reglab/housing_qa huggingface dataset:
VA Code § 13.1-1205 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1205. Unlawful to sign false documents; penalty

A. It shall be unlawful for any person to sign a document he knows is false in any material respect with intent that the document be delivered to the Commission for filing under this chapter.B. Any person who violates the provisions of this section is guilty of a Class 1 misdemeanor.2002, c. 621.
VA Code § 13.1-1206 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1206. Unlawful to transact or offer to transact business as a business trust; penalty

A. It shall be unlawful for any person to transact business in this Commonwealth as a business trust or to offer or advertise to transact business in this Commonwealth as a business trust unless the alleged business trust is either a domestic business trust or a foreign business trust authorized to transact business in this Commonwealth.B. Any person who violates the provisions of this section is guilty of a Class 1 misdemeanor.2002, c. 621.
VA Code § 13.1-1207 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1207. Tax classification

For purposes of any tax imposed by Title 58.1, a business trust shall be classified as a corporation, an association, a partnership, a trust, a real estate investment trust, a regulated investment company or otherwise, as shall be determined under the United States Internal Revenue Code of 1986, as amended, or under any successor provision.2002, c. 621.
VA Code § 13.1-1208 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1208. Separate legal entity

A business trust established in accordance with the provisions of this chapter is a separate legal entity.2002, c. 621.
VA Code § 13.1-1209 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1209. Purposes

Every business trust formed under this chapter has the purpose of engaging in any lawful business, except as otherwise may be provided by the law of this Commonwealth, unless a more limited purpose is set forth in the articles of trust.2002, c. 621.
VA Code § 13.1-1211 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1211. Formation

One or more persons may form a business trust by signing and filing articles of trust with the Commission. Such person or persons need not be beneficial owners of the business trust after formation has occurred.2002, c. 621.
VA Code § 13.1-1212 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1212. Articles of trust

A. The articles of trust shall set forth:1. A name for the business trust that satisfies the requirements of § 13.1-1214;2. The post office address, including the street and number, if any, of the business trust's initial registered office, the name of the city or county in which it is located, the name of its initial registered agent at that office, and that the agent is either (i) an individual who is a resident of this Commonwealth and is a trustee or officer of the business trust, an officer or director of a corporation that is a trustee of the business trust, a general partner of a general or limited partnership that is a trustee of the business trust, a member or manager of a limited liability company that is a trustee of the business trust, a trustee of a business trust or other trust that is a trustee of the business trust, or a member of the Virginia State Bar or (ii) a domestic or foreign stock or nonstock corporation, limited liability company, registered limited liability partnership, or business trust authorized to transact business in this Commonwealth; and3. The post office address, including the street and number, if any, of the principal office of the business trust, which may be the same as the registered office, but need not be within this Commonwealth.B. The articles of trust may set forth any other matter that under this chapter is permitted to be set forth in a governing instrument of a business trust.C. The articles of trust need not set forth any of the powers enumerated in this chapter.D. If the Commission finds that the articles of trust comply with the requirements of law and that all required fees have been paid, it shall issue a certificate of trust.2002, c. 621; 2021, Sp. Sess. I, c. 487.
VA Code § 13.1-1213 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1213. Articles of correction

A. A business trust may correct its articles of trust at any time to correct a name or address specified in the articles of trust.B. For a correction to the articles of trust to be adopted, the correction shall be adopted by the sole trustee or a majority of the trustees, or in accordance with the articles of trust or the governing instrument of the business trust.C. To correct its articles of trust, a business trust shall file with the Commission articles of correction setting forth:1. The name of the business trust;2. The text of each correction;3. A statement of the nature of the error necessitating each correction; and4. A statement of the manner in which the correction was adopted.D. If the Commission finds that the articles of correction comply with the requirements of law and that all required fees have been paid, it shall issue a certificate of correction.2002, c. 621; 2003, c. 373.
VA Code § 13.1-1215 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1215. Reserved name

