13.1-1267 - Action on plan of domestication by a domestic business trust. - Virginia Statutes

§ 13.1-1267. Action on plan of domestication by a domestic business trust.

A. The plan of domestication shall be approved by the trustees of thedomestic business trust in the manner provided in the business trust'sgoverning instrument or articles of trust for amendments or, if no suchprovision is made in a governing instrument or articles of trust, by the soletrustee or a majority of the trustees of the business trust.

B. The business trust shall notify each trustee, whether or not entitled tovote, and each member of a voting group of the proposed trustees' meeting atwhich the plan of domestication is to be submitted for approval. The notice,which shall be given no less than twenty-five nor more than sixty days beforethe meeting date, shall state that a purpose of the meeting is to considerthe plan of domestication and shall contain or be accompanied by a copy ofthe plan.

(2002, c. 621.)