§ 13.1-722.2. Domestication
A. A foreign corporation may become a domestic corporation if the laws of the jurisdiction in which the foreign corporation is incorporated authorize it to domesticate in another jurisdiction. The laws of this Commonwealth shall govern the effect of domesticating in this Commonwealth pursuant to this article.
B. A domestic corporation not required by law to be a domestic corporation may become a foreign corporation if the jurisdiction in which the corporation intends to domesticate allows for the domestication. Regardless of whether the laws of the foreign jurisdiction require the adoption of a plan of domestication, the domestication shall be approved in the manner provided in this article. The laws of the jurisdiction in which the corporation domesticates shall govern the effect of domesticating in that jurisdiction.
C. The plan of domestication shall set forth:
1. A statement of the jurisdiction in which the corporation is to be domesticated; and
2. The terms and conditions of the domestication; provided, however, that such terms and conditions may not alter the designation, rights, preferences or limitations of all or part of the authorized shares except to the extent required to conform to the requirements of this chapter.
D. The plan of domestication may include:
1. Subject to the provisions of subsection C, amendments to the articles of incorporation of the corporation following its domestication or a restatement of the articles of incorporation; and
2. Any other provision relating to the domestication.
E. The plan of domestication may also include a provision that the board of directors may amend the plan at any time prior to issuance of the certificate of domestication or such other document required by the laws of the other jurisdiction to consummate the domestication. An amendment made subsequent to the submission of the plan to the shareholders of the corporation shall not alter or change any of the terms or conditions of the plan if the change would adversely affect the shares of any class or series of the corporation.
(2001, c. 545; 2002, c. 1.)
Sections: Previous 13.1-718 13.1-719 13.1-719.1 13.1-720 13.1-721 13.1-721.1 13.1-722 13.1-722.2 13.1-722.3 13.1-722.4 13.1-722.5 13.1-722.6 13.1-722.7 13.1-722.8 13.1-722.9 NextLast modified: April 2, 2009