§ 13.1-1266. Plan of domestication
A. The domesticating foreign entity shall adopt a plan of domestication setting forth:
1. A statement of the jurisdiction in which the domestic business trust or foreign entity is to be domesticated;
2. The terms and conditions of the domestication, provided, however, that such terms and conditions may not alter the ownership proportion or the relative rights, preferences and limitations of the interests of the beneficial owners except to the extent required to conform to the requirements of this chapter; and
3. For a foreign entity that is a converting entity, as an attachment incorporated by reference, the full text of the articles of trust of the domestic business trust as it will be in effect immediately after consummation of the conversion.
B. The plan of domestication may include:
1. Subject to the provisions of subsection A, amendments to the articles of trust of the business trust following its domestication or a restatement of the articles of trust; and
2. Any other provision relating to the domestication.
C. The plan of domestication may also include a provision that the management of the converting entity may amend the plan at any time prior to issuance of the certificate of domestication or such other document required by the laws of the other jurisdiction to consummate the domestication. An amendment made subsequent to the submission of the plan to the beneficial owners of the foreign entity, if required, shall not alter or change any of the terms or conditions of the plan if the change would adversely affect the interests of the beneficial owners.
(2002, c. 621.)
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