VA SB246

Comprehensive revision of the Virginia Nonstock Corporation Act (Chapter 10 of Title 13.1) affecting over 100 code sections governing nonprofit corporations in Virginia.

Adds new definitions including "charitable asset," "charitable corporation," "charitable purpose," "distribution," "domestication," "conversion," "fundamental transaction," and "interest holder liability" to clarify terminology for nonprofit corporate governance.

Creates new articles establishing procedures for corporate ratification of defective actions (Article 1.1), derivative proceedings (Article 7.2), and conversion transactions (Article 11.2) for nonstock corporations.

Updates provisions related to electronic communications, filing requirements, board of directors responsibilities, member meetings and voting, mergers, and dissolution procedures.

Repeals existing sections 13.1-898.6, 13.1-898.7, and Article 17.1 (sections 13.1-944.1 through 13.1-944.7) as part of the statutory reorganization.