                                 CODE OF VIRGINIA

ASSESSMENT OF ANNUAL REGISTRATION FEES; ANNUAL REGISTRATION FEE TO BE PAID BY
DOMESTIC AND FOREIGN BUSINESS TRUSTS (§ 13.1-1252)

A. Every domestic business trust, and every foreign business trust registered to
transact business in the Commonwealth, shall pay into the state treasury on or
before October 1 in each year after the calendar year in which it was formed or
registered to transact business in the Commonwealth an annual registration fee
of $50, provided that for a domestic business trust that became a domestic
business trust by conversion from a domestic stock corporation or limited
liability company, or by domestication from a foreign business trust that was
registered to transact business in the Commonwealth at the time of the
domestication, the initial annual registration fee to be paid by the domestic
business trust shall be due in the year after the calendar year in which the
conversion became effective when the annual registration fee of the domestic
stock corporation or limited liability company or foreign business trust was
paid for the calendar year in which the conversion or domestication became
effective.
			The annual registration fee shall be imposed irrespective of any specific
license tax or other tax or fee imposed by law upon the business trust for the
privilege of carrying on its business in the Commonwealth or upon its franchise,
property, or receipts.

B. Each year, the Commission shall ascertain from its records each domestic
business trust and each foreign business trust registered to transact business
in the Commonwealth as of July 1 and, except as provided in subsection A, shall
assess against each such business trust the annual registration fee herein
imposed.

C. A statement of the assessment, when made, shall be forwarded by the clerk of
the Commission to the Comptroller and to each domestic and foreign business
trust.

D. A domestic or foreign business trust shall not be required to pay the annual
registration fee assessed against it pursuant to subsection B in any year if (i)
the Commission issues or files any of the following types of certificate or
instrument and (ii) the certificate or instrument is effective on or before the
annual registration fee due date:

   1. A certificate of cancellation of existence or a certificate of trust
   surrender for a domestic business trust;

   2. A certificate of cancellation for a foreign business trust;

   3. A certificate of merger or an authenticated copy of an instrument of merger
   for a domestic or foreign business trust that has merged into a surviving
   domestic business trust or other business entity or into a surviving foreign
   business trust or other business entity; or

   4. An authenticated copy of an instrument of entity conversion for a foreign
   business trust that has converted to a different entity type.
   				The Commission shall cancel the annual registration fee assessments
   specified in this subsection that remain unpaid.

E. Annual registration fee assessments that have been paid shall not be
refunded.

F. The fees paid into the state treasury under this section and the fees
collected under &#xA7; 13.1-1204 shall be set aside and paid into the special
fund created under &#xA7; 13.1-775.1, and shall be used only by the Commission
as it deems necessary to defray the costs of the Commission and of the office of
the clerk of the Commission in supervising, implementing, administering and
enforcing the provisions of this chapter. The projected excess of fees collected
over the costs of administration and enforcement so incurred shall be paid into
the general fund prior to the close of each fiscal year, based on the unexpended
balance of the special fund at the end of the prior fiscal year. An adjustment
of this transfer amount to reflect actual fees collected shall occur during the
first quarter of the succeeding fiscal year.

HISTORY: 2002, c. 621; 2007, c. 810; 2013, c. 25; 2021, Sp. Sess. I, c. 487.