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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>74923</law_id><section_number>13.1-1274</section_number><catch_line>Action on plan of entity conversion</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>13.1-1273</reference><reference>13.1-1277</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="14">Virginia Business Trust Act</unit><unit label="article" level="3" order_by="1" identifier="12">Domestication and Conversion</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> In the case of a <span class="dictionary">domestic business trust</span> that is a <span class="dictionary">converting entity</span>, unless the <span class="dictionary">articles of trust</span> or <span class="dictionary">governing instrument</span> of the business trust provides otherwise, the plan of <span class="dictionary">entity conversion</span> shall be approved by the <span class="dictionary">trustees</span> of the business trust in the manner provided in a written <span class="dictionary">governing instrument</span> for amendments to the <span class="dictionary">governing instrument</span> by the <span class="dictionary">trustees</span> or, if no provision is made in the <span class="dictionary">governing instrument</span>, by the sole <span class="dictionary">trustee</span> or a majority of the <span class="dictionary">trustees</span>. <a id="paragraph-269191" class="section-permalink" href="https://vacode.org/13.1-1274/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> In the case of a <span class="dictionary">partnership</span> that is a <span class="dictionary">converting entity</span>, the plan of <span class="dictionary">entity conversion</span> shall be approved by the partners of the <span class="dictionary">partnership</span> in the manner provided in a written <span class="dictionary">partnership</span> agreement for amendments to the <span class="dictionary">partnership</span> agreement by the partners or, if no provision is made in the <span class="dictionary">partnership</span> agreement, by all the partners. <a id="paragraph-269192" class="section-permalink" href="https://vacode.org/13.1-1274/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> In the case of a limited <span class="dictionary">partnership</span> that is a <span class="dictionary">converting entity</span>, the plan of <span class="dictionary">entity conversion</span> shall be approved by the partners of the limited <span class="dictionary">partnership</span> in the manner provided in a written <span class="dictionary">partnership</span> agreement for amendments to the <span class="dictionary">partnership</span> agreement by the partners or, if no provision is made in the <span class="dictionary">partnership</span> agreement, by all the partners. <a id="paragraph-269193" class="section-permalink" href="https://vacode.org/13.1-1274/#C"><i class="fa fa-link"/></a></p></section>
						<section id="D"><p><span class="prefix-number">D.</span> In the case of an <span class="dictionary">other entity</span> that is a <span class="dictionary">converting entity</span>, the plan of <span class="dictionary">entity conversion</span> shall be approved by the <span class="dictionary">persons</span> who have authority to approve the <span class="dictionary">entity conversion</span> in the manner provided in a written <span class="dictionary">governing instrument</span> for amendments to the <span class="dictionary">governing instrument</span> by those <span class="dictionary">persons</span> or, if no provision is made in the <span class="dictionary">governing instrument</span>, by all the <span class="dictionary">persons</span> who have authority to approve the <span class="dictionary">entity conversion</span> on behalf of the <span class="dictionary">other entity</span>. <a id="paragraph-269194" class="section-permalink" href="https://vacode.org/13.1-1274/#D"><i class="fa fa-link"/></a></p></section></text><history>2002, c. 621; 2016, c. 288.</history><metadata></metadata></law>
