13.1-1210 - Powers.
§ 13.1-1210. Powers.
Unless the articles of trust provide otherwise, every business trust has thesame powers as an individual or any other entity to do all things necessaryor convenient to carry out its business and affairs, including, withoutlimitation, the power:
1. To sue and be sued, complain and defend in its name;
2. To purchase, receive, lease or otherwise acquire, and own, hold, improve,use and otherwise deal with, real or personal property, or any legal orequitable interest in property, wherever located;
3. To sell, convey, mortgage, pledge, lease, exchange, and otherwise disposeof all or any part of its property;
4. To purchase, receive, subscribe for, or otherwise acquire, own, hold,vote, use, sell, mortgage, lend, pledge, or otherwise dispose of, and deal inand with shares or other interests in, or obligations of, any other person;
5. To make contracts and guaranties, incur liabilities, borrow money, issueits notes, bonds, and other obligations, and secure any of its obligations bymortgage or pledge of any of its property, franchises or income;
6. To lend money, invest and reinvest its funds, and receive and hold realand personal property as security for repayment;
7. To conduct its business, locate offices, and exercise the powers grantedby this chapter within or without this Commonwealth;
8. To elect and appoint trustees, officers, employees and agents of thebusiness trust, define their duties, fix their compensation, and lend themmoney and credit;
9. To pay pensions and establish pension plans, pension trusts,profit-sharing plans, and benefit and incentive plans for all or any of thecurrent or former beneficial owners, trustees, officers, employees, andagents of the business trust or any of its subsidiaries;
10. To make donations to the public welfare or for religious, charitable,scientific, literary or educational purposes;
11. To make payments or donations or do any other act, not inconsistent withthis section or any other applicable law, that furthers the business andaffairs of the business trust;
12. To pay compensation, or to pay additional compensation, to any or allbeneficial owners, trustees, officers and employees on account of servicespreviously rendered to the business trust, whether or not an agreement to paysuch compensation was made before such services were rendered;
13. To insure for its benefit the life of any of its beneficial owners,trustees, officers or employees, to insure the life of any beneficial ownerfor the purpose of acquiring at his death the interest owned by suchbeneficial owner and to continue such insurance after the relationshipterminates;
14. To cease its activities, wind up its affairs, and proceed to cancel itsexistence;
15. To enter into partnership agreements, joint ventures, or otherassociations of any kind with any person or persons;
16. To indemnify a trustee, officer, employee or any other person to the sameextent as a corporation may indemnify any of the directors, officers,employees or agents of the corporation;
17. To transact any lawful business that a corporation, partnership, limitedliability company or other business entity may conduct under the laws of theCommonwealth subject, however, to any and all laws and restrictions thatgovern or limit the conduct of such activity by such corporation,partnership, limited liability company or other business entity; and
18. To have and exercise all powers necessary or convenient to effect any orall of the purposes for which the business trust is organized.
(2002, c. 621; 2008, c. 101.)