                                 CODE OF VIRGINIA

WAIVER OF CANCELLATION (§ 13.1-1047.1)

Except in the case of an event of dissolution described in subdivision 4 or 5 of
§ 13.1-1046, at any time after the dissolution of a limited liability company
and before the winding up of its business is completed, all of the members may
waive the right to have the limited liability company&#8217;s business wound up
and its existence canceled. In that event:

1. The limited liability company resumes carrying on its business as if
dissolution had never occurred, and any liability incurred by the limited
liability company or a member after the dissolution and before the waiver is
determined as if dissolution had never occurred; and

2. The rights of a third party arising out of conduct in reliance on the
dissolution before the third party knew or received a notification of the waiver
may not be adversely affected.

HISTORY: 2012, c. 706.