CODE OF VIRGINIA

MUTUAL HOLDING COMPANY MEMBERSHIP INTEREST (§ 38.2-1005.1:3)

A. A member of a mutual holding company shall not transfer membership in the
company or any right arising from membership.

B. 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.

C. A membership interest in a mutual holding company shall not constitute a
security under the laws of the Commonwealth.

HISTORY: 2001, c. 726.