13.1-1271 - Abandonment of domestication. - Virginia Statutes

§ 13.1-1271. Abandonment of domestication.

A. Unless a plan of domestication of a domestic business trust prohibitsabandonment of the domestication without approval of one or more votinggroups, after the domestication has been authorized, and at any time beforethe certificate of domestication filed in the other jurisdiction has becomeeffective, the domestication may be abandoned without further action by anyvoting group in accordance with the procedure set forth in the plan or, ifnone is set forth, in the manner determined by the trustees.

B. If a domestication is abandoned under subsection A after articles of trustsurrender have been filed with the Commission but before the certificate oftrust surrender has become effective, written notice that the domesticationhas been abandoned in accordance with this section shall be filed with theCommission prior to the effective date of the certificate of trust surrender.The notice shall take effect upon filing and the domestication shall bedeemed abandoned and shall not become effective.

C. If the domestication of a foreign entity into a domestic business trust isabandoned in accordance with the laws of the foreign jurisdiction afterarticles of domestication have been filed with the Commission but before thecertificate of domestication has become effective in this Commonwealth,written notice that the domestication has been abandoned shall be filed withthe Commission prior to the effective date of the certificate ofdomestication. The notice shall take effect upon filing and the domesticationshall be deemed abandoned and shall not become effective.

(2002, c. 621.)