dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.141. Applicability of chapter to foreign and interstate commerce.
A. A registered limited liability partnership may conduct its business, carry on its operations, and have and exercise the powers granted by this chapter in any state, territory, district, or possession of the United States or in any foreign country.

B. It is the policy of this Commonwealth that registered limited liability partnerships formed pursuant to agreements governed by the laws of this Commonwealth be recognized outside this Commonwealth and that the laws of this Commonwealth governing registered limited liability partnerships transacting business outside this Commonwealth be granted the protection of full faith and credit under the Constitution of the United States.

C. It is the policy of this Commonwealth that in the case of a registered limited liability partnership the relations among the partners and between the partners and the partnership, and the liability of partners for debts, obligations and liabilities chargeable to the partnership, shall be subject to and governed by the laws of this Commonwealth.

D. Subject to any statutes for the regulation and control of specific types of business, foreign registered limited liability partnerships may do business in this Commonwealth.

E. It is the policy of this Commonwealth that in the case of a foreign registered limited liability partnership (whether or not registered under § 50-73.140) the relations among the partners and between the partners and the partnership, and the liability of partners for debts, obligations and liabilities chargeable to the partnership, shall be subject to and governed by the laws of the jurisdiction that govern the agreement under which it was formed.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.142. Limited partnerships as registered limited liability partnerships.
A domestic limited partnership may become a registered limited liability limited partnership by complying with the applicable provisions of the Virginia Revised Uniform Limited Partnership Act.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.143. Registration certificate required for registered limited liability partnership engaged in practice of law.
Before any registered limited liability partnership may engage in the practice of law in this Commonwealth, it shall first obtain and maintain a registration certificate required for that registered limited liability partnership by Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.144. Application and construction.
A. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among States enacting it.

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 partnership agreements.

1996, c. 292; 2003, c. 340.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.145. Short title.
This chapter may be cited as the Virginia Uniform Partnership Act (1996).

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.146. Repealed.
Repealed by Acts 2015, c. 709, cl. 2.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.147. Applicability.
A. Before January 1, 2000, this chapter governs only a partnership formed:

1. On and after July 1, 1997, unless that partnership is continuing the business of a dissolved partnership under § 50-41 of the Uniform Partnership Act as it existed on July 1, 1997; and

2. Before July 1, 1997, that elects, as provided by subsection C, to be governed by this chapter.

B. Effective January 1, 2000, this chapter governs all partnerships.

C. Before January 1, 2000, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year preceding the partnership's election to be governed by this chapter, only if the third party knows or has received a notification of the partnership's election to be governed by this chapter.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.148. Transition.
Before January 1, 2000, a limited partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year preceding the partnership's election to be governed by this chapter, only if the third party knows or has received a notification of the partnership's election to be governed by this chapter.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.149. Savings clause.
This chapter does not affect an action or proceeding commenced or right accrued before July 1, 1997.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.150. Property title records.
A. Whenever the records in the office of the clerk of the Commission reflect that a partnership has changed or corrected its name, merged into a domestic or foreign corporation, limited liability company, business trust, limited partnership or partnership, converted into a domestic or foreign corporation, limited liability company, business trust or limited partnership, or domesticated in or from another jurisdiction, the clerk of the Commission, upon request, shall issue a certificate reciting such change, correction, merger, conversion or domestication. The certificate may be admitted to record in the deed books, in accordance with § 17.1-227, of any clerk's office within the jurisdiction of which any property of the partnership is located in order to maintain the continuity of title records. The person filing the certificate shall pay a fee of $10 to the clerk of the court, but no tax shall be due thereon.

B. Whenever a partnership formed under the laws of another jurisdiction has changed or corrected its name, merged into a corporation, limited liability company, business trust, limited partnership or partnership, converted into another type of business entity, or domesticated in another jurisdiction, and it cannot or chooses not to obtain a certificate reciting such change, correction, merger, conversion or domestication from the clerk of the Commission pursuant to subsection A, a similar certificate by any competent authority of the foreign partnership's jurisdiction of formation may be admitted to record in the deed books, in accordance with § 17.1-227, of any clerk's office within the jurisdiction of which any property of the partnership is located in order to maintain the continuity of title records. The person filing the certificate shall pay a fee of $10 to the clerk of the court, but no tax shall be due thereon.

