{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-692.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-692.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-692.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-692.1.html"}],"law_id":346833,"edition_id":2,"section_id":346833,"structure_id":49791,"section_number":"13.1-692.1","catch_line":"Limitation on liability of officers and directors; exception","history":"1987, cc. 59, 257; 1988, c. 561; 2019, c. 734; 2020, c. 1226.","full_text":"A\n\nIn any proceeding brought by or in the right of a corporation or brought by or on behalf of shareholders of the corporation, the damages assessed against an officer or director arising out of a single transaction, occurrence or course of conduct shall not exceed the lesser of:\n\n1\n\nThe monetary amount, including the elimination of liability, specified in the articles of incorporation or, if approved by the shareholders, in the bylaws as a limitation on or elimination of the liability of the officer or director; or\n\n2\n\nThe greater of (i) $100,000 or (ii) the amount of cash compensation received by the officer or director from the corporation during the 12 months immediately preceding the act or omission for which liability was imposed.\n\nB\n\nThe liability of an officer or director shall not be limited as provided in this section if the officer or director engaged in willful misconduct or a knowing violation of the criminal law or of any federal or state securities law, including, without limitation, any claim of unlawful insider trading or manipulation of the market for any security.\n\nC\n\nNo limitation or elimination of liability adopted pursuant to this section may be affected by any amendment of the articles of incorporation or bylaws with respect to any action or omission occurring before such amendment.\n\n","order_by":null,"text":{"0":{"id":1293605,"text":"In any proceeding brought by or in the right of a corporation or brought by or on behalf of shareholders of the corporation, the damages assessed against an officer or director arising out of a single transaction, occurrence or course of conduct shall not exceed the lesser of:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1293606,"text":"The monetary amount, including the elimination of liability, specified in the articles of incorporation or, if approved by the shareholders, in the bylaws as a limitation on or elimination of the liability of the officer or director; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1293607,"text":"The greater of (i) $100,000 or (ii) the amount of cash compensation received by the officer or director from the corporation during the 12 months immediately preceding the act or omission for which liability was imposed.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1293608,"text":"The liability of an officer or director shall not be limited as provided in this section if the officer or director engaged in willful misconduct or a knowing violation of the criminal law or of any federal or state securities law, including, without limitation, any claim of unlawful insider trading or manipulation of the market for any security.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":1293609,"text":"No limitation or elimination of liability adopted pursuant to this section may be affected by any amendment of the articles of incorporation or bylaws with respect to any action or omission occurring before such amendment.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":49791,"edition_id":2,"name":"Directors and Officers","identifier":"9","label":"article","depth":3,"order_by":11,"parent_id":49780,"metadata":{"child_laws":27,"child_structures":0},"date_created":"2026-08-02 02:15:20","date_modified":"2026-08-02 12:29:11","permalink":{"id":1378171,"object_type":"structure","relational_id":49791,"identifier":"9","token":"13.1\/9\/9","url":"\/13.1\/9\/9\/","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":346811,"structure_id":49791,"section_number":"13.1-673","catch_line":"Requirement for and duties of board of directors","url":"\/13.1-673\/","token":"13.1\/9\/9\/13.1-673","metadata":false},{"id":346812,"structure_id":49791,"section_number":"13.1-674","catch_line":"Qualifications for directors or for nominees for director","url":"\/13.1-674\/","token":"13.1\/9\/9\/13.1-674","metadata":{"court_decisions":""}},{"id":346813,"structure_id":49791,"section_number":"13.1-675","catch_line":"Number and election of directors","url":"\/13.1-675\/","token":"13.1\/9\/9\/13.1-675","metadata":{"court_decisions":{"0":{"name":"In Re Old Grind Co., Inc.","case_number":"19-70170","citation":"99 B.R. 317","date":"1989-05-25","url":"https:\/\/www.courtlistener.com\/opinion\/2012268\/in-re-old-grind-co-inc\/","abstract":" .