                                 CODE OF VIRGINIA

INSPECTION OF RECORDS BY BENEFICIAL OWNERS (§ 13.1-1279)

A. Subject to subsection C of &#xA7; 13.1-1280, a beneficial owner of a business
trust is entitled to inspect and copy, during regular business hours at the
business trust&#8217;s principal office, any of the records of the business
trust described in subsection E of &#xA7; 13.1-1278 if he gives the business
trust written notice of his demand at least five business days before the date
on which he wishes to inspect and copy.

B. A beneficial owner of a business trust is entitled to inspect and copy,
during regular business hours at a reasonable location specified by the business
trust, any of the following records of the business trust if the beneficial
owner meets the requirements of subsection C of this section and gives the
business trust written notice of his demand at least five business days before
the date on which he wishes to inspect and copy:

   1. Excerpts from minutes of any meeting of the trustees, records of any action
   of a committee of the trustees while acting in or on behalf of the business
   trust, minutes of any meeting of the beneficial owners, and records of action
   taken by the beneficial owners or trustees without a meeting, to the extent
   not subject to inspection under subsection A of this section;

   2. Accounting records of the business trust; and

   3. The record of beneficial owners.

C. A beneficial owner may inspect and copy the records identified in subsection
B of this section only if:

   1. He has been a beneficial owner of record for at least six months
   immediately preceding his demand or is the holder of record of at least five
   percent of all of the outstanding beneficial interests;

   2. His demand is made in good faith and for a proper purpose;

   3. He describes with reasonable particularity his purpose and the records he
   desires to inspect; and

   4. The records are directly connected with his purpose.

D. The right of inspection granted by this section may not be abolished or
limited by a business trust&#8217;s articles of trust or governing instrument.

E. This section shall not affect:

   1. The right of a beneficial owner to inspect records, if the beneficial owner
   is in litigation with the business trust, to the same extent as any other
   litigant; or

   2. The power of a court, independently of this chapter, to compel the
   production of trust records for examination.

HISTORY: 2002, c. 621.