2007, c. 771.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.80. Knowledge and notice.
A. A person knows a fact if the person has actual knowledge of it.

B. A person has notice of a fact if the person:

1. Knows of it;

2. Has received a notification of it; or

3. Has reason to know it exists from all of the facts known to the person at the time in question.

C. A person notifies or gives a notification to another by taking steps reasonably calculated to inform the other person in ordinary course, whether or not the other person learns of it.

D. A person receives a notification when the notification:

1. Comes to the person's attention; or

2. Is duly delivered at the person's place of business or at any other place held out by the person as a place for receiving communications.

E. Except as otherwise provided in subsection F, a person other than an individual knows, has notice, or receives a notification of a fact for purposes of a particular transaction when the individual conducting the transaction knows, has notice, or receives a notification of the fact, or in any event when the fact would have been brought to the individual's attention if the person had exercised reasonable diligence. The person exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the individual conducting the transaction and there is reasonable compliance with the routines. Reasonable diligence does not require an individual acting for the person to communicate information unless the communication is part of the individual's regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information.

F. A partner's knowledge, notice, or receipt of a notification of a fact relating to the partnership is effective immediately as knowledge by, notice to, or receipt of a notification by the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.81. Effect of partnership agreement; nonwaivable provisions.
A. Except as otherwise provided in subsection B, relations among the partners and between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, this chapter governs relations among the partners and between the partners and the partnership.

B. The partnership agreement may not:

1. Vary the rights and duties in § 50-73.83 except to eliminate the duty to provide copies of statements to all of the partners;

2. Unreasonably restrict the right of access to books and records in subsection B of § 50-73.101;

3. Eliminate the obligation of good faith and fair dealing in subsection D of § 50-73.102, but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;

4. Vary the power to dissociate as a partner in subsection A of § 50-73.110, except to require the notice in subdivision 1 of § 50-73.109 to be in writing;

5. Vary the right of a court to expel a partner in the events specified in subdivision 5 of § 50-73.109;

6. Vary the requirement to wind up the partnership business in cases specified in subdivisions 4, 5 or 6 of § 50-73.117;

7. Restrict rights of third parties under this chapter without the consent of those third parties; or

8. Vary the law applicable to registered limited liability partnerships as set forth in subsection B of § 50-73.84.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.82. Supplemental principles of law.
A. Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.

B. If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is that specified in § 6.2-302.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.84. Law governing internal relations.
A. Except as provided in subsection B, the law of the jurisdiction in which a partnership has its principal office governs relations among the partners and between the partners and the partnership.

B. The law of this Commonwealth shall govern relations among the partners and between the partners and the partnership, and the liability of partners for debts, obligations and liabilities chargeable to the partnership, in a partnership that has filed a statement of registration as a registered limited liability partnership in this Commonwealth.

C. Sections 9-406 and 9-408 of the Uniform Commercial Code, including §§ 8.9A-406 and 8.9A-408, do not apply to any interest in a partnership, including all rights, powers, and interests arising under the partnership agreement of a partnership, Chapter 2.1 (§ 50-73.1 et seq.) of this title, or this chapter. This provision prevails over §§ 8.9A-406 and 8.9A-408, and is expressly intended to permit the enforcement as a fundamental matter of contract among the partners of a partnership of any provision of a partnership agreement that would otherwise be ineffective under § 9-406 or § 9-408 of the Uniform Commercial Code.

1996, c. 292; 2003, c. 340; 2007, c. 631.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.85. Transactions between partner and partnership.
A partner may lend money to and transact other business with the partnership, and as to each loan or transaction, the rights and obligations of the partner are the same as those of a person who is not a partner, subject to other applicable law.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.86. Partnership subject to amendment or repeal of chapter.
A partnership governed by this chapter is subject to any amendment to or repeal of this chapter.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.87. Partnership as entity.
A partnership is an entity distinct from its partners.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.88. Formation of partnership.
A. Except as otherwise provided in subsection B, the association of two or more persons to carry on as co-owners a business for profit forms a partnership, whether or not the persons intend to form a partnership.

B. An association formed under a statute other than this chapter, a predecessor statute, or a comparable statute of another jurisdiction is not a partnership under this chapter.

