A. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the trustees shall choose and supervise the officers and employees of the business trust, and the business and affairs of the business trust shall be managed under the direction of the trustees.
B. Except to the extent provided in the governing instrument of a business trust, neither the power to give direction to a trustee or other persons nor the exercise by any person of a direction, including a beneficial owner, shall cause that person to have duties, including fiduciary duties, or liabilities relating to the business trust or to a beneficial owner, or cause any such person to be a trustee.
2002, c. 621.
Structure Code of Virginia
Chapter 14 - Virginia Business Trust Act
§ 13.1-1202. Filing requirements
§ 13.1-1203. Issuance of certificate by Commission; recordation of documents
§ 13.1-1204. Fees for filing documents and issuing certificates
§ 13.1-1205. Unlawful to sign false documents; penalty
§ 13.1-1206. Unlawful to transact or offer to transact business as a business trust; penalty
§ 13.1-1207. Tax classification
§ 13.1-1208. Separate legal entity
§ 13.1-1212. Articles of trust
§ 13.1-1213. Articles of correction
§ 13.1-1216. Amendment of articles of trust
§ 13.1-1217. Restatement of articles of trust
§ 13.1-1219. Governing instrument
§ 13.1-1220. Registered office and registered agent
§ 13.1-1221. Change of registered office or registered agent
§ 13.1-1222. Resignation of registered agent
§ 13.1-1223. Service on business trust
§ 13.1-1224. Beneficial owners
§ 13.1-1225. Limited liability
§ 13.1-1226. Beneficial interests
§ 13.1-1227. Distributions to beneficial owners
§ 13.1-1228. Trustee management; limitation on duties and liabilities of others
§ 13.1-1233. Payment of and security for expenses
§ 13.1-1234. Dissolution generally
§ 13.1-1235. Judicial dissolution
§ 13.1-1237. Distribution of assets upon dissolution
§ 13.1-1238. Articles of cancellation
§ 13.1-1238.1. Automatic cancellation of business trust existence
§ 13.1-1238.2. Involuntary cancellation of business trust existence
§ 13.1-1239. Reinstatement of a business trust that has ceased to exist
§ 13.1-1240. Dissolution of series
§ 13.1-1241. Authority to transact business required; governing law
§ 13.1-1242. Application for certificate of registration
§ 13.1-1245. Amendments; amended applications for registration
§ 13.1-1246. Voluntary cancellation of certificate of registration
§ 13.1-1246.1. Automatic cancellation of registration
§ 13.1-1246.2. Involuntary cancellation of registration
§ 13.1-1246.3. Reinstatement of a certificate of registration that has been canceled
§ 13.1-1247. Transaction of business without registration; civil penalty
§ 13.1-1248. Actions by Attorney General
§ 13.1-1249. Transactions not constituting doing business
§ 13.1-1250. Merger of foreign business trust registered to transact business in Commonwealth
§ 13.1-1254. Penalty for failure to timely pay annual registration fees or file statement of change
§ 13.1-1256. Collection by suit and of unpaid bills
§ 13.1-1257. Authorization for merger
§ 13.1-1259. Exchange of securities; termination or amendment of merger
§ 13.1-1261. Articles of merger
§ 13.1-1262. Governing instrument
§ 13.1-1263.1. Abandonment of merger
§ 13.1-1266. Plan of domestication
§ 13.1-1267. Action on plan of domestication by a domestic business trust
§ 13.1-1268. Articles of domestication
§ 13.1-1269. Surrender of articles of trust upon domestication
§ 13.1-1270. Effect of domestication
§ 13.1-1271. Abandonment of domestication
§ 13.1-1272. Entity conversion
§ 13.1-1273. Plan of entity conversion
§ 13.1-1274. Action on plan of entity conversion
§ 13.1-1275. Articles of entity conversion
§ 13.1-1276. Effect of entity conversion
§ 13.1-1277. Abandonment of entity conversion
§ 13.1-1279. Inspection of records by beneficial owners
§ 13.1-1280. Scope of inspection right
§ 13.1-1281. Court-ordered inspection
§ 13.1-1282. Construction and application of chapter and governing instrument
§ 13.1-1283. Reservation of power to amend or repeal
§ 13.1-1284. Application to existing real estate investment trusts and foreign business trusts