                                 CODE OF VIRGINIA

DELIVERY (§ 8.8A-301)

a. Delivery of a certificated security to a purchaser occurs when:

   1. the purchaser acquires possession of the security certificate;

   2. another person, other than a securities intermediary, either acquires
   possession of the security certificate on behalf of the purchaser or, having
   previously acquired possession of the certificate, acknowledges that it holds
   for the purchaser; or

   3. a securities intermediary acting on behalf of the purchaser acquires
   possession of the security certificate, only if the certificate is in
   registered form and is (i) registered in the name of the purchaser, (ii)
   payable to the order of the purchaser, or (iii) specially endorsed to the
   purchaser by an effective endorsement and has not been endorsed to the
   securities intermediary or in blank.

b. Delivery of an uncertificated security to a purchaser occurs when:

   1. the issuer registers the purchaser as the registered owner, upon original
   issue or registration of transfer; or

   2. another person, other than a securities intermediary, either becomes the
   registered owner of the uncertificated security on behalf of the purchaser or,
   having previously become the registered owner, acknowledges that it holds for
   the purchaser.

HISTORY: 1996, c. 216; 2000, c. 1007.