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In 2019, the Commonwealth of Virginia adopted a variety of amendments to the Virginia Stock Corporation Act (VSCA). While many of those amendments are already effective, some of the amendments will go into effect on July 1, 2021, including those addressing how a corporation may ratify defective corporation actions. These new provisions provide corporations with vital tools to ensure that actions taken by the corporation, which might otherwise be found to be void or voidable under Virginia law, are valid and have appropriate legal effect.
This article will provide an overview of the new ratification provisions under the VSCA and how they apply.