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2003 SESSION

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SB 855 Business trusts.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Business trusts. Makes certain provisions of the Virginia Business Trust Act, which was enacted in 2002, consistent with analogous provisions of other business entity acts, and corrects several oversights in existing law. The measure (i) adds business trusts to the entities that are deemed to have received tax assessments mailed by the State Corporation Commission; (ii) establishes the fee for filing articles of restatement; (iii) specifies who has authority to correct the articles of trust and the method for their approval; (iv) conforms business trust name distinguishability requirements to those of other business entities; (v) allows for the cancellation of a certificate of a business trust that does not maintain a registered agent; and (vi) makes the provisions regarding mergers consistent with the parallel provisions for articles of merger of other business entities. The Business Trust Act, and the amendments made by this measure, will become effective October 1, 2003.


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