Code of Virginia § 13.1-725.1. Affiliated transactions.
120 words·~1 min read·
/va/title-13-1/chapter-9/13-1-725-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any provision to the contrary contained in this chapter, except as provided in subsection B of § 13.1-727 , no corporation shall engage in any affiliated transaction with any interested shareholder for a period of three years following such interested shareholder's determination date unless approved by the affirmative vote of a majority (but not less than two) of the disinterested directors and by the affirmative vote of the holders of two-thirds of the voting shares other than shares beneficially owned by the interested shareholder.
A corporation may engage in an affiliated transaction with an interested shareholder beginning three years after such interested shareholder's determination date, provided such transaction complies with the provisions of § 13.1-726 .
1988, c. 442.