13.1-722.7 - Abandonment of domestication. - Virginia Statutes

§ 13.1-722.7. Abandonment of domestication.

A. Unless a plan of domestication of a domestic corporation prohibitsabandonment of the domestication without shareholder approval, after thedomestication has been authorized, and at any time before the certificate ofdomestication filed in the other jurisdiction has become effective, thedomestication may be abandoned without further shareholder action inaccordance 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 ofincorporation surrender have been filed with the Commission but before thecertificate of incorporation surrender has become effective, written noticethat the domestication has been abandoned in accordance with this sectionshall be filed with the Commission prior to the effective date of thecertificate of incorporation surrender. The notice shall take effect uponfiling and the domestication shall be deemed abandoned and shall not becomeeffective.

C. If the domestication of a foreign corporation into this Commonwealth isabandoned in accordance with the laws of the foreign jurisdiction afterarticles of domestication have been filed with the Commission but before thecertificate of domestication has become effective in this Commonwealth,written notice that the domestication has been abandoned shall be filed withthe Commission prior to the effective date of the certificate ofdomestication. The notice shall take effect upon filing and the domesticationshall be deemed abandoned and shall not become effective.

(2001, c. 545; 2002, c. 1.)