A. Where the corporation has no members, or no members having voting rights, the plan shall be adopted upon receiving the vote of at least two-thirds of the directors in office.
B. Where there are members of the corporation having voting rights:
1. The plan of entity conversion shall be adopted by the board of directors;
2. After adopting the plan of entity conversion, the board of directors shall submit the plan to the members for their approval. The board of directors shall also transmit to the members a recommendation that the members approve the plan, unless the board of directors determines that because of conflicts of interest or other special circumstances it should not make such a recommendation, in which case the board of directors shall transmit to the members the basis for that determination; and
3. The voting members shall approve the plan as provided in subdivision C 3.
C. When a plan of entity conversion is to be approved by the members in accordance with subsection B:
1. The board of directors may condition its submission of the plan of entity conversion to the members on any basis;
2. The corporation shall notify each member, whether or not entitled to vote, of the proposed members' meeting in accordance with § 13.1-842 at which the plan of entity conversion is to be submitted for approval. The notice shall also state that the purpose, or one of the purposes, of the meeting is to consider the plan and shall contain or be accompanied by a copy of the plan; and
3. Unless this chapter or the board of directors, acting pursuant to subdivision 1, requires a greater vote, the plan of entity conversion shall be approved by each voting group entitled to vote on the plan by more than two-thirds of all the votes entitled to be cast by that voting group. The articles of incorporation may provide for a greater or lesser vote than that provided for in this subsection or a vote by separate voting groups so long as the vote provided for is not less than a majority of all the votes cast on the plan by each voting group entitled to vote on the plan at a meeting at which a quorum of the voting group exists.
2012, c. 706.
Structure Code of Virginia
Chapter 10 - Virginia Nonstock Corporation Act
§ 13.1-802. Reservation of power to amend or repeal
§ 13.1-804. Filing requirements
§ 13.1-804.1. Filing with the Commission pursuant to reorganization
§ 13.1-805. Issuance of certificate by Commission; recordation of documents
§ 13.1-806. Effective time and date of document
§ 13.1-807. Correcting filed articles
§ 13.1-808. Evidentiary effect of copy of filed document
§ 13.1-809. Certificate of good standing
§ 13.1-810. Notices and other communications
§ 13.1-810.1. Number of members
§ 13.1-811. Penalty for signing false documents
§ 13.1-812. Unlawful to transact or offer to transact business as a corporation unless authorized
§ 13.1-813. Hearing and finality of Commission action; injunctions
§ 13.1-814. Shares of stock and dividends prohibited
§ 13.1-814.1. Special provisions for community associations
§ 13.1-815.1. Charter and entrance fees for corporations
§ 13.1-816. Fees for filing documents or issuing certificates
§ 13.1-819. Articles of incorporation
§ 13.1-820. Issuance of certificate of incorporation
§ 13.1-821. Liability for preincorporation transactions
§ 13.1-822. Organization of corporation
§ 13.1-833. Registered office and registered agent
§ 13.1-834. Change of registered office or registered agent
§ 13.1-835. Resignation of registered agent
§ 13.1-836. Service on corporation
§ 13.1-840. Court-ordered meeting
§ 13.1-841. Corporate action without meeting
§ 13.1-844.1. Conduct of the meeting
§ 13.1-844.2. Remote participation in annual and special meetings
§ 13.1-845. Members' list for meeting
§ 13.1-846. Voting entitlement of members
§ 13.1-847.1. Voting procedures and inspectors of elections
§ 13.1-848. Corporation's acceptance of votes
§ 13.1-849. Quorum and voting requirements for voting groups
§ 13.1-850. Action by single and multiple voting groups
§ 13.1-851. Change in quorum or voting requirements
§ 13.1-852. Voting for directors; cumulative voting
§ 13.1-852.1. Member or director agreements
§ 13.1-852.2. Voting agreements
§ 13.1-853. Requirement for and duties of board of directors
§ 13.1-854. Qualification of directors
§ 13.1-855. Number and election of directors
§ 13.1-856. Election of directors by certain classes of members
§ 13.1-857. Terms of directors generally
§ 13.1-858. Staggered terms of directors
§ 13.1-859. Resignation of directors
§ 13.1-860. Removal of directors
