13.1-1269 - Surrender of articles of trust upon domestication. - Virginia Statutes

§ 13.1-1269. Surrender of articles of trust upon domestication.

A. Whenever a domestic business trust has adopted and approved, in the mannerrequired by this article, a plan of domestication providing for the businesstrust to be domesticated under the laws of another jurisdiction, the businesstrust shall file with the Commission articles of trust surrender settingforth:

1. The name of the business trust;

2. The business trust's new jurisdiction of formation;

3. The business trust's new entity type, if any;

4. The plan of domestication;

5. A statement that the articles of trust surrender are being filed inconnection with the domestication of the business trust as a foreign entityto be formed under the laws of another jurisdiction and that the businesstrust is surrendering its charter under the laws of this Commonwealth;

6. A statement that the plan was adopted by the business trust in accordancewith § 13.1-1267;

7. A statement that the domestic business trust revokes the authority of itsregistered agent to accept service on its behalf and appoints the clerk ofthe Commission as its agent for service of process in any proceeding based ona cause of action arising during the time it was formed in this Commonwealth;

8. A mailing address to which the clerk may mail a copy of any process servedon him under subdivision 7; and

9. A commitment to notify the clerk of the Commission in the future of anychange in the mailing address of the business trust.

B. If the Commission finds that the articles of trust surrender comply withthe requirements of law and that all required fees have been paid, it shallissue a certificate of trust surrender.

C. The business trust shall automatically cease to be a domestic businesstrust when the certificate of trust surrender becomes effective.

D. If the former domestic business trust intends to continue to transactbusiness in the Commonwealth, then, within thirty days after the effectivedate of the certificate of trust surrender, it shall deliver to theCommission an application for a certificate of authority to transact businessin the Commonwealth pursuant to the applicable provisions of the Code ofVirginia for the resulting entity type of the former domestic business trust.

(2002, c. 621.)