                                 CODE OF VIRGINIA

AUTOMATIC CANCELLATION OF REGISTRATION (§ 13.1-1246.1)

A. Whether or not the notice described in subsection B of &#xA7; 13.1-1254 is
mailed, if any foreign business trust fails to pay its annual registration fee
on or before December 31 of the year assessed, such foreign business trust shall
automatically cease to be authorized to transact business in the Commonwealth
and its certificate of registration shall be automatically canceled as of that
day.

B. If any foreign business trust whose registered agent has filed with the
Commission a statement of resignation pursuant to &#xA7; 13.1-1222 fails to file
a statement of change pursuant to &#xA7; 13.1-1221 within 31 days after the date
on which the statement of resignation was filed, the Commission shall mail
notice to the foreign business trust of the impending cancellation of its
certificate of registration. If the business trust fails to file the statement
of change before the last day of the second month immediately following the
month in which the impending cancellation notice was mailed, the business trust
shall automatically cease to be authorized to transact business in the
Commonwealth and its certificate of registration shall be automatically canceled
as of that day.

C. The automatic cancellation of a foreign business trust&#8217;s certificate of
registration constitutes the appointment of the clerk of the Commission as the
foreign business trust&#8217;s agent for service of process in any proceeding
based on a cause of action arising during the time the foreign business trust
was registered to transact business in the Commonwealth. Service of process on
the clerk of the Commission under this subsection is service on the foreign
business trust and shall be made on the clerk in accordance with &#xA7;
12.1-19.1.

D. Cancellation of a foreign business trust&#8217;s certificate of registration
does not terminate the authority of the registered agent of the foreign business
trust.

HISTORY: 2008, c. 101; 2013, c. 25.