§ 13.1-1236. (Effective until April 1, 2009) Winding up
Unless otherwise provided in the articles of trust or in the governing instrument, upon the dissolution of a business trust, the trustees may wind up the business trust's affairs; however, the circuit court of the city or county in which the registered office of the business trust is located, on cause shown, may wind up the business trust's affairs on application of any beneficial owner, his legal representative, or assignee.
(2002, c. 621.)
§ 13.1-1236. (Effective April 1, 2009) Winding up.
A. The winding up of a business trust shall be completed when all debts, liabilities, and obligations of the business trust have been paid and discharged or reasonably adequate provision therefor has been made, and all of the remaining property and assets of the business trust have been distributed to the beneficial owners.
B. Unless otherwise provided in the articles of trust or in the governing instrument, upon the dissolution of a business trust, the trustees may wind up the business trust's affairs; however, the circuit court of the city or county in which the registered office of the business trust is located, on cause shown, may wind up the business trust's affairs on application of any beneficial owner, his legal representative, or assignee.
(2002, c. 621; 2008, c. 101.)
Sections: Previous 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 13.1-1240 13.1-1241 NextLast modified: April 2, 2009