Source: https://vacode.org/13.1-638/
Timestamp: 2019-04-19 12:18:44
Document Index: 218457273

Matched Legal Cases: ['§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13', '§ 13']

Authorized shares (§ 13.1-638)—Virginia Decoded - Virginia Decoded
Next →13.1-639 Terms of class or series determined by board of directors
§ 13.1-638
A. The articles of incorporation shall set forth any classes of shares and series of shares within a class, and the number of shares of each class and series, that the corporation is authorized to issue. If more than one class or series of shares is authorized, the articles of incorporation shall prescribe a distinguishing designation for each class or series and shall describe, prior to the issuance of shares of a class or series, the terms, including the preferences, rights and limitations of that class or series. Except to the extent varied as permitted by this section or by subsection B of § 13.1-646, all shares of a class or series shall have terms, including preferences, rights, and limitations, that are identical with those of other shares of the same class or series.
1. One or more classes or series of shares that together have unlimited voting rights; and
1. Have special, conditional or limited voting rights, or no right to vote, except to the extent otherwise provided by this chapter;
3. Entitle the holders to distributions, calculated in any manner, including dividends that may be cumulative, noncumulative or partially cumulative;
5. Entitle the holders to other specified rights, including a right that no transaction of a specified nature shall be consummated while any such shares remain outstanding except upon the assent of all or a specified portion of such shares.
Code 1950, §§ 13.1-12, 13.1-13; 1956, c. 428; 1958, c. 564; 1985, c. 522; 1990, c. 423; 2005, c. 765.
If you’re reading this for anything important, you should double-check its accuracy—read § 13.1-638 on the official Code of Virginia website.
. . . provisions in the 1999 and 2002 Addenda violate Code § 13.1-638(A), which requires that shares of . . .
. . . of business." . . .
Barris Industries, Inc. v. Bryan (District Court, E.D. Virginia, 05/13/88)
. . . expressly permitted by Virginia law. Va.Code Ann. § 13.1-638(C). . . .
§ 13.1-639 Terms of class or series determined by board of directors