Va. Code Ann. § 38.2-1005.1:3 – Mutual holding company membership interest | Midpage
§ 38.2-1005.1:3
Va. Code Ann. § 38.2-1005.1:3
Mutual holding company membership interest
Effective Jul 1, 20012001, c. 726.
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.