§ 13.1-1278. Trust records
A. A business trust shall keep minutes of all meetings of its beneficial owners and trustees, a record of all actions taken by the beneficial owners or trustees without a meeting, and a record of all actions taken by a committee of the trustees on behalf of the business trust. B. A business trust shall […]
§ 13.1-1274. Action on plan of entity conversion
A. In the case of a domestic business trust that is a converting entity, unless the articles of trust or governing instrument of the business trust provides otherwise, the plan of entity conversion shall be approved by the trustees of the business trust in the manner provided in a written governing instrument for amendments to […]
§ 13.1-1269. Surrender of articles of trust upon domestication
A. Whenever a domestic business trust has adopted and approved, in the manner required by this article, a plan of domestication providing for the business trust to be domesticated under the laws of another jurisdiction, the business trust shall file with the Commission articles of trust surrender setting forth: 1. The name of the business […]
§ 13.1-1270. Effect of domestication
A. When a foreign business trust’s certificate of domestication in this Commonwealth becomes effective, with respect to that business trust: 1. The title to all real estate and other property remains in the business trust without reversion or impairment; 2. The liabilities remain the liabilities of the business trust; 3. A proceeding pending may be […]
§ 13.1-1271. Abandonment of domestication
A. Unless otherwise provided in the plan of domestication, after a plan of domestication has been approved by a domestic business trust as required by this article, and at any time before the certificate of trust surrender or certificate of domestication has become effective, the plan may be abandoned by the business trust without action […]
§ 13.1-1272. Entity conversion
A. A domestic business trust may become a domestic limited liability company pursuant to a plan of entity conversion that is approved by the domestic business trust in accordance with the provisions of this article. B. A domestic limited liability company may become a domestic business trust pursuant to a plan of entity conversion that […]
§ 13.1-1273. Plan of entity conversion
A. In the case of a domestic business trust that is a converting entity: 1. The business trust shall approve a plan of entity conversion setting forth: a. A statement of the business trust’s intention to convert to a domestic limited liability company; b. The terms and conditions of the conversion, including the manner and […]
§ 13.1-1264. Definitions
As used in this article, unless the context requires a different meaning: “Articles of organization” has the same meaning specified in § 13.1-1002. “Converting entity” means the domestic or foreign business trust, corporation, limited liability company, limited partnership, partnership, or other entity that adopts a plan of domestication or plan of entity conversion pursuant to […]
§ 13.1-1265. Domestication
A. A foreign business trust may become a domestic business trust if the laws of the jurisdiction in which the foreign entity is formed authorize it to domesticate in another jurisdiction. The laws of this Commonwealth shall govern the effect of domesticating in this Commonwealth pursuant to this article. B. A domestic business trust not […]
§ 13.1-1266. Plan of domestication
A. The plan of domestication shall set forth: 1. The name of the state or other jurisdiction under whose laws the domestic business trust or foreign entity is formed, organized, or incorporated; 2. A statement of the jurisdiction in which the domestic business trust or foreign entity is to be domesticated; 3. The terms and […]