A. A person may apply to the Commission to reserve the exclusive use of a business trust name, including a designated name for a foreign business trust. If the Commission finds that the business trust name applied for is distinguishable upon the records of the Commission, it shall reserve the name for the applicant's exclusive use for a 120-day period.B. The owner of a reserved business trust name may renew the reservation for successive periods of 120 days each by filing with the Commission, during the 45-day period preceding the date of expiration of the reservation, a renewal application.C. The owner of a reserved business trust name may transfer the reservation to another person by delivering to the Commission a notice of the transfer, signed by the applicant for whom the name was reserved, and specifying the name and address of the transferee.D. A reserved business trust name may be used by its owner in connection with (i) the formation or an amendment to change the name of a domestic stock or nonstock corporation, limited liability company, business trust, or limited partnership; (ii) an application for a certificate of authority or registration to transact business in the Commonwealth as a foreign stock or nonstock corporation, limited liability company, business trust, or limited partnership; or (iii) an amended application for such authority or registration, provided that the proposed name complies with the provisions of § 13.1-630, 13.1-762, 13.1-829, 13.1-924, 13.1-1012, 13.1-1054, 13.1-1214, 13.1-1244, 50-73.2, or 50-73.56, as the case may be.2002, c. 621; 2006, c. 505; 2015, c. 444.
VA Code § 13.1-1216 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1216. Amendment of articles of trust

A. Except to the extent otherwise provided in this chapter, the articles of trust, or the governing instrument of the business trust, the sole trustee or a majority of the trustees may amend the articles of trust of a business trust at any time to add or change a provision that is required or permitted in the articles, or to delete a provision not required in the articles. An amendment to the articles of trust may delete the name and address of the initial registered agent or registered office, if a statement of change described in § 13.1-1221 is on file with the Commission.B. A business trust amending its articles of trust shall file with the Commission articles of amendment setting forth:1. The name of the business trust;2. The text of each amendment adopted;3. The date of each amendment's adoption; and4. A statement that the amendment was adopted in accordance with the articles of trust and the governing instrument of the business trust.C. If the Commission finds that the articles of amendment comply with the requirements of law and that all required fees have been paid, it shall issue a certificate of amendment.D. An amendment to the articles of the trust does not affect a cause of action existing against or in favor of the business trust, a proceeding to which the business trust is a party, or the existing rights of persons other than beneficial owners of the business trust. An amendment changing a business trust's name does not abate a proceeding brought by or against the business trust in its former name.2002, c. 621; 2008, c. 101.
VA Code § 13.1-1217 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1217. Restatement of articles of trust

A. Except to the extent otherwise provided in this chapter, in the articles of trust or in the governing instrument of the business trust, the sole trustee or a majority of the trustees may restate the articles of trust of a business trust at any time.B. The restatement may include one or more amendments to the articles, including an amendment to delete the name and address of the initial registered agent or registered office, if a statement of change described in § 13.1-1221 is on file with the Commission.C. A business trust restating its articles of trust shall file with the Commission articles of restatement setting forth:1. The name of the business trust immediately prior to restatement;2. Whether the restatement contains an amendment to the articles of trust;3. The text of the restated articles of trust or amended and restated articles of trust;4. The date of adoption of the articles of restatement; and5. A statement that the restatement was adopted in accordance with the articles of trust and the governing instrument of the business trust.D. If the Commission finds that the articles of restatement comply with the requirements of law and that all required fees have been paid, it shall issue a certificate of restatement. When the certificate of restatement is effective, the restated articles of trust or amended and restated articles of trust supersede the original articles of trust and all amendments to the original articles of trust.E. The Commission may certify restated articles of trust or amended and restated articles of trust as the articles of trust currently in effect.2002, c. 621; 2003, c. 373; 2008, c. 101.
VA Code § 13.1-1218 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1218. Existence

A. Except to the extent otherwise provided in this chapter, in the articles of trust or in the governing instrument of the business trust, a business trust:1. Shall have perpetual existence; and2. May not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of the articles of trust or the governing instrument of the business trust.B. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner shall not result in the termination or dissolution of a business trust.C. In the event that a business trust does not have perpetual existence, a business trust is dissolved and its affairs shall be wound up in accordance with Article 8 (§ 13.1-1234 et seq.) of this chapter at the time or on the happening of events specified in the articles of trust or the governing instrument.2002, c. 621.
VA Code § 13.1-1220 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1220. Registered office and registered agent