\u202f.\u202f. 99 B.R. 317 (1989) .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, W.D. Virginia"}}}},{"id":346814,"structure_id":49791,"section_number":"13.1-676","catch_line":"Election of directors by certain classes or series of shares","url":"\/13.1-676\/","token":"13.1\/9\/9\/13.1-676","metadata":{"court_decisions":""}},{"id":346815,"structure_id":49791,"section_number":"13.1-677","catch_line":"Terms of directors generally","url":"\/13.1-677\/","token":"13.1\/9\/9\/13.1-677","metadata":false},{"id":346816,"structure_id":49791,"section_number":"13.1-678","catch_line":"Staggered terms for directors","url":"\/13.1-678\/","token":"13.1\/9\/9\/13.1-678","metadata":false},{"id":346817,"structure_id":49791,"section_number":"13.1-679","catch_line":"Resignation of directors","url":"\/13.1-679\/","token":"13.1\/9\/9\/13.1-679","metadata":false},{"id":346818,"structure_id":49791,"section_number":"13.1-680","catch_line":"Removal of directors by shareholders","url":"\/13.1-680\/","token":"13.1\/9\/9\/13.1-680","metadata":{"court_decisions":""}},{"id":346820,"structure_id":49791,"section_number":"13.1-681","catch_line":"Repealed","url":"\/13.1-681\/","token":"13.1\/9\/9\/13.1-681","metadata":false},{"id":346819,"structure_id":49791,"section_number":"13.1-681.1","catch_line":"Removal of directors by judicial proceeding","url":"\/13.1-681.1\/","token":"13.1\/9\/9\/13.1-681.1","metadata":false},{"id":346821,"structure_id":49791,"section_number":"13.1-682","catch_line":"Vacancy on board of directors","url":"\/13.1-682\/","token":"13.1\/9\/9\/13.1-682","metadata":false},{"id":346822,"structure_id":49791,"section_number":"13.1-683","catch_line":"Compensation of directors","url":"\/13.1-683\/","token":"13.1\/9\/9\/13.1-683","metadata":false},{"id":346823,"structure_id":49791,"section_number":"13.1-684","catch_line":"Meetings of the board of directors","url":"\/13.1-684\/","token":"13.1\/9\/9\/13.1-684","metadata":{"court_decisions":""}},{"id":346824,"structure_id":49791,"section_number":"13.1-685","catch_line":"Action without meeting of board of directors","url":"\/13.1-685\/","token":"13.1\/9\/9\/13.1-685","metadata":false},{"id":346825,"structure_id":49791,"section_number":"13.1-686","catch_line":"Notice of board of directors' meetings","url":"\/13.1-686\/","token":"13.1\/9\/9\/13.1-686","metadata":false},{"id":346826,"structure_id":49791,"section_number":"13.1-687","catch_line":"Waiver of notice by director","url":"\/13.1-687\/","token":"13.1\/9\/9\/13.1-687","metadata":false},{"id":346827,"structure_id":49791,"section_number":"13.1-688","catch_line":"Quorum and voting by directors","url":"\/13.1-688\/","token":"13.1\/9\/9\/13.1-688","metadata":false},{"id":346828,"structure_id":49791,"section_number":"13.1-689","catch_line":"Committees","url":"\/13.1-689\/","token":"13.1\/9\/9\/13.1-689","metadata":false},{"id":346830,"structure_id":49791,"section_number":"13.1-690","catch_line":"General standards of conduct for director","url":"\/13.1-690\/","token":"13.1\/9\/9\/13.1-690","metadata":{"court_decisions":{"0":{"name":" .\u202f.\u202f. Richmond A. Dellastatious, and Frank Romano v. Donald F. .\u202f.\u202f. ","case_number":"00-1577","citation":"242 F.3d 191","date":"2001-02-22","url":"https:\/\/www.courtlistener.com\/opinion\/772338\/richmond-a-dellastatious-and-frank-romano-v-donald-f-williams-ray\/","abstract":" .\u202f.\u202f. 242 F.3d 191 (4th Cir. 2001) .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"1":{"name":"Dellastatious v. Williams","case_number":"00-1577, 00-1595","citation":"242 F.3d 191","date":"2001-02-22","url":"https:\/\/www.courtlistener.com\/opinion\/2967340\/dellastatious-v-williams\/","abstract":" .\u202f.\u202f. OPINION .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"2":{"name":"Remora Investments, L.L.C. v. Orr","case_number":"Record 080313.","citation":"673 S.E.2d 845","date":"2009-02-27","url":"https:\/\/www.courtlistener.com\/opinion\/1058372\/remora-investments-llc-v-orr\/","abstract":" .