{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1005.1_3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1005.1_3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1005.1_3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1005.1_3.html"}],"law_id":85196,"edition_id":1,"section_id":85196,"structure_id":12859,"section_number":"38.2-1005.1:3","catch_line":"Mutual holding company membership interest","history":"2001, c. 726.","full_text":"A\n\nA member of a mutual holding company shall not transfer membership in the company or any right arising from membership.B\n\nA member of a mutual holding company shall not, as a member, be personally liable for or subject to assessment on account of any act, debt, liability or obligation of the MHC or of any entity owned or controlled by the MHC.C\n\nA membership interest in a mutual holding company shall not constitute a security under the laws of the Commonwealth.","order_by":null,"text":{"0":{"id":305336,"text":"A member of a mutual holding company shall not transfer membership in the company or any right arising from membership.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":305337,"text":"A member of a mutual holding company shall not, as a member, be personally liable for or subject to assessment on account of any act, debt, liability or obligation of the MHC or of any entity owned or controlled by the MHC.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":305338,"text":"A membership interest in a mutual holding company shall not constitute a security under the laws of the Commonwealth.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":12859,"edition_id":1,"name":"Formation of Mutual Insurance Holding Company; Conversion of Mutual Holding Company to Stock Holding Company","identifier":"1.1","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210883,"object_type":"structure","relational_id":12859,"identifier":"1.1","token":"38.2\/10\/1.1","url":"\/38.2\/10\/1.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12858,"edition_id":1,"name":"Organization, Admission and Licensing of Insurers","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210851,"object_type":"structure","relational_id":12858,"identifier":"10","token":"38.2\/10","url":"\/38.2\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56902,"structure_id":12859,"section_number":"38.2-1005.1:1","catch_line":"Definitions","url":"\/38.2-1005.1_1\/","token":"38.2\/10\/1.1\/38.2-1005.1_1","metadata":false},{"id":64846,"structure_id":12859,"section_number":"38.2-1005.1:10","catch_line":"Conflicts of interest","url":"\/38.2-1005.1_10\/","token":"38.2\/10\/1.1\/38.2-1005.1_10","metadata":false},{"id":76203,"structure_id":12859,"section_number":"38.2-1005.1:11","catch_line":"Costs and expenses","url":"\/38.2-1005.1_11\/","token":"38.2\/10\/1.1\/38.2-1005.1_11","metadata":false},{"id":77766,"structure_id":12859,"section_number":"38.2-1005.1:12","catch_line":"Failure to give notice","url":"\/38.2-1005.1_12\/","token":"38.2\/10\/1.1\/38.2-1005.1_12","metadata":false},{"id":79053,"structure_id":12859,"section_number":"38.2-1005.1:13","catch_line":"Limitation on actions","url":"\/38.2-1005.1_13\/","token":"38.2\/10\/1.1\/38.2-1005.1_13","metadata":false},{"id":71404,"structure_id":12859,"section_number":"38.2-1005.1:2","catch_line":"Formation of mutual holding company and conversion of mutual company","url":"\/38.2-1005.1_2\/","token":"38.2\/10\/1.1\/38.2-1005.1_2","metadata":false},{"id":85196,"structure_id":12859,"section_number":"38.2-1005.1:3","catch_line":"Mutual holding company membership interest","url":"\/38.2-1005.1_3\/","token":"38.2\/10\/1.1\/38.2-1005.1_3","metadata":false},{"id":85678,"structure_id":12859,"section_number":"38.2-1005.1:4","catch_line":"Contents of plan of MHC conversion","url":"\/38.2-1005.1_4\/","token":"38.2\/10\/1.1\/38.2-1005.1_4","metadata":false},{"id":81727,"structure_id":12859,"section_number":"38.2-1005.1:5","catch_line":"Adoption and approval of plan of MHC conversion","url":"\/38.2-1005.1_5\/","token":"38.2\/10\/1.1\/38.2-1005.1_5","metadata":false},{"id":53995,"structure_id":12859,"section_number":"38.2-1005.1:6","catch_line":"Corporate existence","url":"\/38.2-1005.1_6\/","token":"38.2\/10\/1.1\/38.2-1005.1_6","metadata":false},{"id":66932,"structure_id":12859,"section_number":"38.2-1005.1:7","catch_line":"Regulation and authority of a mutual holding company","url":"\/38.2-1005.1_7\/","token":"38.2\/10\/1.1\/38.2-1005.1_7","metadata":false},{"id":57547,"structure_id":12859,"section_number":"38.2-1005.1:8","catch_line":"Diversion of business to affiliates","url":"\/38.2-1005.1_8\/","token":"38.2\/10\/1.1\/38.2-1005.1_8","metadata":false},{"id":71758,"structure_id":12859,"section_number":"38.2-1005.1:9","catch_line":"Conversion of mutual holding company","url":"\/38.2-1005.1_9\/","token":"38.2\/10\/1.1\/38.2-1005.1_9","metadata":false}],"previous_section":{"id":71404,"structure_id":12859,"section_number":"38.2-1005.1:2","catch_line":"Formation of mutual holding company and conversion of mutual company","url":"\/38.2-1005.1_2\/","token":"38.2\/10\/1.1\/38.2-1005.1_2","metadata":false},"next_section":{"id":85678,"structure_id":12859,"section_number":"38.2-1005.1:4","catch_line":"Contents of plan of MHC conversion","url":"\/38.2-1005.1_4\/","token":"38.2\/10\/1.1\/38.2-1005.1_4","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1005.1:3\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 726<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":210909,"object_type":"law","relational_id":85196,"identifier":"38.2-1005.1:3","token":"38.2\/10\/1.1\/38.2-1005.1_3","url":"\/38.2-1005.1_3\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1005.1_3\/","token":"38.2\/10\/1.1\/38.2-1005.1_3","dublin_core":{"Title":"Mutual holding company membership interest","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1005.1:3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A member<\/span> of a mutual holding company<\/span> shall not transfer membership in the company or any right arising from membership. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A member<\/span> of a mutual holding company<\/span> shall not, as a member<\/span>, be personally liable for or subject to assessment on account of any act, debt, liability or obligation of the MHC<\/span> or of any entity owned or controlled by the MHC<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A membership interest in a mutual holding company<\/span> shall not constitute a security under the laws<\/span> of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMUTUAL HOLDING COMPANY MEMBERSHIP INTEREST (\u00a7 38.2-1005.1:3)\n\nA. A member of a mutual holding company shall not transfer membership in the\ncompany or any right arising from membership.\n\nB. A member of a mutual holding company shall not, as a member, be personally\nliable for or subject to assessment on account of any act, debt, liability or\nobligation of the MHC or of any entity owned or controlled by the MHC.\n\nC. A membership interest in a mutual holding company shall not constitute a\nsecurity under the laws of the Commonwealth.\n\nHISTORY: 2001, c. 726.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}