§ 13.1-861. Judicial review of elections
§ 13.1-862. Vacancy on board of directors
§ 13.1-863. Compensation of directors
§ 13.1-864. Meetings of the board of directors
§ 13.1-865. Action without meeting of board of directors
§ 13.1-866. Notice of board of directors' meetings
§ 13.1-867. Waiver of notice by director
§ 13.1-868. Quorum and voting by directors
§ 13.1-870. General standards of conduct for directors
§ 13.1-870.1. Limitation on liability of officers and directors; exception
§ 13.1-870.2. Limitation on liability of officers and directors; additional exception
§ 13.1-871. Director conflict of interests
§ 13.1-871.1. Business opportunities
§ 13.1-873. Duties of officers
§ 13.1-874. Resignation and removal of officers
§ 13.1-876. Authority to indemnify
§ 13.1-877. Mandatory indemnification
§ 13.1-878. Advance for expenses
§ 13.1-879.1. Court orders for advances, reimbursement or indemnification
§ 13.1-880. Determination and authorization of indemnification
§ 13.1-881. Indemnification of officers
§ 13.1-883. Application of article
§ 13.1-884. Authority to amend articles of incorporation
§ 13.1-885. Amendment of articles of incorporation by directors
§ 13.1-886. Amendment of articles of incorporation by directors and members
§ 13.1-887. Voting on amendments by voting groups
§ 13.1-887.1. Amendment prior to organization
§ 13.1-888. Articles of amendment
§ 13.1-889. Restated articles of incorporation
§ 13.1-891. Effect of amendment of articles of incorporation
§ 13.1-892. Amendment of bylaws by board of directors or members
§ 13.1-893. Bylaw provisions increasing quorum or voting requirements for directors
§ 13.1-895. Action on plan of merger
§ 13.1-896. Articles of merger
§ 13.1-897.1. Abandonment of a merger
§ 13.1-898.3. Action on plan of domestication by a domestic corporation
§ 13.1-898.4. Articles of domestication
§ 13.1-898.5. Surrender of articles of incorporation upon domestication
§ 13.1-898.6. Effect of domestication
§ 13.1-898.7. Abandonment of domestication
§ 13.1-899. Sale of assets in regular course of business
§ 13.1-900. Sale of assets other than in regular course of business
§ 13.1-901. Sale of certain real property by incorporated educational institutions
§ 13.1-902. Dissolution by directors and members
§ 13.1-903. Dissolution by directors
§ 13.1-904. Articles of dissolution
§ 13.1-905. Revocation of dissolution
§ 13.1-906. Effect of dissolution
§ 13.1-907. Distribution and plan of distribution of assets
§ 13.1-908. Known claims against dissolved corporation
§ 13.1-908.1. Other claims against dissolved corporation
§ 13.1-908.2. Court proceedings
§ 13.1-909. Grounds for judicial dissolution
§ 13.1-910. Receivership or custodianship
§ 13.1-911. Decree of dissolution
§ 13.1-912. Articles of termination of corporate existence
§ 13.1-913. Termination of corporate existence by incorporators or initial directors
§ 13.1-914. Automatic termination of corporate existence
§ 13.1-915. Involuntary termination of corporate existence
§ 13.1-916. Reinstatement of a corporation that has ceased to exist
§ 13.1-917. Survival of remedy after termination of corporate existence
§ 13.1-919. Authority to transact business required
§ 13.1-920. Consequences of transacting business without authority
§ 13.1-921. Application for certificate of authority
§ 13.1-922. Amended certificate of authority
§ 13.1-923. Effect of certificate of authority
§ 13.1-924. Corporate name of foreign corporation
§ 13.1-925. Registered office and registered agent of foreign corporation
§ 13.1-926. Change of registered office or registered agent of a foreign corporation
§ 13.1-927. Resignation of registered agent of foreign corporation
§ 13.1-928. Service of process on foreign corporation
§ 13.1-928.1. Merger of foreign corporation authorized to transact business in Commonwealth
§ 13.1-929. Withdrawal of foreign corporation
§ 13.1-930. Automatic revocation of certificate of authority
§ 13.1-931. Involuntary revocation of certificate of authority
§ 13.1-933. Inspection of records by members
§ 13.1-934. Scope of inspection right
§ 13.1-935. Court-ordered inspection
§ 13.1-935.1. Inspection of records by directors
§ 13.1-936. Annual report of domestic and foreign corporations
§ 13.1-936.2. Collection of unpaid bills for registration fees
§ 13.1-937. Application to existing corporations
§ 13.1-944.2. Entity conversion
§ 13.1-944.3. Plan of entity conversion
§ 13.1-944.4. Action on plan of entity conversion
§ 13.1-944.5. Articles of entity conversion
§ 13.1-944.6. Effect of entity conversion
§ 13.1-944.7. Abandonment of entity conversion