13.1-1278 - Trust records. - Virginia Statutes

§ 13.1-1278. Trust records.

A. A business trust shall keep minutes of all meetings of its beneficialowners and trustees, a record of all actions taken by the beneficial ownersor trustees without a meeting, and a record of all actions taken by acommittee of the trustees on behalf of the business trust.

B. A business trust shall maintain appropriate accounting records.

C. A business trust or its agent shall maintain a record of its beneficialowners, in a form that permits preparation of a list of the names andaddresses of all beneficial owners, in alphabetical order by class andseries, if any, of beneficial interests showing the number and class andseries, if any, of beneficial interests held by each.

D. A business trust shall maintain its records in written form or in anotherform capable of conversion into written form within a reasonable time.

E. A business trust shall keep a copy of the following records:

1. Its articles or restated articles of trust and all amendments to themcurrently in effect;

2. Its governing instrument and all amendments to it currently in effect;

3. Resolutions adopted by its trustees creating one or more classes or seriesof beneficial interests, and fixing their relative rights, preferences, andlimitations, if beneficial interests issued pursuant to those resolutions areoutstanding;

4. The minutes of all meetings of beneficial owners, and records of allaction taken by beneficial owners without a meeting, for the past three years;

5. All written communications to beneficial owners generally within the pastthree years; and

6. A list of the names and business addresses of its current trustees andofficers.

(2002, c. 621.)