A. Each domestic business trust and each foreign business trust registered pursuant to Article 9 (§ 13.1-1241 et seq.) of this chapter shall continuously maintain in this Commonwealth:1. A registered office that may be the same as any of its places of business; and2. A registered agent, who shall be either:a. An individual who is a resident of this Commonwealth and is either (i) a trustee or officer of the business trust, (ii) an officer or director of a corporation that is a trustee of the business trust, (iii) a general partner of a general or limited partnership that is a trustee of the business trust, (iv) a member or manager of a limited liability company that is a trustee of the business trust, (v) a trustee of a business trust or other trust that is a trustee of the business trust, or (vi) a member of the Virginia State Bar, and whose business office is identical with the registered office; orb. A domestic or foreign stock or nonstock corporation, limited liability company, registered limited liability partnership or business trust authorized to transact business in this Commonwealth, the business office of which is identical with the registered office; provided such a registered agent (i) shall not be its own registered agent and (ii) shall designate by instrument in writing, acknowledged before a notary public, one or more natural persons at the office of the registered agent upon whom any process, notice or demand may be served and shall continuously maintain at least one such person at that office. Whenever any such person accepts service, a photographic copy of such instrument shall be attached to the return.B. The sole duty of the registered agent is to forward to the domestic business trust or the foreign business trust at its last known address any process, notice or demand that is served on the registered agent.2002, c. 621.
VA Code § 13.1-1221 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1221. Change of registered office or registered agent

A. A business trust or a foreign business trust registered to transact business in the Commonwealth may change its registered office or registered agent, or both, upon filing with the Commission a statement of change on a form prescribed and furnished by the Commission that sets forth:1. The name of the business trust or foreign business trust;2. The address of its current registered office;3. If the current registered office is to be changed, the post office address, including the street and number, if any, of the new registered office, and the name of the city or county in which it is to be located;4. The name of its current registered agent;5. If the current registered agent is to be changed, the name of the new registered agent; and6. That after the change or changes are made, the domestic or foreign business trust will be in compliance with the requirements of § 13.1-1220.B. A statement of change shall forthwith be filed with the Commission by a domestic or foreign business trust whenever its registered agent dies, resigns or ceases to satisfy the requirements of § 13.1-1220.C. A domestic or foreign business trust's registered agent may sign a statement as required above if (i) the business address of the registered agent changes to another post office address within the Commonwealth or (ii) the name of a registered agent has been legally changed. A domestic or foreign business trust's new registered agent may sign and submit for filing a statement as required above if (a) the former registered agent is a business entity that has been merged into the new registered agent, (b) the instrument of merger is on record in the office of the clerk of the Commission, and (c) the new registered agent is an entity that is qualified to serve as a registered agent pursuant to § 13.1-1220. In either instance, the registered agent or surviving entity shall forthwith file a statement as required above, which shall recite that a copy of the statement shall be mailed to the principal office address of the domestic or foreign business trust on or before the business day following the day on which the statement is filed.2002, c. 621; 2003, c. 597; 2010, c. 434.
VA Code § 13.1-1222 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1222. Resignation of registered agent

A. A registered agent may resign as agent for the domestic or foreign business trust by signing and filing with the Commission a statement of resignation stating (i) the name of the business trust or foreign business trust, (ii) the name of the agent, and (iii) that the agent resigns from serving as registered agent for the domestic or foreign business trust. The statement of resignation shall be accompanied by a certification that the registered agent will have a copy of the statement mailed to the principal office of the domestic or foreign business trust by certified mail on or before the business day following the day on which the statement is filed. When the statement of resignation takes effect, the registered office is also discontinued.B. A statement of resignation takes effect on the earlier of (i) 12:01 a.m. on the thirty-first day after the date on which the statement was filed with the Commission or (ii) the date on which a statement of change in accordance with § 13.1-1221 to appoint a registered agent is filed with the Commission.2002, c. 621; 2010, c. 434; 2021, Sp. Sess. I, c. 487.
VA Code § 13.1-1223 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1223. Service on business trust

