                                 CODE OF VIRGINIA

ABANDONMENT OF A MERGER OR SHARE EXCHANGE (§ 13.1-721.1)

A. Unless otherwise provided in the plan of merger or share exchange or in the
laws under which a foreign corporation or a domestic or foreign eligible entity
that is a party to a merger or a share exchange is organized or by which it is
governed, after a plan of merger or share exchange has been adopted and approved
as required by this article, and at any time before the certificate of merger or
share exchange has become effective, the plan may be abandoned by a domestic
corporation that is a party to the plan without action by its shareholders in
accordance with any procedures set forth in the plan or, if no such procedures
are set forth in the plan, in the manner determined by the board of directors,
subject to any contractual rights of other parties to the plan of merger or
share exchange.

B. If a merger or share exchange is abandoned after the articles of merger or
share exchange have been filed with the Commission but before the certificate of
merger or share exchange has become effective, in order for the certificate of
merger or share exchange to be abandoned, all parties to the plan of merger or
share exchange shall sign a statement of abandonment and deliver it to the
Commission for filing prior to the effective time and date of the certificate of
merger or share exchange. If the Commission finds that the statement of
abandonment complies with the requirements of law, it shall issue a certificate
of abandonment, effective as of the date and time the statement of abandonment
was received by the Commission, and the merger or share exchange shall be deemed
abandoned and shall not become effective.

C. The statement of abandonment shall contain:

   1. The name of each domestic and foreign corporation and eligible entity that
   is a party to the merger and its jurisdiction of formation and entity type;

   2. When the survivor will be a domestic corporation or a domestic nonstock
   corporation created by the merger, the name of the survivor set forth in the
   articles of merger;

   3. The date on which the articles of merger or share exchange were filed with
   the Commission;

   4. The date and time on which the Commission&#8217;s certificate of merger or
   share exchange becomes effective; and

   5. A statement that the merger or share exchange is being abandoned in
   accordance with this section.

HISTORY: 2005, c. 765; 2010, c. 782; 2019, c. 734; 2020, c. 1226; 2021, Sp.
Sess. I, c. 487.