Code of Virginia § 38.2-1005.1:3. Mutual holding company membership interest.
88 words·~1 min read·
/va/title-38-2/chapter-10/38-2-1005-1-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
2001, c. 726 .