13.1-679 - Resignation of directors. - Virginia Statutes

§ 13.1-679. Resignation of directors.

A. A director may resign at any time by delivering a written resignation tothe board of directors or its chairman, or to the secretary of thecorporation.

B. A resignation is effective when the resignation is delivered unless theresignation specifies a later effective date or an effective date determinedupon the occurrence of one or more events. If a resignation is made effectiveat a later date, the board of directors may fill the pending vacancy beforethe effective date if the board of directors provides that the successor doesnot take office until the effective date. A resignation that is conditionedupon failing to receive a specified vote for election as a director mayprovide that it is irrevocable.

C. Any person who has resigned as a director of a corporation, or whose nameis incorrectly on file with the Commission as a director of a corporation,may file a statement to that effect with the Commission.

D. Upon the resignation of a director, the corporation may file an amendedannual report with the Commission indicating the resignation of the directorand the successor in office, if any.

(1985, c. 522; 1991, c. 124; 2005, c. 765; 2007, c. 165.)