CODE OF VIRGINIA

WAIVER OF CANCELLATION (§ 13.1-1047.1)

Except in the case of an event of dissolution described in subdivision 4 or 5 of
§ 13.1-1046, at any time after the dissolution of a limited liability company
and before the winding up of its business is completed, all of the members may
waive the right to have the limited liability company’s business wound up
and its existence canceled. In that event:

   1.  The limited liability company resumes carrying on its business as if
   dissolution had never occurred, and any liability incurred by the limited
   liability company or a member after the dissolution and before the waiver is
   determined as if dissolution had never occurred; and

   2.  The rights of a third party arising out of conduct in reliance on the
   dissolution before the third party knew or received a notification of the
   waiver may not be adversely affected.

HISTORY: 2012, c. 706.