{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-640.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-640.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-640.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-640.html"}],"law_id":346766,"edition_id":2,"section_id":346766,"structure_id":49788,"section_number":"13.1-640","catch_line":"Issued and outstanding shares","history":"1985, c. 522; 2019, c. 734.","full_text":"A\n\nA corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or canceled.\n\nB\n\nThe reacquisition, redemption or conversion of outstanding shares is subject to the limitations of subsection C of this section and to § 13.1-653.\n\nC\n\nAt all times that shares of the corporation are issued and outstanding, one or more shares that together have full voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution shall be outstanding.\n\n","order_by":null,"text":{"0":{"id":1293194,"text":"A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or canceled.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1293195,"text":"The reacquisition, redemption or conversion of outstanding shares is subject to the limitations of subsection C of this section and to § 13.1-653.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1293196,"text":"At all times that shares of the corporation are issued and outstanding, one or more shares that together have full voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution shall be outstanding.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":49788,"edition_id":2,"name":"Shares and Distributions","identifier":"7","label":"article","depth":3,"order_by":8,"parent_id":49780,"metadata":{"child_laws":16,"child_structures":0},"date_created":"2026-08-02 02:15:02","date_modified":"2026-08-02 12:29:10","permalink":{"id":1377977,"object_type":"structure","relational_id":49788,"identifier":"7","token":"13.1\/9\/7","url":"\/13.1\/9\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49780,"edition_id":2,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":12,"parent_id":49726,"metadata":{"child_laws":265,"child_structures":27},"date_created":"2026-08-02 02:14:54","date_modified":"2026-08-02 12:29:09","permalink":{"id":1377165,"object_type":"structure","relational_id":49780,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49726,"edition_id":2,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":44,"parent_id":null,"metadata":{"child_laws":894,"child_structures":104},"date_created":"2026-08-02 02:14:01","date_modified":"2026-08-02 12:29:04","permalink":{"id":1374495,"object_type":"structure","relational_id":49726,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":346764,"structure_id":49788,"section_number":"13.1-638","catch_line":"Authorized shares","url":"\/13.1-638\/","token":"13.1\/9\/7\/13.1-638","metadata":{"court_decisions":{"0":{"name":"Barber v. VistaRMS, Inc.","case_number":"Record 052094.","citation":"634 S.E.2d 706","date":"2006-09-15","url":"https:\/\/www.courtlistener.com\/opinion\/1058795\/barber-v-vistarms-inc\/","abstract":" .\u202f.\u202f. 634 S.E.2d 706 (2006) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"1":{"name":"Hildebrand v. Lewis","case_number":"CIV.A. 03-740-A","citation":"281 F. Supp. 2d 837","date":"2003-09-10","url":"https:\/\/www.courtlistener.com\/opinion\/2493711\/hildebrand-v-lewis\/","abstract":" .\u202f.\u202f. 281 F.Supp.2d 837 (2003) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"},"2":{"name":"Barris Industries, Inc. v. Bryan","case_number":"Civ. A. 88-0188-R","citation":"686 F. Supp. 125","date":"1988-05-13","url":"https:\/\/www.courtlistener.com\/opinion\/1362756\/barris-industries-inc-v-bryan\/","abstract":" .\u202f.\u202f. 686 F.Supp. 125 (1988) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},{"id":346765,"structure_id":49788,"section_number":"13.1-639","catch_line":"Terms of class or series determined by board of directors","url":"\/13.1-639\/","token":"13.1\/9\/7\/13.1-639","metadata":false},{"id":346766,"structure_id":49788,"section_number":"13.1-640","catch_line":"Issued and outstanding shares","url":"\/13.1-640\/","token":"13.1\/9\/7\/13.1-640","metadata":false},{"id":346767,"structure_id":49788,"section_number":"13.1-641","catch_line":"Fractional shares","url":"\/13.1-641\/","token":"13.1\/9\/7\/13.1-641","metadata":{"court_decisions":""}},{"id":346768,"structure_id":49788,"section_number":"13.1-642","catch_line":"Subscription for shares before incorporation","url":"\/13.1-642\/","token":"13.1\/9\/7\/13.1-642","metadata":false},{"id":346769,"structure_id":49788,"section_number":"13.1-643","catch_line":"Issuance of shares","url":"\/13.1-643\/","token":"13.1\/9\/7\/13.1-643","metadata":false},{"id":346770,"structure_id":49788,"section_number":"13.1-644","catch_line":"Liability of shareholders and