                                 CODE OF VIRGINIA

AUTHORITY TO TRANSACT BUSINESS REQUIRED; GOVERNING LAW (§ 13.1-1241)

A. A foreign business trust may not transact business in the Commonwealth until
it obtains a certificate of registration from the Commission.

B. Subject to the Constitution of the Commonwealth:

   1. The laws of the state or other jurisdiction under which a foreign business
   trust is formed govern its formation and internal affairs and the liability of
   its beneficial owners and trustees; and

   2. A foreign business trust may not be denied a certificate of registration by
   reason of any difference between those laws and the laws of the Commonwealth.
   				However, a foreign business trust holding a valid certificate of
   registration to transact business in the Commonwealth shall have no greater
   rights and privileges than a domestic business trust. The certificate of
   registration shall not be deemed to authorize the foreign business trust to
   exercise any of its powers or purposes that a domestic business trust is
   forbidden by law to exercise in the Commonwealth.

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