Corporate and Business Law

Laurence V. Parker, Jr. *

Thanks to a 2016 amendment to VNSCA, a nonstock corporation‘s board of directors can approve an action that does not require member approval by less than unanimous written consent if it is authorized in the nonstock corporation‘s articles of incorporation and, if no director objects to the proposed action, within ten days. To permit directors an opportunity to object, the corporation must give written notice to all directors at least ten days prior to the action.

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* Shareholder, Williams Mullen, Richmond, Virginia. J.D., 2003, University of Richmond School of Law; M.B.A., 2003, The Robins School of Business, University of Richmond; B.A., 1995, University of Virginia.