13.1-1228 - Trustee management; limitation on duties and liabilities of others. - Virginia Statutes

§ 13.1-1228. Trustee management; limitation on duties and liabilities ofothers.

A. Except to the extent otherwise provided in the articles of trust or in thegoverning instrument of a business trust, the trustees shall choose andsupervise the officers and employees of the business trust, and the businessand affairs of the business trust shall be managed under the direction of thetrustees.

B. Except to the extent provided in the governing instrument of a businesstrust, neither the power to give direction to a trustee or other persons northe exercise by any person of a direction, including a beneficial owner,shall cause that person to have duties, including fiduciary duties, orliabilities relating to the business trust or to a beneficial owner, or causeany such person to be a trustee.

(2002, c. 621.)