§ 13.1-1246. Cancellation of certificate of registration
A. A foreign business trust may cancel its certificate of registration by delivering to the Commission articles of cancellation on forms prescribed and furnished by the Commission that shall set forth:
1. The name of the foreign business trust and the name of the state or other jurisdiction under whose jurisdiction it was formed;
2. That the foreign business trust is not transacting business in this Commonwealth and that it surrenders its registration to transact business in this Commonwealth;
3. That the foreign business trust revokes the authority of its registered agent to accept service on its behalf and appoints the clerk of the Commission as its agent for service of process in any proceeding based on a cause of action arising during the time it was authorized to transact business in this Commonwealth;
4. A mailing address to which the clerk may mail a copy of any process served on him under subdivision 3 of this subsection; and
5. A commitment to notify the clerk of the Commission in the future of any change in the mailing address of the business trust.
B. If the Commission finds that the articles of cancellation conform to the provisions of this article and all required fees have been paid, it shall file the articles and the certificate of registration shall be canceled.
C. The certificate of registration to transact business in the Commonwealth of any foreign business trust may be canceled by order of the Commission upon the foreign business trust's conviction for a violation of 8 U.S.C. § 1324a(f), as amended, for actions of its trustees or beneficial owners authorized to act on the behalf of a foreign business trust constituting a pattern or practice of employing unauthorized aliens in the Commonwealth. A certificate of a foreign business trust canceled pursuant to this subsection shall not be eligible for reinstatement for a period of not less than one year.
D. Before entering any such order the Commission shall issue a rule against the foreign business trust giving it an opportunity to be heard and show cause why such an order shall not be entered. The Commission may issue the rule on its own motion or on motion of the Attorney General.
E. Any foreign business trust convicted of the offense listed in subsection C shall immediately report such conviction to the Commission and file with the Commission an authenticated copy of the judgment or record of conviction.
(2002, c. 621; 2008, cc. 588, 770.)
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