78752513.1-691Virginia Decodedhttps://vacode.org2016CorporationsVirginia Stock Corporation ActDirectors And OfficersDirector conflict of interestsCode 1950, § 13.1-39.1; 1975, c. 500; 1980, c. 341; 1985, c. 522; 2005, c. 765.Willard v. Moneta Bldg. Supply981836515 S.E.2d 2771999-06-11https://www.courtlistener.com/opinion/1059739/willard-v-moneta-bldg-supply/ . . . transaction violated the provisions of Code § 13.1-691 dealing with conflict of interests. He also . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Izadpanah v. Boeing Joint VentureRecord No. 901568412 S.E.2d 7081992-01-10https://www.courtlistener.com/opinion/1410217/izadpanah-v-boeing-joint-venture/ . . . However, when a conflict of interest as defined in § 13.1-691 exists, such as Izadpanah presented . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Byelick v. VivadelliCIV.A. 3:98CV78779 F. Supp. 2d 6101999-12-20https://www.courtlistener.com/opinion/2523088/byelick-v-vivadelli/ . . . close corporation under § 13.1-691. . . . District Court, E.D. VirginiaWillard v. Moneta Bldg. Supply, Inc.002354551 S.E.2d 5962001-09-14https://www.courtlistener.com/opinion/1059429/willard-v-moneta-bldg-supply-inc/ . . . a conflict of interest in violation of Code § 13.1-691. Following a bench trial, the trial court . . . <abbr title="Supreme Court of Virginia">SCV</abbr>WLR Foods, Inc. v. Tyson Foods, Inc.Civ. A. No. 94-012-H857 F. Supp. 4921994-06-01https://www.courtlistener.com/opinion/2008780/wlr-foods-inc-v-tyson-foods-inc/ . . . however, that jurisprudence finds expression in § 13.1-691. See Izadpanah v. Boeing Joint Venture, . . . District Court, W.D. VirginiaHildebrand v. LewisCIV.A. 03-740-A281 F. Supp. 2d 8372003-09-10https://www.courtlistener.com/opinion/2493711/hildebrand-v-lewis/ . . . breach of fiduciary duty in violation of Va.Code § 13.1-691 and § 13.1-725 (Count II), and (iii) . . . District Court, E.D. Virginiahttp://law.lis.virginia.gov/vacode/13.1-691//13.1-691/13.1/9/9/13.1-69113.1-122913.1-788 The transaction was fair to the corporation.sectionA3A32For purposes of subdivision A 1, a conflict of interests transaction is authorized, approved, or ratified if it receives the affirmative vote of a majority of the disinterested directors on the board of directors, or on the committee. A transaction shall not be authorized, approved, or ratified under this section by a single director. If a majority of the disinterested directors vote to authorize, approve or ratify the transaction, a quorum is present for the purpose of taking action under this section. The presence of, or a vote cast by, a director who is not disinterested does not affect the validity of any action taken under subdivision A 1 if the transaction is otherwise authorized, approved or ratified as provided in that subsection.sectionBB1For purposes of subdivision A 2, a conflict of interests transaction is authorized, approved, or ratified if it receives the vote of a majority of the shares entitled to be counted under this subsection. Shares owned by or voted under the control of a director who is not disinterested may not be counted in a vote of shareholders to determine whether to authorize, approve, or ratify a conflict of interests transaction under subdivision A 2. The vote of those shares, however, shall be counted in determining whether the transaction is approved under other sections of this chapter. A majority of the shares, whether or not present, that are entitled to be counted in a vote on the transaction under this subsection constitutes a quorum for the purpose of taking action under this section.sectionCC1