Virginia – New legislation effective July 1 modifies provisions of the Business Trust Act

March 13, 2013

HB 2113 (Chapter No. 25) signed by the governor February 20 and effective July 1 modifies provisions of the Business Trust Act to clarify standards for execution of documents by a foreign business trust; authorize a business trust to petition the State Corporation Commission for an order to eliminate the effects of clerical errors, require the inclusion of an ID number in certain documents, align annual registration fee assessment provisions with those applicable to other business entities, and provide that business trust names are subject to provisions regarding noncompliance. The bill text can be accessed at

http://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+HB2113ER