C. In determining whether a partnership is formed, the following rules apply:

1. Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property, or part ownership does not by itself establish a partnership, even if the co-owners share profits made by the use of the property.

2. The sharing of gross returns does not by itself establish a partnership, even if the persons sharing them have a joint or common right or interest in property from which the returns are derived.

3. A person who receives a share of the profits of a business is presumed to be a partner in the business, unless the profits were received in payment:

a. Of a debt by installments or otherwise;

b. For services as an independent contractor or of wages or other compensation to an employee;

c. Of rent;

d. Of an annuity or other retirement benefit to a beneficiary, representative, or designee of a deceased or retired partner;

e. Of interest or other charge on a loan, even if the amount of payment varies with the profits of the business, including a direct or indirect present or future ownership of the collateral, or rights to income, proceeds, or increase in value derived from the collateral; or

f. For the sale of the goodwill of a business or other property by installments or otherwise.

D. Each person to be admitted as a partner to a partnership formed under subsection A may be admitted as a partner and may receive a partnership interest in the partnership without making a contribution or being obligated to make a contribution to the partnership. Each person to be admitted as a partner to a partnership formed under subsection A may be admitted as a partner without acquiring a transferable interest in the partnership. Nothing contained in this subsection shall affect a partner's liability under § 50-73.96.

1996, c. 292; 2015, c. 616.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.89. Partnership property.
Property acquired by a partnership is property of the partnership and not of the partners individually.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.90. When property is partnership property.
A. Property is partnership property if acquired in the name of:

1. The partnership; or

2. One or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.

B. Property is acquired in the name of the partnership by a transfer to:

1. The partnership in its name; or

2. One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.

C. Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership.

D. Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.91. Partner agent of partnership.
Subject to the effect of a statement of partnership authority under § 50-73.93:

1. Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing knew or had received a notification that the partner lacked authority.

2. An act of a partner which is not apparently for carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership only if the act was authorized by the other partners.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.92. Transfer of partnership property.
A. Partnership property may be transferred as follows:

1. Subject to the effect of a statement of partnership authority under § 50-73.93, partnership property held in the name of the partnership may be transferred by an instrument of transfer executed by a partner in the partnership name.

2. Partnership property held in the name of one or more partners with an indication in the instrument transferring the property to them of their capacity as partners or of the existence of a partnership, but without an indication of the name of the partnership, may be transferred by an instrument of transfer executed by the persons in whose name the property is held.

3. Partnership property held in the name of one or more persons other than the partnership, without an indication in the instrument transferring the property to them of their capacity as partners or of the existence of a partnership, may be transferred by an instrument of transfer executed by the persons in whose name the property is held.

B. A partnership may recover partnership property from a transferee only if it proves that execution of the instrument of initial transfer did not bind the partnership under § 50-73.91 and:

1. As to a subsequent transferee who gave value for property transferred under subdivisions A 1 or A 2, proves that the subsequent transferee knew or had received a notification that the person who executed the instrument of initial transfer lacked authority to bind the partnership; or

2. As to a transferee who gave value for property transferred under subdivision A 3, proves that the transferee knew or had received a notification that the property was partnership property and that the person who executed the instrument of initial transfer lacked authority to bind the partnership.

C. A partnership may not recover partnership property from a subsequent transferee if the partnership would not have been entitled to recover the property, under subsection B, from any earlier transferee of the property.

D. If a person holds all of the partners' interests in the partnership, all of the partnership property vests in that person. The person may execute a document in the name of the partnership to evidence vesting of the property in that person and may file or record the document.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.94. Statement of denial.
A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to subsection B of § 50-73.93 may file a statement of denial stating the name of the partnership and the fact that is being denied, which may include denial of a person's authority or status as a partner. A statement of denial is a limitation on authority as provided in subsections D and E of § 50-73.93.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.95. Partnership liable for partner's actionable conduct.
A. A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership.

B. If, in the course of the partnership's business or while acting with authority of the partnership, a partner receives or causes the partnership to receive money or property of a person not a partner, and the money or property is misapplied by a partner, the partnership is liable for the loss.

1996, c. 292.

Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.96. Partner's liability.
A. Except as otherwise provided in subsection B or subsection C, all partners are liable jointly and severally for all obligations of the partnership unless otherwise agreed by the claimant or provided by law.

