                                 CODE OF VIRGINIA

DISSOLUTION OF SERIES (§ 13.1-1240)

A. Except to the extent otherwise provided in the articles of trust or in the
governing instrument of the business trust, a series established in accordance
with &#xA7; 13.1-1219 may be dissolved and its affairs wound up without causing
the dissolution of the business trust or any other series. Unless otherwise
provided in the articles of trust or in the governing instrument of the business
trust, the dissolution, winding up, liquidation or termination of the business
trust or any series thereof shall not affect the limitation of liability with
respect to a series established in accordance with &#xA7;&#xA7; 13.1-1219 and
13.1-1231. A series established in accordance with &#xA7; 13.1-1219 is dissolved
and its affairs shall be wound up at the time or upon the happening of events
specified in the governing instrument of the business trust. Except to the
extent otherwise provided in the articles of trust or in the governing
instrument of a business trust, the death, incapacity, dissolution, termination
or bankruptcy of a beneficial owner of such series shall not result in the
termination or dissolution of such series and such series may not be terminated
or revoked by a beneficial owner of such series or other person except in
accordance with the terms of the governing instrument of the business trust.

B. Upon dissolution of a series of a business trust, the persons who under the
governing instrument of the business trust are responsible for winding up such
series&#8217; affairs may, in the name of the business trust and for and on
behalf of the business trust and such series, take all actions with respect to
the series as are permitted under &#xA7; 13.1-1236 and shall provide for the
claims and obligations of the series and distribute the assets of the series as
provided under &#xA7; 13.1-1237. Any person, including any trustee, who under
the governing instrument is responsible for winding up such series&#8217;
affairs and who has complied with &#xA7; 13.1-1237 shall not be personally
liable to the claimants of the dissolved series by reason of such person&#8217;s
actions in winding up the series.

HISTORY: 2002, c. 621.