                                 CODE OF VIRGINIA

ISSUANCE OF CERTIFICATE BY COMMISSION; RECORDATION OF DOCUMENTS (§ 13.1-1203)

A. Whenever this chapter conditions the effectiveness of a document upon the
issuance of a certificate by the Commission to evidence the effectiveness of the
document, the Commission shall by order issue the certificate if it finds that
the document complies with the provisions of this chapter and that all required
fees have been paid. The Commission shall admit any such certificate to record
in its office.

B. The existence of a business trust shall begin at the time the Commission
issues a certificate of trust, unless a later date and time are specified as
provided by subsection D. The certificate of trust shall be conclusive evidence
that all conditions precedent required to be performed by the person or persons
forming the business trust have been complied with and that the business trust
has been formed under this chapter.

C. Whenever the Commission is directed to admit any document to record in its
office, it shall cause it to be spread upon its record books or to be recorded
or reproduced in any other manner the Commission may deem suitable. Except as
otherwise provided by law, the Commission may furnish information from and
provide access to any of its records by any means the Commission may deem
suitable.

D. 1. A certificate issued by the Commission is effective at the time such
certificate is issued, unless the certificate relates to articles filed with the
Commission and the articles state that the certificate shall become effective at
a later time or date specified in the articles. In that event, the certificate
shall become effective at the earlier of the time and date so specified or at
11:59 p.m. on the fifteenth day after the date on which the certificate is
issued by the Commission. If a delayed effective date is specified, but no time
is specified, the effective time shall be 12:01 a.m. on the date specified. Any
other document filed with the Commission shall be effective when accepted for
filing unless otherwise provided for in this chapter.

   2. Notwithstanding subdivision 1, any certificate that has a delayed effective
   time or date shall not become effective if, prior to the effective time and
   date, a statement of cancellation signed by each party to the articles to
   which the certificate relates is delivered to the Commission for filing. If
   the Commission finds that the statement of cancellation complies with the
   requirements of the law, it shall, by order, cancel the certificate.

   3. A statement of cancellation shall contain:
   				a. The name of the business trust;
   				b. The name of the articles and the date on which the articles were filed
   with the Commission;
   				c. The time and date on which the Commission&#8217;s certificate becomes
   effective; and
   				d. A statement that the articles are being canceled in accordance with
   this section.

   4. Notwithstanding subdivision 1, for purposes of &#xA7;&#xA7; 13.1-1214 and
   13.1-1244, any certificate that has a delayed effective date shall be deemed
   to be effective when the certificate is issued.

   5. For articles with a delayed effective date and time, the effective date and
   time shall be Eastern Time.

E. The Commission shall have the power to act upon a petition filed by a
business trust at any time to correct Commission records so as to eliminate the
effects of clerical errors and of filings made by a person without authority to
act for the business trust.

HISTORY: 2002, c. 621; 2013, c. 25; 2021, Sp. Sess. I, c. 487.