The Virginia Proposed Amendment aims to introduce a new class of Common Stock that grants a reduced voting power of 1-20th vote per share. This amendment intends to bring about changes in the existing voting structure of Virginia corporations by offering a differentiated class of stock with limited voting rights. The purpose of this amendment is to provide corporations an option to raise capital while maintaining control within the hands of existing shareholders or founders. By creating a new class of Common Stock with a 1-20th vote per share, companies can attract new investors who seek financial returns but are not interested in actively participating in the decision-making process. By offering a differentiated stock class, corporations can ensure that critical company decisions remain in the hands of a selected group of stakeholders while allowing others to passively invest. This amendment presents an opportunity for both small and large businesses to diversify their shareholder base and improve their capital structure. It's important to note that while the Virginia Proposed Amendment to create a class of Common Stock that has 1-20th vote per share is the primary focus, there might be additional forms of this amendment available. Potential variations could include different voting power fractions, such as 1-10th vote per share or 1-15th vote per share. These variations offer corporations flexibility to tailor the voting rights structure based on their specific needs and the preferences of potential investors. Overall, the Virginia Proposed Amendment to create a class of Common Stock that has 1-20th vote per share is a significant step towards modernizing corporate governance in the state. It provides corporations with an additional tool for capital acquisition, enables greater shareholder diversity, and affords flexibility in the decision-making process.
Virginia Proposed Amendment to create a class of Common Stock that has 1-20th vote per share
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The Code of Virginia is the official record of laws enacted by the Virginia General Assembly and signed by the Governor. These laws apply to everyone in the Commonwealth of Virginia. The Code of Virginia is organized into 67 Titles dealing with particular topics; Titles are organized into Chapters.
The Code of Virginia contains the laws passed by the General Assembly and signed by the Governor for the Commonwealth of Virginia. Updated July 1 to reflect the legislation passed during the previous session.
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.
Corporate act means any actual or alleged act, error, omission, misstatement, misleading statement, neglect or breach of duty by the COMPANY involving a SECURITIES LAW VIOLATION.