                                 CODE OF VIRGINIA

ABANDONMENT OF DOMESTICATION (§ 13.1-1271)

A. Unless otherwise provided in the plan of domestication, after a plan of
domestication has been approved by a domestic business trust as required by this
article, and at any time before the certificate of trust surrender or
certificate of domestication has become effective, the plan may be abandoned by
the business trust without action by its trustees in accordance with any
procedures set forth in the plan or, if no such procedures are set forth in the
plan, by a vote of the trustees that is equal to or greater than the vote cast
for the plan of domestication pursuant to &#xA7; 13.1-1267.

B. A domesticating business trust that is a foreign business trust may abandon
its domestication to a domestic business trust in the manner prescribed by its
organic law.

C. If a domestication is abandoned after articles of trust surrender or articles
of domestication have been filed with the Commission but before the certificate
of trust surrender or certificate of domestication has become effective, a
statement of abandonment signed by the domesticating business trust shall be
delivered to the Commission for filing prior to the effective time and date of
the certificate of trust surrender or certificate of domestication. If the
Commission finds that the statement of abandonment complies with the
requirements of law, it shall issue a certificate of abandonment, effective as
of the date and time the statement of abandonment was received by the
Commission, and the domestication shall be deemed abandoned and shall not become
effective.

D. The statement of abandonment shall contain:

   1. The name of the domesticating business trust and its jurisdiction of
   formation;

   2. When the domesticating business trust is a foreign business trust, the name
   of the domesticated business trust set forth in the articles of domestication;

   3. The date on which the articles of trust surrender or articles of
   domestication were filed with the Commission;

   4. The date and time on which the Commission&#8217;s certificate of trust
   surrender or certificate of domestication becomes effective; and

   5. A statement that the domestication is being abandoned in accordance with
   this section or, when the domesticating business trust is a foreign business
   trust, a statement that the foreign business trust abandoned the domestication
   as required by its organic law.

HISTORY: 2002, c. 621; 2021, Sp. Sess. I, c. 487.