\u202f.\u202f. 673 S.E.2d 845 (2009) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"},"3":{"name":"Willard v. Moneta Building Supply, Inc.","case_number":"Record 981836","citation":"515 S.E.2d 277","date":"1999-06-11","url":"https:\/\/www.courtlistener.com\/opinion\/1059739\/willard-v-moneta-building-supply-inc\/","abstract":" .\u202f.\u202f. JUSTICE KOONTZ, with whom JUSTICE HASSELL .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"},"4":{"name":"Wlr Foods, Inc. v. Tyson Foods, Inc.","case_number":"Civ. A. No. 94-0012-H","citation":"155 F.R.D. 136","date":"1994-04-25","url":"https:\/\/www.courtlistener.com\/opinion\/9045584\/wlr-foods-inc-v-tyson-foods-inc\/","abstract":" .\u202f.\u202f. MEMORANDUM OPINION .\u202f.\u202f. ","court_html":"District Court, W.D. Virginia"},"5":{"name":"Berman v. Physical Medicine Associates, Ltd.","case_number":"99-1043","citation":"225 F.3d 429","date":"2000-08-23","url":"https:\/\/www.courtlistener.com\/opinion\/2967261\/berman-v-physical-medicine-associates-ltd\/","abstract":" .\u202f.\u202f. Affirmed by published opinion. Judge NIEMEYER wrote the opinion, in which Judge MICHAEL and Judge .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"6":{"name":"Matson v. Alpert (In re LandAmerica Financial Group, Inc.)","case_number":"Bankruptcy No. 08-35994; Adversary No. 11-03168","citation":"470 B.R. 759","date":"2012-03-01","url":"https:\/\/www.courtlistener.com\/opinion\/8522215\/matson-v-alpert-in-re-landamerica-financial-group-inc\/","abstract":" .\u202f.\u202f. MEMORANDUM OPINION .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"7":{"name":"WLR Foods, Inc. v. Tyson Foods, Inc.","case_number":"Civ. A. 94-012-H","citation":"857 F. Supp. 492","date":"1994-06-01","url":"https:\/\/www.courtlistener.com\/opinion\/2008780\/wlr-foods-inc-v-tyson-foods-inc\/","abstract":" .\u202f.\u202f. 857 F.Supp. 492 (1994) .\u202f.\u202f. ","court_html":"District Court, W.D. Virginia"},"8":{"name":"Simmons v. Miller","case_number":"Record 000785","citation":"544 S.E.2d 666","date":"2001-04-20","url":"https:\/\/www.courtlistener.com\/opinion\/1059483\/simmons-v-miller\/","abstract":" .\u202f.\u202f. 544 S.E.2d 666 (2001) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"},"9":{"name":"Commonwealth Transportation Commissioner v. Matyiko","case_number":"Record 960433","citation":"481 S.E.2d 468","date":"1997-01-10","url":"https:\/\/www.courtlistener.com\/opinion\/1060097\/commonwealth-transportation-commissioner-v-matyiko\/","abstract":" .\u202f.\u202f. 481 S.E.2d 468 (1997) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}}},{"id":346829,"structure_id":49791,"section_number":"13.1-690.1","catch_line":"Director of open-end management investment company deemed disinterested","url":"\/13.1-690.1\/","token":"13.1\/9\/9\/13.1-690.1","metadata":false},{"id":346832,"structure_id":49791,"section_number":"13.1-691","catch_line":"Director conflict of interests","url":"\/13.1-691\/","token":"13.1\/9\/9\/13.1-691","metadata":false},{"id":346831,"structure_id":49791,"section_number":"13.1-691.1","catch_line":"Business opportunities","url":"\/13.1-691.1\/","token":"13.1\/9\/9\/13.1-691.1","metadata":false},{"id":346834,"structure_id":49791,"section_number":"13.1-692","catch_line":"Liability for unlawful distributions","url":"\/13.1-692\/","token":"13.1\/9\/9\/13.1-692","metadata":false},{"id":346833,"structure_id":49791,"section_number":"13.1-692.1","catch_line":"Limitation on liability of officers and directors; exception","url":"\/13.1-692.1\/","token":"13.1\/9\/9\/13.1-692.1","metadata":{"court_decisions":{"0":{"name":"Nos. 91-1873, 91-1874","case_number":"332","citation":"979 F.2d 332","date":"1993-04-07","url":"https:\/\/www.courtlistener.com\/opinion\/594712\/nos-91-1873-91-1874\/","abstract":" .\u202f.\u202f. 979 F.2d 332 .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"1":{"name":"Sandberg v. Virginia Bankshares, Inc.","case_number":"Nos. 91-1873, 91-1874","citation":"979 F.2d 332","date":"1992-10-21","url":"https:\/\/www.courtlistener.com\/opinion\/9012782\/sandberg-v-virginia-bankshares-inc\/","abstract":" .\u202f.\u202f. OPINION .