                                 CODE OF VIRGINIA

TRUSTEE MANAGEMENT; LIMITATION ON DUTIES AND LIABILITIES OF OTHERS (§
13.1-1228)

A. Except to the extent otherwise provided in the articles of trust or in the
governing instrument of a business trust, the trustees shall choose and
supervise the officers and employees of the business trust, and the business and
affairs of the business trust shall be managed under the direction of the
trustees.

B. Except to the extent provided in the governing instrument of a business
trust, neither the power to give direction to a trustee or other persons nor the
exercise by any person of a direction, including a beneficial owner, shall cause
that person to have duties, including fiduciary duties, or liabilities relating
to the business trust or to a beneficial owner, or cause any such person to be a
trustee.

HISTORY: 2002, c. 621.