§ 13.1-1279. Inspection of records by beneficial owners.
A. Subject to subsection C of § 13.1-1280, a beneficial owner of a businesstrust is entitled to inspect and copy, during regular business hours at thebusiness trust's principal office, any of the records of the business trustdescribed in subsection E of § 13.1-1278 if he gives the business trustwritten notice of his demand at least five business days before the date onwhich he wishes to inspect and copy.
B. A beneficial owner of a business trust is entitled to inspect and copy,during regular business hours at a reasonable location specified by thebusiness trust, any of the following records of the business trust if thebeneficial owner meets the requirements of subsection C of this section andgives the business trust written notice of his demand at least five businessdays before the date on which he wishes to inspect and copy:
1. Excerpts from minutes of any meeting of the trustees, records of anyaction of a committee of the trustees while acting in or on behalf of thebusiness trust, minutes of any meeting of the beneficial owners, and recordsof action taken by the beneficial owners or trustees without a meeting, tothe extent not subject to inspection under subsection A of this section;
2. Accounting records of the business trust; and
3. The record of beneficial owners.
C. A beneficial owner may inspect and copy the records identified insubsection B of this section only if:
1. He has been a beneficial owner of record for at least six monthsimmediately preceding his demand or is the holder of record of at least fivepercent of all of the outstanding beneficial interests;
2. His demand is made in good faith and for a proper purpose;
3. He describes with reasonable particularity his purpose and the records hedesires to inspect; and
4. The records are directly connected with his purpose.
D. The right of inspection granted by this section may not be abolished orlimited by a business trust's articles of trust or governing instrument.
E. This section shall not affect:
1. The right of a beneficial owner to inspect records, if the beneficialowner is in litigation with the business trust, to the same extent as anyother litigant; or
2. The power of a court, independently of this chapter, to compel theproduction of trust records for examination.
§ 13.1-1279. Inspection of records by beneficial owners.
A. Subject to subsection C of § 13.1-1280, a beneficial owner of a businesstrust is entitled to inspect and copy, during regular business hours at thebusiness trust's principal office, any of the records of the business trustdescribed in subsection E of § 13.1-1278 if he gives the business trustwritten notice of his demand at least five business days before the date onwhich he wishes to inspect and copy.
B. A beneficial owner of a business trust is entitled to inspect and copy,during regular business hours at a reasonable location specified by thebusiness trust, any of the following records of the business trust if thebeneficial owner meets the requirements of subsection C of this section andgives the business trust written notice of his demand at least five businessdays before the date on which he wishes to inspect and copy:
1. Excerpts from minutes of any meeting of the trustees, records of anyaction of a committee of the trustees while acting in or on behalf of thebusiness trust, minutes of any meeting of the beneficial owners, and recordsof action taken by the beneficial owners or trustees without a meeting, tothe extent not subject to inspection under subsection A of this section;
2. Accounting records of the business trust; and
3. The record of beneficial owners.
C. A beneficial owner may inspect and copy the records identified insubsection B of this section only if:
1. He has been a beneficial owner of record for at least six monthsimmediately preceding his demand or is the holder of record of at least fivepercent of all of the outstanding beneficial interests;
2. His demand is made in good faith and for a proper purpose;
3. He describes with reasonable particularity his purpose and the records hedesires to inspect; and
4. The records are directly connected with his purpose.
D. The right of inspection granted by this section may not be abolished orlimited by a business trust's articles of trust or governing instrument.
E. This section shall not affect:
1. The right of a beneficial owner to inspect records, if the beneficialowner is in litigation with the business trust, to the same extent as anyother litigant; or
2. The power of a court, independently of this chapter, to compel theproduction of trust records for examination.
§ 13.1-1279. Inspection of records by beneficial owners.
A. Subject to subsection C of § 13.1-1280, a beneficial owner of a businesstrust is entitled to inspect and copy, during regular business hours at thebusiness trust's principal office, any of the records of the business trustdescribed in subsection E of § 13.1-1278 if he gives the business trustwritten notice of his demand at least five business days before the date onwhich he wishes to inspect and copy.
B. A beneficial owner of a business trust is entitled to inspect and copy,during regular business hours at a reasonable location specified by thebusiness trust, any of the following records of the business trust if thebeneficial owner meets the requirements of subsection C of this section andgives the business trust written notice of his demand at least five businessdays before the date on which he wishes to inspect and copy:
1. Excerpts from minutes of any meeting of the trustees, records of anyaction of a committee of the trustees while acting in or on behalf of thebusiness trust, minutes of any meeting of the beneficial owners, and recordsof action taken by the beneficial owners or trustees without a meeting, tothe extent not subject to inspection under subsection A of this section;
2. Accounting records of the business trust; and
3. The record of beneficial owners.
C. A beneficial owner may inspect and copy the records identified insubsection B of this section only if:
1. He has been a beneficial owner of record for at least six monthsimmediately preceding his demand or is the holder of record of at least fivepercent of all of the outstanding beneficial interests;
2. His demand is made in good faith and for a proper purpose;
3. He describes with reasonable particularity his purpose and the records hedesires to inspect; and
4. The records are directly connected with his purpose.
D. The right of inspection granted by this section may not be abolished orlimited by a business trust's articles of trust or governing instrument.
E. This section shall not affect:
1. The right of a beneficial owner to inspect records, if the beneficialowner is in litigation with the business trust, to the same extent as anyother litigant; or
2. The power of a court, independently of this chapter, to compel theproduction of trust records for examination.
