§ 13.1-1241. (Effective until April 1, 2009) Law governing
Subject to the Constitution of this Commonwealth:
1. The laws of the state or other jurisdiction under which a foreign business trust is formed govern its formation and internal affairs and the liability of its beneficial owners and trustees; and
2. A foreign business trust may not be denied registration by reason of any difference between those laws and the laws of this Commonwealth.
However, a foreign business trust holding a valid registration in this Commonwealth shall have no greater rights and privileges than a domestic business trust. The registration shall not be deemed to authorize the foreign business trust to exercise any of its powers or purposes that a domestic business trust is forbidden by law to exercise in this Commonwealth.
(2002, c. 621.)
§ 13.1-1241. (Effective April 1, 2009) Authority to transact business required; governing law.
A. A foreign business trust may not transact business in the Commonwealth until it obtains a certificate of registration from the Commission.
B. Subject to the Constitution of the Commonwealth:
1. The laws of the state or other jurisdiction under which a foreign business trust is formed govern its formation and internal affairs and the liability of its beneficial owners and trustees; and
2. A foreign business trust may not be denied a certificate of registration by reason of any difference between those laws and the laws of the Commonwealth.
However, a foreign business trust holding a valid certificate of registration to transact business in the Commonwealth shall have no greater rights and privileges than a domestic business trust. The certificate of registration shall not be deemed to authorize the foreign business trust to exercise any of its powers or purposes that a domestic business trust is forbidden by law to exercise in the Commonwealth.
(2002, c. 621; 2008, c. 101.)
Sections: Previous 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 13.1-1242 13.1-1243 13.1-1244 13.1-1245 13.1-1246 13.1-1246.1 13.1-1246.2 NextLast modified: April 2, 2009