others","url":"\/13.1-644\/","token":"13.1\/9\/7\/13.1-644","metadata":false},{"id":346771,"structure_id":49788,"section_number":"13.1-645","catch_line":"Share dividends","url":"\/13.1-645\/","token":"13.1\/9\/7\/13.1-645","metadata":{"court_decisions":""}},{"id":346772,"structure_id":49788,"section_number":"13.1-646","catch_line":"Share rights, options, warrants, and other awards","url":"\/13.1-646\/","token":"13.1\/9\/7\/13.1-646","metadata":false},{"id":346773,"structure_id":49788,"section_number":"13.1-647","catch_line":"Form and content of certificates evidencing shares","url":"\/13.1-647\/","token":"13.1\/9\/7\/13.1-647","metadata":{"court_decisions":""}},{"id":346774,"structure_id":49788,"section_number":"13.1-648","catch_line":"Shares without certificates","url":"\/13.1-648\/","token":"13.1\/9\/7\/13.1-648","metadata":false},{"id":346775,"structure_id":49788,"section_number":"13.1-649","catch_line":"Restriction on transfer of shares and other securities","url":"\/13.1-649\/","token":"13.1\/9\/7\/13.1-649","metadata":{"court_decisions":{"0":{"name":"Barber v. VistaRMS, Inc.","case_number":"Record 052094.","citation":"634 S.E.2d 706","date":"2006-09-15","url":"https:\/\/www.courtlistener.com\/opinion\/1058795\/barber-v-vistarms-inc\/","abstract":" .\u202f.\u202f. 634 S.E.2d 706 (2006) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"}}}},{"id":346776,"structure_id":49788,"section_number":"13.1-650","catch_line":"Expense of issue","url":"\/13.1-650\/","token":"13.1\/9\/7\/13.1-650","metadata":false},{"id":346777,"structure_id":49788,"section_number":"13.1-651","catch_line":"Shareholders' preemptive rights","url":"\/13.1-651\/","token":"13.1\/9\/7\/13.1-651","metadata":false},{"id":346778,"structure_id":49788,"section_number":"13.1-652","catch_line":"Corporation's acquisition of its own shares","url":"\/13.1-652\/","token":"13.1\/9\/7\/13.1-652","metadata":false},{"id":346779,"structure_id":49788,"section_number":"13.1-653","catch_line":"Distributions to shareholders","url":"\/13.1-653\/","token":"13.1\/9\/7\/13.1-653","metadata":false}],"previous_section":{"id":346765,"structure_id":49788,"section_number":"13.1-639","catch_line":"Terms of class or series determined by board of directors","url":"\/13.1-639\/","token":"13.1\/9\/7\/13.1-639","metadata":false},"next_section":{"id":346767,"structure_id":49788,"section_number":"13.1-641","catch_line":"Fractional shares","url":"\/13.1-641\/","token":"13.1\/9\/7\/13.1-641","metadata":{"court_decisions":""}},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-640\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 522 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 734<\/a>.<\/p>","references":false,"refers_to":[{"id":346779,"section_number":"13.1-653","catch_line":"Distributions to shareholders","order_by":null,"url":"\/13.1-653\/"}],"permalink":{"id":1377987,"object_type":"law","relational_id":346766,"identifier":"13.1-640","token":"13.1\/9\/7\/13.1-640","url":"\/13.1-640\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-640\/","token":"13.1\/9\/7\/13.1-640","dublin_core":{"Title":"Issued and outstanding shares","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-640","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A corporation<\/span> may issue<\/span> the number of shares<\/span> of each class or series authorized by the articles of incorporation<\/span>. Shares<\/span> that are issued are outstanding shares<\/span> until they are reacquired, redeemed, converted, or canceled. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The reacquisition, redemption<\/span> or conversion of outstanding shares<\/span> is subject to the limitations of subsection C of this section and to § 13.1-653<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> At all times that shares<\/span> of the corporation<\/span> are issued and outstanding, one or more shares<\/span> that together have full voting rights and one or more shares<\/span> that together are entitled to receive the net assets<\/span> of the corporation<\/span> upon dissolution shall be outstanding. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUED AND OUTSTANDING SHARES (\u00a7 13.1-640)\n\nA. A corporation may issue the number of shares of each class or series\nauthorized by the articles of incorporation. Shares that are issued are\noutstanding shares until they are reacquired, redeemed, converted, or canceled.\n\nB. The reacquisition, redemption or conversion of outstanding shares is subject\nto the limitations of subsection C of this section and to § 13.1-653.\n\nC. At all times that shares of the corporation are issued and outstanding, one\nor more shares that together have full voting rights and one or more shares that\ntogether are entitled to receive the net assets of the corporation upon\ndissolution shall be outstanding.\n\nHISTORY: 1985, c. 522; 2019, c. 734.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}