                                 CODE OF VIRGINIA

POWERS (§ 13.1-1210)

Unless the articles of trust provide otherwise, every business trust has the
same powers as an individual or any other entity to do all things necessary or
convenient to carry out its business and affairs, including, without limitation,
the power:

1. To sue and be sued, complain and defend in its name;

2. To purchase, receive, lease or otherwise acquire, and own, hold, improve, use
and otherwise deal with, real or personal property, or any legal or equitable
interest in property, wherever located;

3. To sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of
all or any part of its property;

4. To purchase, receive, subscribe for, or otherwise acquire, own, hold, vote,
use, sell, mortgage, lend, pledge, or otherwise dispose of, and deal in and with
shares or other interests in, or obligations of, any other person;

5. To make contracts and guaranties, incur liabilities, borrow money, issue its
notes, bonds, and other obligations, and secure any of its obligations by
mortgage or pledge of any of its property, franchises or income;

6. To lend money, invest and reinvest its funds, and receive and hold real and
personal property as security for repayment;

7. To conduct its business, locate offices, and exercise the powers granted by
this chapter within or without this Commonwealth;

8. To elect and appoint trustees, officers, employees and agents of the business
trust, define their duties, fix their compensation, and lend them money and
credit;

9. To pay pensions and establish pension plans, pension trusts, profit-sharing
plans, and benefit and incentive plans for all or any of the current or former
beneficial owners, trustees, officers, employees, and agents of the business
trust or any of its subsidiaries;

10. To make donations to the public welfare or for religious, charitable,
scientific, literary or educational purposes;

11. To make payments or donations or do any other act, not inconsistent with
this section or any other applicable law, that furthers the business and affairs
of the business trust;

12. To pay compensation, or to pay additional compensation, to any or all
beneficial owners, trustees, officers and employees on account of services
previously rendered to the business trust, whether or not an agreement to pay
such compensation was made before such services were rendered;

13. To insure for its benefit the life of any of its beneficial owners,
trustees, officers or employees, to insure the life of any beneficial owner for
the purpose of acquiring at his death the interest owned by such beneficial
owner and to continue such insurance after the relationship terminates;

14. To cease its activities, wind up its affairs, and proceed to cancel its
existence;

15. To enter into partnership agreements, joint ventures, or other associations
of any kind with any person or persons;

16. To indemnify a trustee, officer, employee or any other person to the same
extent as a corporation may indemnify any of the directors, officers, employees
or agents of the corporation;

17. To transact any lawful business that a corporation, partnership, limited
liability company or other business entity may conduct under the laws of the
Commonwealth subject, however, to any and all laws and restrictions that govern
or limit the conduct of such activity by such corporation, partnership, limited
liability company or other business entity; and

18. To have and exercise all powers necessary or convenient to effect any or all
of the purposes for which the business trust is organized.

HISTORY: 2002, c. 621; 2008, c. 101.