<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>76494</law_id><section_number>13.1-728.8</section_number><catch_line>Appraisal rights</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="14.1">Control Share Acquisitions</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Unless otherwise provided in a corporation&#x2019;s <span class="dictionary">articles of incorporation</span> or bylaws before a <span class="dictionary">control share acquisition</span> has occurred, in the event <span class="dictionary">shares</span> acquired in a <span class="dictionary">control share acquisition</span> are accorded full voting rights and the acquiring <span class="dictionary">person</span> has <span class="dictionary">beneficial ownership</span> of <span class="dictionary">shares</span> entitled to cast a majority of the votes which could be cast in an election of directors, all <span class="dictionary">shareholders</span> of the <span class="dictionary">public corporation</span> other than the acquiring <span class="dictionary">person</span> have the right to appraisal rights and to obtain payment of the fair value of their <span class="dictionary">shares</span> under Article 15 (&#xA7; <a class="law" title="Definitions" href="/13.1-729/">13.1-729</a> et seq.) of this chapter as though such granting of voting rights were a corporate action described in subsection A of &#xA7; <a class="law" title="Right to appraisal" href="/13.1-730/">13.1-730</a>, except that the provisions of subsection B of &#xA7; <a class="law" title="Right to appraisal" href="/13.1-730/">13.1-730</a> shall not be applicable and the failure to vote in favor of the granting of voting rights shall be deemed to constitute compliance with the requirements of subsection A of &#xA7; <a class="law" title="Notice of intent to demand payment" href="/13.1-733/">13.1-733</a>. <a id="paragraph-274573" class="section-permalink" href="https://vacode.org/13.1-728.8/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> For the purposes of this section, &#x201C;fair value&#x201D; shall in no event be less than the highest price per share paid in the <span class="dictionary">control share acquisition</span>, as adjusted for any subsequent share dividends or <span class="dictionary">reverse</span> share splits or similar changes. <a id="paragraph-274574" class="section-permalink" href="https://vacode.org/13.1-728.8/#B"><i class="fa fa-link"/></a></p></section></text><history>1989, c. 14; 2005, c. 765.</history><metadata></metadata></law>