A. A domestic or foreign business trust's registered agent is the business trust's agent for service of process, notice, or demand required or permitted by law to be served on the business trust. The registered agent may, by instrument in writing and acknowledged before a notary public, designate a person or persons in the office of the registered agent upon whom any such process, notice or demand may be served. Whenever any such person accepts service of process, a photographic copy of such instrument shall be attached to the return.B. Whenever a domestic or foreign business trust fails to appoint or maintain a registered agent in this Commonwealth, or whenever its registered agent cannot with reasonable diligence be found at the registered office, then the clerk of the Commission shall be an agent of the business trust upon whom service may be made in accordance with § 12.1-19.1.C. This section does not prescribe the only means, or necessarily the required means, of serving a domestic or foreign business trust.2002, c. 621.
VA Code § 13.1-1224 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1224. Beneficial owners

A. 1. A contribution of a beneficial owner to the business trust may be in cash, property, or services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services.2. A person may become a beneficial owner of a business trust and may receive a beneficial interest in a business trust without making a contribution or being obligated to make a contribution to the business trust.B. 1. Except as provided in the articles of trust or the governing instrument of the business trust, a beneficial owner is obligated to the business trust to perform any promise to contribute cash or property or to perform services, even if the beneficial owner is unable to perform because of death, disability, or any other reason.2. Subject to the provisions of subdivision 3 of this subsection, if a beneficial owner does not make the required contribution of property or services, the beneficial owner is obligated at the option of the business trust to contribute cash equal to that portion of the agreed value, as stated in the records of the business trust, of the contribution that has not been made.3. The option provided in subdivision 2 shall be in addition to, and not in lieu of, any other rights, including the right to specific performance, that the business trust may have against the beneficial owner under the governing instrument or applicable law.C. 1. A governing instrument may provide that the interest of any beneficial owner who fails to make any contribution that the beneficial owner is obligated to make shall be subject to specific penalties for, or specified consequences of, the failure.2. The penalty or consequence may take the form of:a. Reducing or eliminating the defaulting beneficial owner's proportionate interest in the business trust or subordinating the beneficial owner's interest to that of the nondefaulting beneficial owners;b. A forced sale of the beneficial owner's interest;c. A forfeiture of the beneficial owner's interest;d. A lending by other beneficial owners of the amount necessary to meet the defaulting beneficial owner's commitment;e. A fixing of the value of the defaulting beneficial owner's interest by appraisal or by formula, and a redemption or sale of the defaulting beneficial owner's interest at that value; orf. Any other penalty or consequence.D. No promise of a beneficial owner to contribute to a business trust is enforceable unless set out in a writing signed by the beneficial owner.2002, c. 621.
VA Code § 13.1-1225 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1225. Limited liability

Except to the extent otherwise expressly provided in the governing instrument of the business trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to shareholders of a Virginia corporation formed under Chapter 9 (§ 13.1-601 et seq.) of this title.2002, c. 621.
VA Code § 13.1-1226 (2021)
2021 Code of Virginia|Title 13.1 - Corporations|Chapter 14 - Virginia Business Trust Act|§ 13.1-1226. Beneficial interests

A. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner shall have an undivided beneficial interest in the property of the business trust and shall share in the profits and losses of the business trust in the proportion (expressed as a percentage) of the entire undivided beneficial interest in the business trust owned by the beneficial owner. The governing instrument of a business trust may provide that the business trust or the trustees, acting for and on behalf of the business trust, shall be deemed to hold beneficial ownership of any income earned on securities owned by the business trust issued by any business entities formed, organized or existing under the laws of any jurisdiction, including the laws of any foreign country.B. 1. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner has no interest in specific business trust property.2. A creditor of the beneficial owner has no right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the business trust.C. A beneficial owner's beneficial interest in the business trust is personal property notwithstanding the nature of the property of the business trust.D. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner's beneficial interest in the business trust is freely transferable.E. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.F. A beneficial owner of a business trust does not have a vested property right resulting from any provision of the articles of trust.2002, c. 621.