13.1-328 - Referendum. - Virginia Statutes

§ 13.1-328. Referendum.

The articles of incorporation or bylaws may provide that upon demand oftwo-fifths of all the directors, any matter that has been approved or passedby the board must be referred to the members for their approval before itbecomes effective. No referendum shall be allowed unless it is demanded bythe required number of directors at the meeting at which the matter inquestion is adopted. The referendum of the members may be conducted by mailballots or by their vote taken at the next annual meeting or at a specialmeeting called for such purpose. Immediately upon receipt of a writtenpetition signed by at least twenty per centum of the members, the board ofdirectors shall require the secretary to conduct a referendum on the matterset forth in said petition.

(Code 1950, § 13-262; 1956, c. 428.)