§ 13.1-1238. (Effective until April 1, 2009) Articles of cancellation
A. Upon the completion of winding up of the business trust, articles of cancellation shall be filed with the Commission. 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. Articles of cancellation shall set forth:
1. The name of the business trust;
2. The date of filing of the articles of trust and each amendment thereto;
3. The reason for filing the articles of cancellation;
4. The effective date (which shall be a date certain) of cancellation if it is not to be effective on the filing of the articles of cancellation, provided that any effective date other than the date of filing the articles of cancellation must be a date subsequent to the filing; and
5. Any other information the trustees determine to include therein.
B. Unless otherwise provided in this chapter or in the articles of trust, articles of cancellation, (or a judicial decree of cancellation) are effective when accepted for filing by the Commission.
(2002, c. 621.)
§ 13.1-1238. (Effective April 1, 2009) Articles of cancellation.
A. When the affairs of a business trust have been wound up pursuant to § 13.1-1236, it shall file articles of cancellation with the Commission. The articles shall set forth:
1. The name of the business trust;
2. The effective date of its certificate of trust;
3. The reason for filing the articles of cancellation;
4. A statement that the business trust has completed the winding up of its affairs; and
5. Any other information the trustees determine to include therein.
B. If the Commission finds that the articles of cancellation comply with the requirements of law and that all required fees have been paid, it shall by order issue a certificate of cancellation, canceling the business trust's existence. Upon the effective date of such certificate, the existence of the business trust shall cease, except for the purpose of suits, other proceedings, and appropriate actions by trustees and beneficial owners as provided in this chapter.
(2002, c. 621; 2008, c. 101.)
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