- 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; and
- 4. 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.