B. A person admitted as a partner into an existing partnership is not personally liable for any partnership obligation incurred before the person's admission as a partner.

C. A person is not, solely by reason of being a partner, liable, directly or indirectly, including by way of indemnification, contribution, assessment or otherwise, for debts, obligations or liabilities of, or chargeable to, the partnership, whether sounding in tort, contract or otherwise, that are incurred, created or assumed by the partnership while the partnership is a registered limited liability partnership.

D. A person is not, solely by reason of being a partner, a proper party to a proceeding by or against a registered limited liability partnership, the object of which is to recover damages, collect the debts or liabilities or enforce the obligations of the partnership with respect to which the partner is not liable under subsection C.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.97. Actions by and against partnership and partners.
A. A partnership may sue and be sued in the name of the partnership.

B. An action may be brought against the partnership and, except as provided in § 50-73.96, against any or all of the partners in the same action or in separate actions.

C. A judgment against a partnership is not by itself a judgment against a partner. A judgment against a partnership may not be satisfied from a partner's assets unless there is also a judgment against the partner.

D. A judgment creditor of a partner may not levy execution against the assets of the partner to satisfy a judgment based on a claim against the partnership unless:

1. The claim is for a debt, obligation or liability for which the partner is liable as provided in § 50-73.96 and either:

a. A judgment based on the same claim has been obtained against the partnership and a writ of execution on the judgment has been returned unsatisfied in whole or in part;

b. The partnership is a debtor in bankruptcy;

c. The partner has agreed that the creditor need not exhaust partnership assets; or

d. A court grants permission to the judgment creditor to levy execution against the assets of a partner based on a finding that partnership assets subject to execution are clearly insufficient to satisfy the judgment, that exhaustion of partnership assets is excessively burdensome, or that the grant of permission is an appropriate exercise of the court's equitable powers; or

2. Liability is imposed on the partner by law or contract independent of the existence of the partnership.

E. This section applies to any partnership liability or obligation resulting from a representation by a partner or purported partner under § 50-73.98.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.98. Liability of purported partner.
A. If a person, by words or conduct, purports to be a partner, or consents to being represented by another as a partner, in a partnership or with one or more persons not partners, the purported partner is liable to a person to whom the representation is made, if that person, relying on the representation, enters into a transaction with the actual or purported partnership. If the representation, either by the purported partner or by a person with the purported partner's consent, is made in a public manner, the purported partner is liable to a person who relies upon the purported partnership even if the purported partner is not aware of being held out as a partner to the claimant. If partnership liability results, the purported partner is liable with respect to that liability as if the purported partner were a partner. If no partnership liability results, the purported partner is liable with respect to that liability jointly and severally with any other person consenting to the representation.

B. If a person is thus represented to be a partner in an existing partnership, or with one or more persons not partners, the purported partner is an agent of persons consenting to the representation to bind them to the same extent and in the same manner as if the purported partner were a partner, with respect to persons who enter into transactions in reliance upon the representation. If all of the partners of the existing partnership consent to the representation, a partnership act or obligation results. If fewer than all of the partners of the existing partnership consent to the representation, the person acting and the partners consenting to the representation are jointly and severally liable.

C. A person is not liable as a partner merely because the person is named by another in a statement of partnership authority.

D. A person does not continue to be liable as a partner merely because of a failure to file a statement of dissociation or to amend a statement of partnership authority to indicate the partner's dissociation from the partnership.

E. Except as otherwise provided in subsections A and B, persons who are not partners as to each other are not liable as partners to other persons.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 2.2 (VIRGINIA UNIFORM PARTNERSHIP ACT)
§ 50-73.99. Partner's rights and duties.
A. Each partner is deemed to have an account that is:

1. Credited with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership and the partner's share of the partnership profits; and

2. Charged with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, distributed by the partnership to the partner and the partner's share of the partnership losses.

B. Each partner is entitled to an equal share of the partnership profits and is chargeable with a share of the partnership losses in proportion to the partner's share of the profits.

C. A partnership shall reimburse a partner for payments made and indemnify a partner for liabilities incurred by the partner in the ordinary course of the business of the partnership or for the preservation of its business or property; however, no person shall be required as a consequence of the indemnification to make any payment to the extent that the payment would be inconsistent with subsections B and C of § 50-73.96.

