§ 13.1-923. