13.1-1241 - Authority to transact business required; governing law. - Virginia Statutes

§ 13.1-1241. Authority to transact business required; governing law.

A. A foreign business trust may not transact business in the Commonwealthuntil it obtains a certificate of registration from the Commission.

B. Subject to the Constitution of the Commonwealth:

1. The laws of the state or other jurisdiction under which a foreign businesstrust is formed govern its formation and internal affairs and the liabilityof its beneficial owners and trustees; and

2. A foreign business trust may not be denied a certificate of registrationby reason of any difference between those laws and the laws of theCommonwealth.

However, a foreign business trust holding a valid certificate of registrationto transact business in the Commonwealth shall have no greater rights andprivileges than a domestic business trust. The certificate of registrationshall not be deemed to authorize the foreign business trust to exercise anyof its powers or purposes that a domestic business trust is forbidden by lawto exercise in the Commonwealth.

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