13.1-1238 - Articles of cancellation. - Virginia Statutes

§ 13.1-1238. Articles of cancellation.

A. When the affairs of a business trust have been wound up pursuant to §13.1-1236, it shall file articles of cancellation with the Commission. Thearticles shall set forth:

1. The name of the business trust;

2. The effective date of its certificate of trust;

3. The reason for filing the articles of cancellation;

4. A statement that the business trust has completed the winding up of itsaffairs; and

5. Any other information the trustees determine to include therein.

B. If the Commission finds that the articles of cancellation comply with therequirements of law and that all required fees have been paid, it shall byorder issue a certificate of cancellation, canceling the business trust'sexistence. Upon the effective date of such certificate, the existence of thebusiness trust shall cease, except for the purpose of suits, otherproceedings, and appropriate actions by trustees and beneficial owners asprovided in this chapter.

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