Virginia Code 38.2-1005.1:3: Mutual holding company membership interest
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A. A member of a mutual holding company shall not transfer membership in the company or any right arising from membership.
Terms Used In Virginia Code 38.2-1005.1:3
- Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Member: means a person who, on the records of a mutual company and pursuant to the articles of incorporation or bylaws of a mutual company, is deemed to be the holder of a membership interest in a mutual company. See Virginia Code 38.2-1005.1:1
- MHC: means a corporation organized under the provisions of the Virginia Nonstock Corporation Act (§ 13. See Virginia Code 38.2-1005.1:1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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.