13.1-725.1 - Affiliated transactions. - Virginia Statutes

§ 13.1-725.1. Affiliated transactions.

Notwithstanding any provision to the contrary contained in this chapter,except as provided in subsection B of § 13.1-727, no corporation shall engagein any affiliated transaction with any interested shareholder for a period ofthree years following such interested shareholder's determination date unlessapproved by the affirmative vote of a majority (but not less than two) of thedisinterested directors and by the affirmative vote of the holders oftwo-thirds of the voting shares other than shares beneficially owned by theinterested shareholder. A corporation may engage in an affiliated transactionwith an interested shareholder beginning three years after such interestedshareholder's determination date, provided such transaction complies with theprovisions of § 13.1-726.

(1988, c. 442.)