Payment of and security for expenses
Known as the Virginia Stock Corporation Act
The act spans §§ 13.1-601 to 13.1-792 (265 sections).
Applied in 4 court decisions — leading case CATTANO v. Bragg (2012)
Most recently applied in CATTANO v. Bragg (April 2012)
1992, c. 802; 1993, c. 233; 2019, c. 734.
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
On termination of a derivative proceeding, the court may:
1. Order the corporation to pay the plaintiff's expenses incurred in the proceeding if it finds that the proceeding has resulted in a substantial benefit to the corporation; or
2. Order the plaintiff or the plaintiff's attorney to pay the corporation's or any defendant's expenses incurred in defending the proceeding if it finds that the proceeding was commenced or maintained arbitrarily, vexatiously, or not in good faith.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.