized to take any action it deems practicable and necessary to address the circumstances of the emergency, including (i) postponing any meeting; (ii) for certain corporations, notifying shareholders of any such postponement by filing with the U.S. Securities and Exchange Commission; and (iii) for a distribution that has been declared by the record date that has not occurred, canceling distribution or changing the amount of distributions, or changing the record date or the payment date of such distributions. The bill provides that if the articles of incorporation provide that a board of directors may by adoption of an amendment to the articles of incorporation classify or reclassify unissued shares, the articles of incorporation are deemed to authorize the board of directors to amend the articles unless the articles expressly state that shareholder action is required. The bill provides that the shareholder's list required for inspection by any shareholder may be made available on a reasonably accessible electronic network, provided that the information to gain access to such list is provided with the notice of the shareholders' meeting. The bill also amends provisions regarding when shareholder approval is not required for a plan of merger or share exchange.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

State Corporation Commission; business entities filings.

Sponsors


Roll Calls

2021-02-24 - Senate - Senate: Passed Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-23 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 1) [PASS]
2021-02-22 - Senate - Senate: Reported from Commerce and Labor (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-05 - Senate - Senate: Continued to 2021 Sp. Sess. 1 in Commerce and Labor (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2021-01-26 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2021-01-21 - House - House: Reported from Labor and Commerce with amendment(s) (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2021-03-31 Governor: Acts of Assembly Chapter text (CHAP0487)
2021-03-31 Governor: Approved by Governor-Chapter 487 (effective 7/1/21)
2021-03-15 Governor: Governor's Action Deadline 11:59 p.m., March 31, 2021
2021-03-15HouseEnrolled Bill communicated to Governor on March 15, 2021
2021-03-11HouseSigned by Speaker
2021-03-09SenateSigned by President
2021-03-09HouseBill text as passed House and Senate (HB2121ER)
2021-03-09HouseEnrolled
2021-02-24SenatePassed Senate (39-Y 0-N)
2021-02-24SenateRead third time
2021-02-23SenateConstitutional reading dispensed (38-Y 0-N)
2021-02-22SenateReported from Commerce and Labor (15-Y 0-N)
2021-02-05SenateContinued to 2021 Sp. Sess. 1 in Commerce and Labor (15-Y 0-N)
2021-01-27SenateReferred to Committee on Commerce and Labor
2021-01-27SenateConstitutional reading dispensed
2021-01-26HouseVOTE: Block Vote Passage (99-Y 0-N)
2021-01-26HouseRead third time and passed House BLOCK VOTE (99-Y 0-N)
2021-01-25HousePrinted as engrossed 21102793D-E
2021-01-25HouseEngrossed by House as amended HB2121E
2021-01-25HouseCommittee amendments agreed to
2021-01-25HouseRead second time
2021-01-22HouseRead first time
2021-01-21HouseReported from Labor and Commerce with amendment(s) (22-Y 0-N)
2021-01-12HouseReferred to Committee on Labor and Commerce
2021-01-12HousePrefiled and ordered printed; offered 01/13/21 21102793D

Same As/Similar To

HB2121 (Carry Over) 2021-02-05 - Continued to 2021 Sp. Sess. 1 in Commerce and Labor (15-Y 0-N)

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
1311002(n/a)See Bill Text
1311004(n/a)See Bill Text
1311005(n/a)See Bill Text
1311012(n/a)See Bill Text
1311017(n/a)See Bill Text
1311052(n/a)See Bill Text
1311054(n/a)See Bill Text
1311062(n/a)See Bill Text
1311065(n/a)See Bill Text
1311073.1(n/a)See Bill Text
1311074(n/a)See Bill Text
1311075(n/a)See Bill Text
1311080(n/a)See Bill Text
1311087(n/a)See Bill Text
1311096(n/a)See Bill Text
1311099.14(n/a)See Bill Text
1311099.26(n/a)See Bill Text
1311201(n/a)See Bill Text
1311203(n/a)See Bill Text
1311212(n/a)See Bill Text
1311214(n/a)See Bill Text
1311222(n/a)See Bill Text
1311242(n/a)See Bill Text
1311252(n/a)See Bill Text
1311255(n/a)See Bill Text
1311263.1(n/a)See Bill Text
1311264(n/a)See Bill Text
1311265(n/a)See Bill Text
1311271(n/a)See Bill Text
1311277(n/a)See Bill Text
131609(n/a)See Bill Text
131610(n/a)See Bill Text
131615(n/a)See Bill Text
131615.1(n/a)See Bill Text
131625(n/a)See Bill Text
131628(n/a)See Bill Text
131630(n/a)See Bill Text
131636(n/a)See Bill Text
131639(n/a)See Bill Text
131658(n/a)See Bill Text
131661(n/a)See Bill Text
131710(n/a)See Bill Text
131711(n/a)See Bill Text
131716(n/a)See Bill Text
131718(n/a)See Bill Text
131721.1(n/a)See Bill Text
131722.12:1(n/a)See Bill Text
131722.6(n/a)See Bill Text
131759(n/a)See Bill Text
131765(n/a)See Bill Text
131775.1(n/a)See Bill Text
131803(n/a)See Bill Text
131806(n/a)See Bill Text
131807(n/a)See Bill Text
131809(n/a)See Bill Text
131815(n/a)See Bill Text
131815.1(n/a)See Bill Text
131816(n/a)See Bill Text
131829(n/a)See Bill Text
131830(n/a)See Bill Text
131831(n/a)See Bill Text
131835(n/a)See Bill Text
131894(n/a)See Bill Text
131897.1(n/a)See Bill Text
131898.1:1(n/a)See Bill Text
131898.7(n/a)See Bill Text
131921(n/a)See Bill Text
131927(n/a)See Bill Text
131936.1(n/a)See Bill Text
131941.01(n/a)See Bill Text
131944(n/a)See Bill Text
131944.7(n/a)See Bill Text
1525112(n/a)See Bill Text
1525431.35:1(n/a)See Bill Text
1525431.8:1(n/a)See Bill Text
1525431.9(n/a)See Bill Text
1525431.9:1(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+sum+HB2121
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?212+ful+HB2121+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?212+ful+HB2121E+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?212+ful+HB2121ER+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?212+ful+CHAP0487+hil
Amendmenthttps://lis.virginia.gov/cgi-bin/legp604.exe?212+amd+HB2121AH
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+oth+HB2121F171+PDF
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+oth+HB2121FE171+PDF
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+oth+HB2121FER171+PDF
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+vot+H14C0052+HB2121
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+vot+HC1130+HB2121
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+vot+S02C0078+HB2121
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+vot+S02V0050+HB2121
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+vot+SV0384HB2121+HB2121
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?212+vot+SV0393HB2121+HB2121

Bill Comments 750

feedback