State Codes and Statutes
Statutes > Virginia > Title-13-1 > Chapter-10 > 13-1-898-7§ 13.1-898.7. Abandonment of domestication.
A. Unless a plan of domestication of a domestic corporation prohibitsabandonment of the domestication without member approval, after thedomestication has been authorized, and at any time before the certificate ofdomestication filed in the other jurisdiction has become effective, thedomestication may be abandoned without further member action in accordancewith the procedure set forth in the plan or, if none is set forth, in themanner determined by the board of directors.
B. If a domestication is abandoned as provided under subsection A afterarticles of incorporation surrender have been filed with the Commission butbefore the certificate of incorporation surrender has become effective,written notice that the domestication has been abandoned in accordance withthis section shall be filed with the Commission prior to the effective dateof the certificate of incorporation surrender. The notice shall take effectupon filing and the domestication shall be deemed abandoned and shall notbecome effective.
C. If the domestication of a foreign corporation into the Commonwealth isabandoned in accordance with the laws of the foreign jurisdiction afterarticles of domestication have been filed with the Commission but before thecertificate of domestication has become effective in the Commonwealth,written notice that the domestication has been abandoned shall be filed withthe Commission prior to the effective date of the certificate ofdomestication. The notice shall take effect upon filing and the domesticationshall be deemed abandoned and shall not become effective.
(2003, c. 374; 2007, c. 925.)