D. A partnership shall reimburse a partner for an advance to the partnership beyond the amount of capital the partner agreed to contribute.

E. A payment or advance made by a partner which gives rise to a partnership obligation under subsections C or D constitutes a loan to the partnership which accrues interest from the date of the payment or advance.

F. Each partner has equal rights in the management and conduct of the partnership business.

G. A partner may use or possess partnership property only on behalf of the partnership.

H. A partner is not entitled to remuneration for services performed for the partnership, except for reasonable compensation for services rendered in winding up the business of the partnership.

I. A person may become a partner only with the consent of all of the partners.

J. A difference arising as to a matter in the ordinary course of business of a partnership may be decided by a majority of the partners. An act outside the ordinary course of business of a partnership and an amendment to the partnership agreement may be undertaken only with the consent of all of the partners.

K. This section does not affect the obligations of a partnership to other persons under § 50-73.91.

1996, c. 292.
Code of Virginia — Title 50 (Partnerships), Chapter 3 (PARTNERSHIP CERTIFICATES [Repealed])
§ 50-74. Repealed.
Repealed by Acts 1996, c. 292, effective July 1, 1997.

Code of Virginia — Title 50 (Partnerships), Chapter 3 (PARTNERSHIP CERTIFICATES [Repealed])
§ 50-75. Repealed.
Repealed by Acts 1997, c. 188.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-100. Repealed.
Repealed by Acts 1994, cc. 4, 85. For effective dates, see Editor's note.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.1. Virginia Retirement System established.
Article X, § 11 of the Constitution of Virginia requires the General Assembly to maintain a retirement system for state employees and employees of participating political subdivisions and school divisions, subject to restrictions and conditions prescribed by the General Assembly, that shall be administered in the best interests of the beneficiaries thereof. To that end and for the purposes of providing adequate benefits and pensions to members, encouraging stable employer contribution rates, and ensuring the overall soundness of the Retirement System, the General Assembly hereby establishes the Virginia Retirement System as an independent agency of the Commonwealth, exclusive of the legislative, executive, and judicial branches of government, in the following provisions.

1994, c. 85; 2022, c. 294.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.10. Falsification of records; penalty.
Any person who knowingly makes any false statement or falsifies or permits the falsification of any Retirement System record in any attempt to defraud the Retirement System shall be guilty of a Class 1 misdemeanor.

1952, c. 157, § 51-111.14; 1990, c. 832, § 51.1-108; 1994, cc. 4, 85.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.11. Recovery of payments procured by fraud, false statement, etc.
Any payment to a member or beneficiary which is later determined by the Board to have been procured on the basis of any false statement or falsification of any Retirement System record knowingly made by or on behalf of the member or beneficiary, or the member's or beneficiary's failure to make any required report of change in disability status, may be recovered from the member or beneficiary by the Board either by way of a credit against future payments due the member or beneficiary, by an action at law against the member or beneficiary, or by deducting any overpayment of benefits from insurance proceeds as provided in § 51.1-510. Prior to making any such determination, the Board shall give the member or beneficiary reasonable prior written notice and an opportunity to be heard in accordance with the provisions of the Administrative Process Act (§ 2.2-4000 et seq.). Any member or beneficiary aggrieved by such determination of the Board shall be entitled to judicial review pursuant to Article 5 (§ 2.2-4025 et seq.) of the Administrative Process Act.

1998, c. 657.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.14. Reserved.
Reserved.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.2. Virginia Supplemental Retirement System continued as Virginia Retirement System.
The Virginia Supplemental Retirement System, a body corporate and a retirement system for teachers, state employees, and employees of participating political subdivisions, shall be continued as the Virginia Retirement System. Wherever the term "Virginia Supplemental Retirement System" appears in the Code of Virginia, it shall mean the Virginia Retirement System.

1952, c. 157, § 51-111.11; 1960, c. 604; 1982, c. 478; 1990, c. 832, § 51.1-100; 1994, cc. 4, 85.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.21. Application of State and Local Government Conflict of Interests Act.
The provisions of the State and Local Government Conflict of Interests Act (§ 2.2-3100 et seq.) shall apply to the members of the Board and the employees of the Virginia Retirement System.

