38.2-1005.1:3 - Mutual holding company membership interest - Virginia Statutes

§ 38.2-1005.1:3. Mutual holding company membership interest.

A. A member of a mutual holding company shall not transfer membership in thecompany or any right arising from membership.

B. A member of a mutual holding company shall not, as a member, be personallyliable for or subject to assessment on account of any act, debt, liability orobligation of the MHC or of any entity owned or controlled by the MHC.

C. A membership interest in a mutual holding company shall not constitute asecurity under the laws of the Commonwealth.

(2001, c. 726.)