2014 Virginia Code
Title 38.2 - Insurance
§ 38.2-1005.1:3. Mutual holding company membership interest
A. A member of a mutual holding company shall not transfer membership in the company or any right arising from membership.
B. A member of a mutual holding company shall not, as a member, be personally liable for or subject to assessment on account of any act, debt, liability or obligation of the MHC or of any entity owned or controlled by the MHC.
C. A membership interest in a mutual holding company shall not constitute a security under the laws of the Commonwealth.
2001, c. 726.
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