§ 13.1-673 Requirement for and duties of board of directors
§ 13.1-674 Qualifications for directors or for nominees for director
§ 13.1-675 Number and election of directors
§ 13.1-676 Election of directors by certain classes or series of shares
§ 13.1-677 Terms of directors generally
§ 13.1-678 Staggered terms for directors
§ 13.1-679 Resignation of directors
§ 13.1-680 Removal of directors by shareholders
§ 13.1-681.1 Removal of directors by judicial proceeding
§ 13.1-682 Vacancy on board of directors
§ 13.1-683 Compensation of directors
§ 13.1-684 Meetings of the board of directors
§ 13.1-685 Action without meeting of board of directors
§ 13.1-686 Notice of board of directors’ meetings
§ 13.1-687 Waiver of notice by director
§ 13.1-688 Quorum and voting by directors
§ 13.1-689 Committees
§ 13.1-690 General standards of conduct for director
§ 13.1-690.1 Director of open-end management investment company deemed disinterested
§ 13.1-691 Director conflict of interests
§ 13.1-691.1 Business opportunities
§ 13.1-692 Liability for unlawful distributions
§ 13.1-692.1 Limitation on liability of officers and directors; exception
§ 13.1-693 Required officers
§ 13.1-694 Duties of officers
§ 13.1-695 Resignation and removal of officers

Terms Used In Virginia Code > Title 13.1 > Chapter 9 > Article 9 - Directors and Officers

  • Adult: means a person 18 years of age or more. See Virginia Code 1-203
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • agency: means any facility, program, or organization owned or operated by the Commonwealth, by any political subdivision, or by any person, firm, corporation, association, or other legal entity. See Virginia Code 32.1-162.16
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Articles of incorporation: means all documents constituting, at any particular time, the charter of a corporation. See Virginia Code 13.1-603
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board of supervisors: means the governing body of a county. See Virginia Code 15.2-102
  • City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
  • Cloning: means the production of a precise genetic copy of a molecule, including deoxyribonucleic acid (DNA), or of chromosomes. See Virginia Code 32.1-162.21
  • Commission: means the State Corporation Commission of Virginia. See Virginia Code 13.1-603
  • Conditional zoning: means , as part of classifying land within a locality into areas and districts by legislative action, the allowing of reasonable conditions governing the use of such property, such conditions being in addition to, or modification of the regulations provided for a particular zoning district or zone by the overall zoning ordinance. See Virginia Code 15.2-2201
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • delivery: means any method of delivery used in conventional commercial practice, including delivery by hand, mail, commercial delivery, and, if authorized in accordance with § 13. See Virginia Code 13.1-603
  • Department: means the State Department of Health. See Virginia Code 32.1-3
  • Development: means a tract of land developed or to be developed as a unit under single ownership or unified control which is to be used for any business or industrial purpose or is to contain three or more residential dwelling units. See Virginia Code 15.2-2201
  • Disinterested director: means , except with respect to Article 14 (§ 13. See Virginia Code 13.1-603
  • Distribution: means a direct or indirect transfer of cash or other property, except the corporation's own shares, or incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. See Virginia Code 13.1-603
  • Document: means (i) any tangible medium on which information is inscribed, and includes handwritten, typed, printed, or similar instruments and copies of such instruments, or (ii) an electronic record. See Virginia Code 13.1-603
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Virginia Code 13.1-603
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Ex officio: means service by virtue of one's office and includes voting privileges for ex officio members unless otherwise provided. See Virginia Code 1-215
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Human cloning: means the creation of or attempt to create a human being by transferring the nucleus from a human cell from whatever source into an oocyte from which the nucleus has been removed. See Virginia Code 32.1-162.21
  • Human research: means any systematic investigation, including research development, testing and evaluation, utilizing human subjects, that is designed to develop or contribute to generalized knowledge. See Virginia Code 32.1-162.16
  • in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
  • Includes: means includes, but not limited to. See Virginia Code 1-218
  • Individual: means a natural person. See Virginia Code 13.1-603
  • Informed consent: means the knowing and voluntary agreement, without undue inducement or any element of force, fraud, deceit, duress, or other form of constraint or coercion, of a person who is capable of exercising free power of choice. See Virginia Code 32.1-162.16
  • inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest: means either or both of the following rights under the organic law governing an unincorporated entity:

    1. See Virginia Code 13.1-603

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legacy: A gift of property made by will.
  • Legally authorized representative: means , in the following specified order of priority, (i) the parent or parents having custody of a prospective subject who is a minor, (ii) the agent appointed under an advance directive, as defined in § 54. See Virginia Code 32.1-162.16
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
  • Local planning commission: means a municipal planning commission or a county planning commission. See Virginia Code 15.2-2201
  • Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
  • Merger: means a transaction pursuant to § 13. See Virginia Code 13.1-603
  • Military installation: means a base, camp, post, station, yard, center, homeport facility for any ship, or other activity under jurisdiction of the U. See Virginia Code 15.2-2201
  • Minimal risk: means that the risks of harm anticipated in the proposed research are not greater, considering probability and magnitude, than those ordinarily encountered in daily life or during the performance of routine physical or psychological examinations or tests. See Virginia Code 32.1-162.16
  • Nonlegislative citizen member: means any natural person who is not a member of the General Assembly of Virginia. See Virginia Code 1-225
  • Nontherapeutic research: means human research in which there is no reasonable expectation of direct benefit to the physical or mental condition of the human subject. See Virginia Code 32.1-162.16
  • Nucleus: means the cell structure that houses the chromosomes and, thus, the genes. See Virginia Code 32.1-162.21
  • Oocyte: means the ovum or egg. See Virginia Code 32.1-162.21
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Person: means an individual, corporation, partnership, or association or any other legal entity. See Virginia Code 32.1-3
  • Person: includes an individual and an entity. See Virginia Code 13.1-603
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
  • Personal property: All property that is not real property.
  • Planned unit development: means a form of development characterized by unified site design for a variety of housing types and densities, clustering of buildings, common open space, and a mix of building types and land uses in which project planning and density calculation are performed for the entire development rather than on an individual lot basis. See Virginia Code 15.2-2201
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Principal office: means the office, in or out of the Commonwealth, where the principal executive offices of a domestic or foreign corporation are located, or, if there are no such offices, the office, in or out of the Commonwealth, so designated by the board of directors. See Virginia Code 13.1-603
  • Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Virginia Code 13.1-603
  • Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
  • Public facilities: means public transportation facilities, public safety facilities, public school facilities, or public parks. See Virginia Code 15.2-2303.4
  • Quorum: The number of legislators that must be present to do business.
  • real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Secretary: means the corporate officer or other individual to whom the board of directors has delegated responsibility under subsection C of § 13. See Virginia Code 13.1-603
  • Shareholder: means a record shareholder. See Virginia Code 13.1-603
  • Shares: means the units into which the proprietary interests in a corporation are divided. See Virginia Code 13.1-603
  • Somatic cell: means a mature, diploid cell, i. See Virginia Code 32.1-162.21
  • Somatic cell nuclear transfer: means transferring the nucleus of a somatic cell of an existing or deceased human into an oocyte from which the chromosomes are removed or rendered inert. See Virginia Code 32.1-162.21
  • Special exception: means a special use that is a use not permitted in a particular district except by a special use permit granted under the provisions of this chapter and any zoning ordinances adopted herewith. See Virginia Code 15.2-2201
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • state agency: means the same as that term is defined in § 2. See Virginia Code 1-206
  • Street: means highway, street, avenue, boulevard, road, lane, alley, or any public way. See Virginia Code 15.2-2201
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
  • Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
  • Variance: means , in the application of a zoning ordinance, a reasonable deviation from those provisions regulating the shape, size, or area of a lot or parcel of land or the size, height, area, bulk, or location of a building or structure when the strict application of the ordinance would unreasonably restrict the utilization of the property, and such need for a variance would not be shared generally by other properties, and provided such variance is not contrary to the purpose of the ordinance. See Virginia Code 15.2-2201
  • Voting group: means all shares of one or more classes or series that under the articles of incorporation or this chapter are entitled to vote and be counted together collectively on a matter at a meeting of shareholders. See Virginia Code 13.1-603
  • written: means any information in the form of a document. See Virginia Code 13.1-603