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"2":{"name":"Sandberg v. Virginia Bankshares, Inc.","case_number":"Nos. 88-2658 to 88-2660, 88-2662 to 88-2664, 89-2903, 89-2904","citation":"891 F.2d 1112","date":"1989-12-15","url":"https:\/\/www.courtlistener.com\/opinion\/8984088\/sandberg-v-virginia-bankshares-inc\/","abstract":" .\u202f.\u202f. K.K. HALL, Circuit Judge: .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"3":{"name":"Matson v. Alpert (In re LandAmerica Financial Group, Inc.)","case_number":"Bankruptcy No. 08-35994; Adversary No. 11-03168","citation":"470 B.R. 759","date":"2012-03-01","url":"https:\/\/www.courtlistener.com\/opinion\/8522215\/matson-v-alpert-in-re-landamerica-financial-group-inc\/","abstract":" .\u202f.\u202f. MEMORANDUM OPINION .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"4":{"name":"Commonwealth Transportation Commissioner v. Matyiko","case_number":"Record 960433","citation":"481 S.E.2d 468","date":"1997-01-10","url":"https:\/\/www.courtlistener.com\/opinion\/1060097\/commonwealth-transportation-commissioner-v-matyiko\/","abstract":" .\u202f.\u202f. 481 S.E.2d 468 (1997) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}}},{"id":346835,"structure_id":49791,"section_number":"13.1-693","catch_line":"Required officers","url":"\/13.1-693\/","token":"13.1\/9\/9\/13.1-693","metadata":false},{"id":346836,"structure_id":49791,"section_number":"13.1-694","catch_line":"Duties of officers","url":"\/13.1-694\/","token":"13.1\/9\/9\/13.1-694","metadata":false},{"id":346837,"structure_id":49791,"section_number":"13.1-695","catch_line":"Resignation and removal of officers","url":"\/13.1-695\/","token":"13.1\/9\/9\/13.1-695","metadata":{"court_decisions":""}}],"previous_section":{"id":346834,"structure_id":49791,"section_number":"13.1-692","catch_line":"Liability for unlawful distributions","url":"\/13.1-692\/","token":"13.1\/9\/9\/13.1-692","metadata":false},"next_section":{"id":346835,"structure_id":49791,"section_number":"13.1-693","catch_line":"Required officers","url":"\/13.1-693\/","token":"13.1\/9\/9\/13.1-693","metadata":false},"metadata":{"court_decisions":{"0":{"name":"Nos. 91-1873, 91-1874","case_number":"332","citation":"979 F.2d 332","date":"1993-04-07","url":"https:\/\/www.courtlistener.com\/opinion\/594712\/nos-91-1873-91-1874\/","abstract":" .\u202f.\u202f. 979 F.2d 332 .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"1":{"name":"Sandberg v. Virginia Bankshares, Inc.","case_number":"Nos. 91-1873, 91-1874","citation":"979 F.2d 332","date":"1992-10-21","url":"https:\/\/www.courtlistener.com\/opinion\/9012782\/sandberg-v-virginia-bankshares-inc\/","abstract":" .\u202f.\u202f. OPINION .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"2":{"name":"Sandberg v. Virginia Bankshares, Inc.","case_number":"Nos. 88-2658 to 88-2660, 88-2662 to 88-2664, 89-2903, 89-2904","citation":"891 F.2d 1112","date":"1989-12-15","url":"https:\/\/www.courtlistener.com\/opinion\/8984088\/sandberg-v-virginia-bankshares-inc\/","abstract":" .\u202f.\u202f. K.K. HALL, Circuit Judge: .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"3":{"name":"Matson v. Alpert (In re LandAmerica Financial Group, Inc.)","case_number":"Bankruptcy No. 08-35994; Adversary No. 11-03168","citation":"470 B.R. 759","date":"2012-03-01","url":"https:\/\/www.courtlistener.com\/opinion\/8522215\/matson-v-alpert-in-re-landamerica-financial-group-inc\/","abstract":" .\u202f.\u202f. MEMORANDUM OPINION .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"4":{"name":"Commonwealth Transportation Commissioner v. Matyiko","case_number":"Record 960433","citation":"481 S.E.2d 468","date":"1997-01-10","url":"https:\/\/www.courtlistener.com\/opinion\/1060097\/commonwealth-transportation-commissioner-v-matyiko\/","abstract":" .\u202f.\u202f. 481 S.E.2d 468 (1997) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-692.1\/","history_text":"<p>This law was first created in 1987. The record of its establishment is cataloged in chapters 59 and 257 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 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. 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. Those modifications are as follows: in 1988, chapter 561; in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0734\">734<\/a>; in 2020, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1226\">1226<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1378265,"object_type":"law","relational_id":346833,"identifier":"13.1-692.1","token":"13.1\/9\/9\/13.1-692.1","url":"\/13.1-692.1\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-692.1\/","token":"13.1\/9\/9\/13.1-692.1","dublin_core":{"Title":"Limitation on liability of officers and directors; exception","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-692.