This article reviews recent developments in the law affecting Virginia businesses and corporations. Part I covers judicial developments, including: (1) the United States Supreme Court's upholding of the validity of an Indiana anti-takeover statute, similar to Virginia's affiliated transactions provisions; (2) the Virginia Supreme Court's ruling that the providing of day care in one's home constitutes a "business pursuit" within the meaning of a standard exclusionary clause found in homeowners' insurance policies; and (3) in what appears to be a case of first impression before any Virginia court, a Virginia circuit court's invalidation of a stock option granted by the board of directors of a corporation to its majority stockholder (and the stockholder's wife) for past services performed. Part II covers legislative developments, including the amendments enacted by the 1987 Virginia General Assembly to the Virginia Stock Corporation Act (Revised Act), such as the limiting of corporate officers' and directors' exposure to personal liability in certain circumstances.
David R. Ruby,
Annual Survey of Virginia Law: Business and Corporate Law,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol21/iss4/4