Code of Virginia § 13.1-1228. Trustee management; limitation on duties and liabilities of others.
127 words·~1 min read·
/va/title-13-1/chapter-14/13-1-1228·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the trustees shall choose and supervise the officers and employees of the business trust, and the business and affairs of the business trust shall be managed under the direction of the trustees.
B. Except to the extent provided in the governing instrument of a business trust, neither the power to give direction to a trustee or other persons nor the exercise by any person of a direction, including a beneficial owner, shall cause that person to have duties, including fiduciary duties, or liabilities relating to the business trust or to a beneficial owner, or cause any such person to be a trustee.
2002, c. 621 .