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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>80556</law_id><section_number>13.1-722.10</section_number><catch_line>Plan of conversion</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="9">Virginia Stock Corporation Act</unit><unit label="article" level="3" order_by="1" identifier="12.2">Conversion</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> A <span class="dictionary">domestic corporation</span> may convert to a domestic or foreign <span class="dictionary">eligible entity</span>, or a domestic <span class="dictionary">eligible entity</span> may convert to a <span class="dictionary">domestic corporation</span>, under this article by approving a plan of <span class="dictionary">conversion</span>. The plan of <span class="dictionary">conversion</span> shall include: <a id="paragraph-288616" class="section-permalink" href="https://vacode.org/13.1-722.10/#A"><i class="fa fa-link"/></a></p></section>
						<section id="A1" class="indent-1"><p><span class="prefix-number">1.</span> The name of the converting corporation; <a id="paragraph-288617" class="section-permalink" href="https://vacode.org/13.1-722.10/#A1"><i class="fa fa-link"/></a></p></section>
						<section id="A2" class="indent-1"><p><span class="prefix-number">2.</span> The name, <span class="dictionary">jurisdiction of formation</span>, and type of entity of the <span class="dictionary">converted entity</span>; <a id="paragraph-288618" class="section-permalink" href="https://vacode.org/13.1-722.10/#A2"><i class="fa fa-link"/></a></p></section>
						<section id="A3" class="indent-1"><p><span class="prefix-number">3.</span> The manner and basis of converting the <span class="dictionary">shares</span> and any rights to acquire <span class="dictionary">shares</span> of the <span class="dictionary">domestic corporation</span> into <span class="dictionary">eligible interests</span> or other securities, obligations, rights to acquire <span class="dictionary">eligible interests</span> or other securities, cash, other property, or any combination of the foregoing; <a id="paragraph-288619" class="section-permalink" href="https://vacode.org/13.1-722.10/#A3"><i class="fa fa-link"/></a></p></section>
						<section id="A4" class="indent-1"><p><span class="prefix-number">4.</span> If the <span class="dictionary">converted entity</span> will be a <span class="dictionary">domestic corporation</span>, (i) the proposed <span class="dictionary">articles of incorporation</span> of the <span class="dictionary">converted entity</span> that satisfy the requirements of &#xA7; <a class="law" title="Articles of incorporation" href="/13.1-619/">13.1-619</a> and (ii) the proposed bylaws of the <span class="dictionary">converted entity</span>, which shall not be included with the articles of <span class="dictionary">conversion</span> delivered to the <span class="dictionary">Commission</span> for filing; <a id="paragraph-288620" class="section-permalink" href="https://vacode.org/13.1-722.10/#A4"><i class="fa fa-link"/></a></p></section>
						<section id="A5" class="indent-1"><p><span class="prefix-number">5.</span> If the <span class="dictionary">converted entity</span> will be a domestic <span class="dictionary">eligible entity</span> and a <span class="dictionary">filing entity</span>, the full text, as it will be in effect immediately after the <span class="dictionary">conversion</span> becomes effective, of the organic rules of the <span class="dictionary">converted entity</span>, including the <span class="dictionary">public organic record</span> that satisfies the requirements of &#xA7; <a class="law" title="Articles of incorporation" href="/13.1-819/">13.1-819</a>, <a class="law" title="Legislative purpose" href="/13.1-1101/">13.1-1101</a>, <a class="law" title="Articles of trust" href="/13.1-1212/">13.1-1212</a>, or <a class="law" title="Effect of partner's dissociation" href="/50-73.111/">50-73.111</a>, as the case may be, provided that the <span class="dictionary">private organic rules</span> shall not be included with the articles of <span class="dictionary">conversion</span> delivered to the <span class="dictionary">Commission</span> for filing; <a id="paragraph-288621" class="section-permalink" href="https://vacode.org/13.1-722.10/#A5"><i class="fa fa-link"/></a></p></section>
						<section id="A6" class="indent-1"><p><span class="prefix-number">6.</span> If the <span class="dictionary">converted entity</span> will be a <span class="dictionary">foreign corporation</span> or <span class="dictionary">eligible entity</span>, the plan of <span class="dictionary">conversion</span> may include the organic rules of the <span class="dictionary">converted entity</span>, provided that the organic rules shall not be included with the articles of <span class="dictionary">conversion</span> delivered to the <span class="dictionary">Commission</span> for filing; and <a id="paragraph-288622" class="section-permalink" href="https://vacode.org/13.1-722.10/#A6"><i class="fa fa-link"/></a></p></section>
						<section id="A7" class="indent-1"><p><span class="prefix-number">7.</span> The other terms and conditions of the <span class="dictionary">conversion</span>. <a id="paragraph-288623" class="section-permalink" href="https://vacode.org/13.1-722.10/#A7"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> In addition to the requirements of subsection A, a plan of <span class="dictionary">conversion</span> may contain any other provision not prohibited by <span class="dictionary">law</span>. <a id="paragraph-288624" class="section-permalink" href="https://vacode.org/13.1-722.10/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> The terms of a plan of <span class="dictionary">conversion</span> may be made dependent upon <span class="dictionary">facts</span> objectively ascertainable outside the plan in accordance with subsection L of &#xA7; <a class="law" title="Filing requirements" href="/13.1-604/">13.1-604</a>. <a id="paragraph-288625" class="section-permalink" href="https://vacode.org/13.1-722.10/#C"><i class="fa fa-link"/></a></p></section></text><history>2001, c. 545; 2002, c. 1; 2003, c. 598; 2016, c. 288; 2019, c. 734; 2020, c. 1226.</history><metadata></metadata></law>