1994, cc. 4, 85.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.23. Medical boards.
A. The Board may create one or more medical boards composed of physicians or other health care professionals who are not eligible to participate in the Retirement System. Members of the medical boards created pursuant to this section shall serve at the pleasure of the Board. A medical board created pursuant to this section may appoint physicians or other health professionals to supplement the medical board membership as necessary to render medical decisions involving specific medical specialties or to serve as substitutes when members of such medical board cannot serve in their official capacity. Any such appointments made by the medical board shall be immediately communicated to the Board or its designee.

B. The duties of a medical board created pursuant to this section shall include:

1. Reviewing all reports of medical examinations required by this chapter.

2. Investigating all essential health and medical statements and certificates filed in connection with disability retirement.

3. Submitting to the Board a written report of its conclusions and recommendations on all matters referred to it.

C. A medical board created pursuant to this section, its substitutes, and its employees shall not be held personally liable for conclusions, advice, or recommendations made in accordance with the duties of such medical board under the provisions of this title.

D. The Board is authorized to delegate or assign to any person the authority to appoint medical board membership.

1952, c. 157, § 51-111.26; 1980, cc. 680, 728; 1984, c. 430; 1990, c. 832, § 51.1-112; 1994, cc. 4, 85; 1997, c. 78; 2001, c. 39.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.24. Chief investment officer; qualifications; duties.
A. To assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Virginia Retirement System, the Board shall employ a chief investment officer to direct, manage, and administer the investment department. The chief investment officer shall be employed under special contract with the Board, shall report directly to the Board, shall serve at the pleasure of the Board, and may be removed by a majority vote of the Board.

B. To ensure that the Board of Trustees receives competent, professional advice regarding its investment decisions from the chief investment officer, the chief investment officer shall demonstrate (i) an ability to oversee, structure, and evaluate institutional investment portfolios and (ii) extensive experience in any two or more of the following areas: domestic equity or fixed-income securities, international equity or fixed-income securities, cash management, alternative investments, managed futures, or large real estate investments. By resolution of the Board, additional qualifications for the chief investment officer may be set.

C. In addition to such duties as the Board of Trustees may include in its special employment contract with the chief investment officer, he shall have the following duties: (i) coordinating asset allocation for all asset classes and subclasses within each class; (ii) supervising, evaluating, and monitoring the investment portfolio and associated investment activities; (iii) facilitating communication between and among the Board of Trustees, advisory committees, employees, members, beneficiaries, and outside entities interested in the investment programs of the retirement system; (iv) enhancing the Board's ability to make effective, prompt decisions in all matters related to investments and the administration of the investment department; and (v) reporting as requested by the General Assembly.

1994, cc. 4, 85.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.25. Existing advisory committees of the Virginia Retirement System abolished.
As of March 25, 1994, the existing advisory committees of the Virginia Retirement System are abolished and the members are discharged from any further duties.

1994, cc. 4, 85.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.27. Employees of the Retirement System.
The officers and employees of the Virginia Retirement System shall be exempt from the provisions of § 2.2-1202.1 and of the Virginia Personnel Act (§ 2.2-2900 et seq.). Personnel actions shall be taken without regard to race, sex, sexual orientation, gender identity, color, national origin, religion, age, disability, or political affiliation.

1994, cc. 4, 85; 1997, c. 711; 2012, cc. 803, 835; 2020, c. 1137; 2023, cc. 148, 149.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.28. Legal representation in criminal matters.
Upon the acquittal, dismissal of charges, nolle prosequi, or any other final disposition concluding the innocence of any trustee, advisory committee member, officer, or employee of the Retirement System brought before any regulatory body, summoned before any grand jury, investigated by any law-enforcement agency, arrested, indicted, or otherwise prosecuted on any criminal charge arising out of any act committed in the discharge of his official duties which alleges a violation of state or federal securities laws, the Board may reimburse all or part of the cost of employing legal counsel and such other costs as are demonstrated to have been reasonably necessary for his defense. The Board shall provide for the payment of such legal fees and expenses out of funds appropriated for the administration of the Retirement System.

