                                 CODE OF VIRGINIA

CHANGE IN CONTROL (§ 55.1-801)

An exchange facilitator shall notify all existing exchange clients whose
relinquished property is located in the Commonwealth, or whose replacement
property held under a Qualified Exchange Accommodation Agreement is located in
the Commonwealth, of any change in control of the exchange facilitator. Such
notification shall be made to the exchange facilitator&#8217;s clients within 10
business days following the effective date of such change in control either by
facsimile or email transmission, or by first-class mail, and by posting such
notice of change in control on the exchange facilitator&#8217;s website, if any,
for a period ending not sooner than 90 days after the change in control. Such
notification shall set forth the name, address, and other contact information of
the transferees. Notwithstanding the above, if the exchange facilitator is a
publicly traded company and remains a publicly traded company after a change in
control, the publicly traded company shall not be required to notify its
existing clients of such change in control.

HISTORY: 2010, c. 409, § 55-525.2; 2019, c. 712.