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Subcommittee advances SB 479, technical stock-act amendments, 8-0
Summary
SB 479, described by staff as technical amendments related to share issuance under the stock corporation act and similar to HB 316, was reported out by the subcommittee on an 8-0 vote after pro forma support from the Virginia Bar Association.
The subcommittee took up SB 479, a measure described by staff as containing technical changes to the stock corporation law governing issuance of shares in certain circumstances.
Mr. Stevens told the panel that the posted changes are technical amendments addressing issuance of shares that are authorized under the stock act by one or more officers in specified situations. Committee members noted the bill’s similarity to HB 316 and that HB 316 previously cleared other legislative committees with broad support.
Eric Link, representing the Virginia Bar Association, spoke in support as a product of the VBA business-law section.
With no recorded opposition, the subcommittee moved to report SB 479 as amended. The clerk announced the vote as 8 to 0 in favor; the measure was reported out of the subcommittee with the technical amendments.
