VA HB316

Amends the Virginia Stock Corporation Act by modifying 18 existing code sections and adding two new sections (§ 13.1-689.1 and § 13.1-741.2) related to corporate governance and procedures.

Clarifies the definition of "disinterested director" to specify that nomination by defendants in derivative proceedings or persons against whom action is demanded does not automatically disqualify a director from being considered disinterested.

Updates registered agent requirements so that an individual serving as initial registered agent must be designated as a director in the initial articles of incorporation or be a member of the Virginia State Bar.

Removes the fee for initial registration of a corporate name while retaining the $25 fee for renewal of corporate name registration.

Modifies bylaw provisions to replace "derivative action or proceeding" with "derivative proceeding" for consistency in language regarding internal corporate claims and forum selection clauses.