13.1-1216 - Amendment of articles of trust. - Virginia Statutes

§ 13.1-1216. Amendment of articles of trust.

A. Except to the extent otherwise provided in this chapter, the articles oftrust, or the governing instrument of the business trust, the sole trustee ora majority of the trustees may amend the articles of trust of a businesstrust at any time to add or change a provision that is required or permittedin the articles, or to delete a provision not required in the articles. Anamendment to the articles of trust may delete the name and address of theinitial registered agent or registered office, if a statement of changedescribed in § 13.1-1221 is on file with the Commission.

B. A business trust amending its articles of trust shall file with theCommission articles of amendment setting forth:

1. The name of the business trust;

2. The text of each amendment adopted;

3. The date of each amendment's adoption; and

4. A statement that the amendment was adopted in accordance with the articlesof trust and the governing instrument of the business trust.

C. If the Commission finds that the articles of amendment comply with therequirements of law and that all required fees have been paid, it shall issuea certificate of amendment.

D. An amendment to the articles of the trust does not affect a cause ofaction existing against or in favor of the business trust, a proceeding towhich the business trust is a party, or the existing rights of persons otherthan beneficial owners of the business trust. An amendment changing abusiness trust's name does not abate a proceeding brought by or against thebusiness trust in its former name.

(2002, c. 621; 2008, c. 101.)