                                 CODE OF VIRGINIA

CONSTRUCTION AND APPLICATION OF CHAPTER AND GOVERNING INSTRUMENT (§ 13.1-1282)

A. The rule that statutes in derogation of the common law are to be strictly
construed shall have no application to this chapter.

B. This chapter shall be construed in furtherance of the policies of giving
maximum effect to the principle of freedom of contract and of enforcing
governing instruments.

C. To the extent any provision of this chapter is inconsistent with the
provisions of Sections 856 through 859 of the United States Internal Revenue
Code of 1986, as amended, or any successor provision, such provisions of the
Internal Revenue Code shall prevail with respect to any business trust formed
under this chapter that also qualifies as a real estate investment trust under
such provisions.

HISTORY: 2002, c. 621.