State Codes and Statutes
Statutes > Virginia > Title-55 > Chapter-27-1 > 55-525-2§ 55-525.2. Change in control.
An exchange facilitator shall notify all existing exchange clients whoserelinquished property is located in the Commonwealth, or whose replacementproperty held under a Qualified Exchange Accommodation Agreement is locatedin the Commonwealth, of any change in control of the exchange facilitator.Such notification shall be made to the exchange facilitator's clients within10 business days following the effective date of such change in controleither by facsimile or email transmission, or by first class mail, and byposting such notice of change in control on the exchange facilitator'swebsite, if any, for a period ending not sooner than 90 days after the changein control. Such notification shall set forth the name, address, and othercontact information of the transferees. For purposes of this chapter,"transferee" means the party or parties to whom the ownership or control ofthe exchange facilitator has been transferred. Notwithstanding the above, ifthe exchange facilitator is a publicly traded company and remains a publiclytraded company after a change in control, the publicly traded company shallnot be required to notify its existing clients of such change in control. Forpurposes of this section, "change in control" means any transfer within 12months of more than 50 percent of the assets or ownership interests, director indirect, of the exchange facilitator.
(2010, c. 409.)
