18-172 18-172 . . Director Stock Program which provides that, on first day of director's term, such director will be granted option to acquire 900 shares of common stock, and on first day of each subsequent year of director's term, he or she will be granted options to acquire 300 shares of common stock. Options are at fair market value on date of grant and are exercisable in full six months after date of grant. The Director Stock Program also provides that, on first day of director's term, he or she will be awarded right to purchase 450 shares of restricted stock, and on first day of the second and third year of such director's term, he or she will be awarded right to purchase 150 shares of restricted stock. Purchase price will be equal to par value of common stock
Virginia Director stock program
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§ 6.2-862. Directors to own stock in bank.
Virginia S Corp Filing Requirements Specifically, to qualify for S corporation status, an entity must: Be a domestic LLC or corporation. Only have one class of stock. Not be an ineligible corporation, such as certain financial institutions, insurance companies, and domestic international sales corporations.
A. Where no shares of the corporation are issued and outstanding, a corporation's board of directors may adopt an amendment of the corporation's articles of incorporation without shareholder approval.
A provision limiting or eliminating any duty of a director or any other person to offer the corporation the right to have or participate in any, or one or more classes or categories of, business opportunities, before the pursuit or taking of the opportunity by the director or other person, provided that any application ...
A corporation's indebtedness to a shareholder incurred by reason of a distribution made in ance with this section is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.
Articles of merger or share exchange. 5. As to each foreign corporation or foreign eligible entity that was a party to the merger or share exchange, a statement that the participation of the foreign corporation or foreign eligible entity was duly authorized as required by its organic law.
Generally speaking, in Virginia business corporations form stock corporations and nonprofits form non-stock corporations. Stock corporations are those that issue stock. The shareholders own stock in anticipation of dividends or selling their stock for a profit.
Restriction on transfer of shares and other securities. A. The articles of incorporation, the bylaws, an agreement among shareholders, or an agreement between shareholders and the corporation may impose restrictions on the transfer or registration of transfer of shares of the corporation.