1997, c. 821.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.29. Reserved.
Reserved.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.30:1. Adoption of stress testing and reporting policies.
The Virginia Retirement System (VRS) shall adopt a formal policy to:

1. Develop and regularly report sensitivity and stress test analyses. Such analyses and reporting shall include projections of benefit levels, pension costs, liabilities, and debt reduction under various economic and investment scenarios;

2. Improve investment transparency and reporting policy by (i) providing a clear and detailed online statement of investment policy; (ii) including one-year, three-year, five-year, and 10-year investment performance data in quarterly investment reports; (iii) including 20-year and 25-year investment performance data in annual investment reports; (iv) reporting net investment returns on a quarterly basis; and (v) reporting gross investment returns and returns by asset class on an annual basis; and

3. Regularly report investment performance and expenses such as external manager fees, carried interest fees, and investment department expenses for all asset classes, including private equity, public equity, fixed income, credit strategies, real assets, strategic opportunities, and other investments.

2017, c. 639.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.31. Pooling of assets for investment.
The Board may invest the assets of any retirement system or program it administers on a pooled or consolidated basis. The Board shall maintain a separate accounting of the funds of each of the retirement systems and programs.

Code 1950, §§ 51-140, 51-141, 51-149, 51-166; 1950, p. 885; 1954, c. 139; 1966, c. 628; 1970, c. 779; 1972, c. 151; 1990, c. 832, § 51.1-115; 1994, cc. 4, 85; 2000, c. 911.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.32. Exemption from Public Procurement Act.
The selection of services related to the management, purchase, or sale of authorized investments, actuarial services, and disability determination services shall be governed by the standard of care in § 51.1-124.30 and shall not be subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.).

1982, c. 580, § 51-111.24:2; 1985, c. 490; 1989, c. 399; 1990, c. 832, § 51.1-116; 1991, c. 391; 1994, cc. 4, 85; 2007, c. 65.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.33. Deposit of trust funds not an investment; authorized deposits.
The Board may authorize the deposit of trust funds in interest-bearing time deposits and certificates of deposit of national banks located within the Commonwealth, of banks organized pursuant to Chapter 8 (§ 6.2-800 et seq.) of Title 6.2, of savings institutions which are under state supervision, and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision and federally insured. Such deposits shall not be considered the investment of trust funds for the purposes of this chapter. Deposit of the funds in demand and time deposits and in certificates of deposit of national banks located within this Commonwealth and of banks organized pursuant to the Virginia Banking Act is hereby authorized, provided that the deposits are secured as provided by law and that no deposit is made for any one period in excess of one year. Deposit of trust funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision is hereby authorized. Such deposits shall not exceed the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency, unless deposits in excess of the amount insured are fully collateralized by eligible collateral as defined in § 2.2-4401. No such deposit shall be made for any one period in excess of one year.

1980, c. 596, § 51-111.24:4; 1990, cc. 3, 832, § 51.1-122; 1994, cc. 4, 85.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.34. Retention of investments that become ineligible.
An investment that conformed with the provisions of this chapter at the time the investment was made may be retained even though the investment ceases to be eligible for purchase under the provisions of this chapter, unless the standard of care in § 51.1-124.30 requires the sale or other disposition of the investment.

1980, c. 596, § 51-111.24:1; 1988, c. 526; 1989, c. 28; 1990, c. 832, § 51.1-123; 1994, cc. 4, 85.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.35. Investment provisions exclusive.
Investment of trust funds by the Board shall be governed exclusively by this article.

1980, c. 596, § 51-111.24:8; 1990, c. 832, § 51.1-124; 1994, cc. 4, 85.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.36. Investment of assets of the Commonwealth Health Research Fund.
A. In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage the assets of the Commonwealth Health Research Fund. The Board shall maintain a separate accounting for the assets of the Commonwealth Health Research Fund.

B. The Board shall invest the assets of the Commonwealth Health Research Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.

C. No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B above shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.

D. The provisions of §§ 51.1-124.32, 51.1-124.33, 51.1-124.34, and 51.1-124.35 shall apply to the Board's activities with respect to funds in the Commonwealth Health Research Fund.

E. The Board may assess the Commonwealth Health Research Board a reasonable administrative fee for its services.

1997, cc. 803, 888, 891; 2007, cc. 700, 711.