13.1-1080 - Abandonment of domestication. - Virginia Statutes

§ 13.1-1080. Abandonment of domestication.

A. Unless the domestic limited liability company's articles of organization,operating agreement or the plan of domestication provides otherwise, afterthe domestication has been authorized and at any time before the effectivedate of the certificate of domestication issued by the Commission, thedomestication may be abandoned by majority vote of the members of thedomestic limited liability company.

B. If a domestication is abandoned under subsection A after articles oforganization surrender have been filed with the Commission but before thecertificate of organization surrender has become effective, written noticethat the domestication has been abandoned in accordance with this sectionshall be filed with the Commission prior to the effective date of thecertificate of organization surrender. The notice shall take effect uponfiling and the domestication shall be deemed abandoned and shall not becomeeffective.

C. If the domestication of a foreign limited liability company into thisCommonwealth is abandoned in accordance with the laws of the foreignjurisdiction after articles of domestication have been filed with theCommission but before the certificate of domestication has become effectivein this Commonwealth, written notice that the domestication has beenabandoned shall be filed with the Commission prior to the effective date ofthe certificate of domestication. The notice shall take effect upon filingand the domestication shall be deemed abandoned and shall not becomeeffective.

(2006, c. 912.)