CODE OF VIRGINIA

ASSESSMENT OF ANNUAL REGISTRATION FEES; ANNUAL REGISTRATION FEE TO BE PAID BY
DOMESTIC AND FOREIGN BUSINESS TRUSTS (§ 13.1-1252)

A. Each domestic business trust and each foreign business trust registered to
transact business in the Commonwealth, shall pay into the state treasury on or
before October 1 in each year after the calendar year in which it was formed or
registered to transact business in the Commonwealth an annual registration fee
of $ 50, provided that the initial annual registration fee to be paid by a
domestic business trust created by entity conversion shall be due in the year
after the calendar year in which it converted.The annual registration fee shall
be imposed irrespective of any specific license tax or other tax or fee imposed
by law upon the business trust for the privilege of carrying on its business in
the Commonwealth or upon its franchise, property, or receipts.

B. Each year, the Commission shall ascertain from its records each domestic
business trust and each foreign business trust registered to transact business
in the Commonwealth as of July 1 and, except as provided in subsection A, shall
assess against each such business trust the annual registration fee herein
imposed.

C. A statement of the assessment, when made, shall be forwarded by the clerk of
the Commission to the Comptroller and to each domestic and foreign business
trust.

D. Any domestic business trust that has ceased to exist in the Commonwealth
because of the issuance of a certificate of cancellation of existence,
certificate of trust surrender, or certificate of entity conversion, or any
foreign business trust that has obtained a certificate of cancellation,
effective on or before its annual registration fee due date pursuant to
subsection A in any year, shall not be required to pay the annual registration
fee for that year. Any domestic or foreign business trust that has merged,
effective on or before its annual registration fee due date pursuant to
subsection A in any year, into a surviving domestic or foreign corporation,
limited liability company, business trust, limited partnership, or partnership
that files with the Commission an authenticated copy of the instrument of merger
on or before such date, shall not be required to pay the annual registration fee
for that year. Any foreign business trust that has converted, effective on or
before its annual registration fee due date pursuant to subsection A in any
year, to a different entity type that files with the Commission an authenticated
copy of the instrument of entity conversion on or before such date, shall not be
required to pay the annual registration fee for that year. The Commission shall
cancel the annual registration fee assessments specified in this subsection that
remain unpaid.

E. Registration fee assessments that have been paid shall not be refunded.

F. The fees paid into the state treasury under this section and the fees
collected under § 13.1-1204 shall be set aside and paid into the special fund
created under § 13.1-775.1, and shall be used only by the Commission as it
deems necessary to defray the costs of the Commission and of the office of the
clerk of the Commission in supervising, implementing, administering and
enforcing the provisions of this chapter. The projected excess of fees collected
over the costs of administration and enforcement so incurred shall be paid into
the general fund prior to the close of each fiscal year, based on the unexpended
balance of the special fund at the end of the prior fiscal year. An adjustment
of this transfer amount to reflect actual fees collected shall occur during the
first quarter of the succeeding fiscal year.

HISTORY: 2002, c. 621; 2007, c. 810; 2013, c. 25.