§ 13.1-722.7. Abandonment of domestication
A. Unless a plan of domestication of a domestic corporation prohibits abandonment of the domestication without shareholder approval, after the domestication has been authorized, and at any time before the certificate of domestication filed in the other jurisdiction has become effective, the domestication may be abandoned without further shareholder action in accordance with the procedure set forth in the plan or, if none is set forth, in the manner determined by the board of directors.
B. If a domestication is abandoned under subsection A after articles of incorporation surrender have been filed with the Commission but before the certificate of incorporation surrender has become effective, written notice that the domestication has been abandoned in accordance with this section shall be filed with the Commission prior to the effective date of the certificate of incorporation surrender. The notice shall take effect upon filing and the domestication shall be deemed abandoned and shall not become effective.
C. If the domestication of a foreign corporation into this Commonwealth is abandoned in accordance with the laws of the foreign jurisdiction after articles of domestication have been filed with the Commission but before the certificate of domestication has become effective in this Commonwealth, written notice that the domestication has been abandoned shall be filed with the Commission prior to the effective date of the certificate of domestication. The notice shall take effect upon filing and the domestication shall be deemed abandoned and shall not become effective.
(2001, c. 545; 2002, c. 1.)
Sections: Previous 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 13.1-722.10 13.1-722.11 13.1-722.12 13.1-722.13 13.1-722.14 NextLast modified: April 2, 2009