Business Trust Act; reorganizes provisions. (SB360)
Introduced By
Sen. John Watkins (R-Midlothian)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Virginia Business Trust Act. Reorganizes provisions of the Virginia Business Trust Act regarding the winding up, cancellation, and reinstatement of business trusts. The revisions to the structure of the Act conform to the organization of the Virginia Stock and Nonstock Corporation Acts. Other provisions address the involuntary cancellation and reinstatement of foreign business trusts and the cancellation of a business trust's existence. The measure also authorizes the removal of the initial registered office and registered agent information in the articles of trust if a statement of change is on file with the Commission, and makes technical clarifications. Amends § 13.1-1204 (“Fees.”), § 13.1-1210 (“Powers.”), § 13.1-1216 (“Amendment of articles of trust.”), § 13.1-1217 (“Restatement of articles of trust.”), § 13.1-1234 (“Dissolution generally.”), § 13.1-1235 (“Judicial dissolution.”), § 13.1-1236 (“Winding up.”), § 13.1-1238 (“Articles of cancellation.”), § 13.1-1238.1 (“Automatic cancellation of business trust existence.”), § 13.1-1238.2 (“Involuntary cancellation of business trust existence.”), § 13.1-1239 (“Reinstatement of a business trust that has ceased to exist.”), § 13.1-1241 (“Authority to transact business required; governing law.”), § 13.1-1242 (“Application for certificate of registration.”), § 13.1-1245 (“Amendments; amended applications for registration.”), § 13.1-1246.1 (“Automatic cancellation of registration.”), § 13.1-1246.2 (“Involuntary cancellation of registration.”), § 13.1-1246.3 (“Reinstatement of a certificate of registration that has been canceled.”), § 13.1-1250 (“Merger of foreign business trust registered to transact business in Commonwealth.”), § 13.1-1254 (“Penalty for failure to timely pay annual registration fees or file statement of change.”), § 13.1-1261 (“Articles of merger.”), of the Code of Virginia. View Full Text »
