§ 13.1-1234. (Effective until April 1, 2009) Dissolution generally
A. A business trust organized under this chapter is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following events:
1. At the time or on the happening of any events specified in writing in the articles of trust or a governing instrument;
2. Upon the unanimous written consent of the beneficial owners;
3. The entry of a decree of judicial dissolution under § 13.1-1235; or
4. Automatic cancellation of its certificate pursuant to § 13.1-1254.
B. The certificate of trust of a business trust may be canceled involuntarily by order of the Commission upon the business trust's conviction for a violation of 8 U.S.C. § 1324a(f), as amended, for actions of its trustees or beneficial owners authorized to act on the behalf of a business trust constituting a pattern or practice of employing unauthorized aliens in the Commonwealth. A certificate of a business trust canceled pursuant to this subsection shall not be eligible for reinstatement for a period of not less than one year.
C. Before entering any such order the Commission shall issue a rule against the business trust giving it an opportunity to be heard and show cause why such an order shall not be entered. The Commission may issue the rule on its own motion or on motion of the Attorney General.
D. Any business trust convicted of the offense listed in subsection B shall immediately report such conviction to the Commission and file with the Commission an authenticated copy of the judgment or record of conviction.
(2002, c. 621; 2008, cc. 588, 770.)
§ 13.1-1234. (Effective April 1, 2009) Dissolution generally.
A. A business trust organized under this chapter is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following events:
1. At the time or on the happening of any events specified in writing in the articles of trust or a governing instrument;
2. Upon the unanimous written consent of the beneficial owners;
3. The entry of a decree of judicial dissolution under § 13.1-1235;
4. Automatic cancellation of its existence pursuant to § 13.1-1238.1; or
5. Involuntary cancellation of its existence pursuant to § 13.1-1238.2.
B. The certificate of trust of a business trust may be canceled involuntarily by order of the Commission upon the business trust's conviction for a violation of 8 U.S.C. § 1324a(f), as amended, for actions of its trustees or beneficial owners authorized to act on the behalf of a business trust constituting a pattern or practice of employing unauthorized aliens in the Commonwealth. A certificate of a business trust canceled pursuant to this subsection shall not be eligible for reinstatement for a period of not less than one year.
C. Before entering any such order the Commission shall issue a rule against the business trust giving it an opportunity to be heard and show cause why such an order shall not be entered. The Commission may issue the rule on its own motion or on motion of the Attorney General.
D. Any business trust convicted of the offense listed in subsection B shall immediately report such conviction to the Commission and file with the Commission an authenticated copy of the judgment or record of conviction.
(2002, c. 621; 2008, cc. 101, 588, 770.)
Sections: Previous 13.1-1227 13.1-1228 13.1-1229 13.1-1230 13.1-1231 13.1-1232 13.1-1233 13.1-1234 13.1-1235 13.1-1236 13.1-1237 13.1-1238 13.1-1238.1 13.1-1238.2 13.1-1239 NextLast modified: April 16, 2009