State Corporate Law Changes Reflect Current Governance Issues

Amendments to the Virginia Stock Corporation Act (the "Act") have been passed by the 2010 General Assembly and will take effect today, July 1. The changes conform provisions of the Act to recently revised provisions of the Model Business Corporation Act relating to technological innovations and shareholder relations and clarify other provisions. The amendments, while applicable specifically to Virginia corporations, demonstrate governance reforms recently adopted and under consideration in many other states, including Delaware.

The Virginia amendments include the following topics and are discussed, along with other amendments, in more detail in our client memo:

• Expanded provisions governing the electronic transmission of notices and other communications