2006 Code of Virginia § 13.1-1238 - Articles of cancellation

13.1-1238. Articles of cancellation.

A. Upon the completion of winding up of the business trust, articles ofcancellation shall be filed with the Commission. The winding up of a businesstrust shall be completed when all debts, liabilities, and obligations of thebusiness trust have been paid and discharged or reasonably adequate provisiontherefor has been made, and all of the remaining property and assets of thebusiness trust have been distributed to the beneficial owners. Articles ofcancellation shall set forth:

1. The name of the business trust;

2. The date of filing of the articles of trust and each amendment thereto;

3. The reason for filing the articles of cancellation;

4. The effective date (which shall be a date certain) of cancellation if itis not to be effective on the filing of the articles of cancellation,provided that any effective date other than the date of filing the articlesof cancellation must be a date subsequent to the filing; and

5. Any other information the trustees determine to include therein.

B. Unless otherwise provided in this chapter or in the articles of trust,articles of cancellation, (or a judicial decree of cancellation) areeffective when accepted for filing by the Commission.

(2002, c. 621.)