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> In any <span class=\"dictionary\">proceeding<\/span> brought by or in the right of a <span class=\"dictionary\">corporation<\/span> or brought by or on behalf of <span class=\"dictionary\">shareholders<\/span> of the <span class=\"dictionary\">corporation<\/span>, the <span class=\"dictionary\">damages<\/span> assessed against an officer or director arising out of a single transaction, occurrence or course of conduct shall not exceed the lesser of: <a id=\"paragraph-1293605\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-692.1\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> The monetary amount, including the elimination of liability, specified in the <span class=\"dictionary\">articles of incorporation<\/span> or, if approved by the <span class=\"dictionary\">shareholders<\/span>, in the bylaws as a limitation on or elimination of the liability of the officer or director; or <a id=\"paragraph-1293606\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-692.1\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> The greater of (i) $100,000 or (ii) the amount of cash compensation received by the officer or director from the <span class=\"dictionary\">corporation<\/span> during the 12 months immediately preceding the act or omission for which liability was imposed. <a id=\"paragraph-1293607\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-692.1\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The liability of an officer or director shall not be limited as provided in this section if the officer or director engaged in willful misconduct or a knowing violation of the criminal <span class=\"dictionary\">law<\/span> or of any federal or <span class=\"dictionary\">state<\/span> securities <span class=\"dictionary\">law<\/span>, including, without limitation, any claim of unlawful insider trading or manipulation of the market for any security. <a id=\"paragraph-1293608\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-692.1\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> No limitation or elimination of liability adopted pursuant to this section may be affected by any amendment of the <span class=\"dictionary\">articles of incorporation<\/span> or bylaws with respect to any action or omission occurring before such amendment. <a id=\"paragraph-1293609\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-692.1\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nLIMITATION ON LIABILITY OF OFFICERS AND DIRECTORS; EXCEPTION (\u00a7 13.1-692.1)\n\nA. In any proceeding brought by or in the right of a corporation or brought by\nor on behalf of shareholders of the corporation, the damages assessed against an\nofficer or director arising out of a single transaction, occurrence or course of\nconduct shall not exceed the lesser of:\n\n   1. The monetary amount, including the elimination of liability, specified in\n   the articles of incorporation or, if approved by the shareholders, in the\n   bylaws as a limitation on or elimination of the liability of the officer or\n   director; or\n\n   2. The greater of (i) $100,000 or (ii) the amount of cash compensation\n   received by the officer or director from the corporation during the 12 months\n   immediately preceding the act or omission for which liability was imposed.\n\nB. The liability of an officer or director shall not be limited as provided in\nthis section if the officer or director engaged in willful misconduct or a\nknowing violation of the criminal law or of any federal or state securities law,\nincluding, without limitation, any claim of unlawful insider trading or\nmanipulation of the market for any security.\n\nC. No limitation or elimination of liability adopted pursuant to this section\nmay be affected by any amendment of the articles of incorporation or bylaws with\nrespect to any action or omission occurring before such amendment.\n\nHISTORY: 1987, cc. 59, 257; 1988, c. 561; 2019, c. 734; 2020, c. 1226.","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"}}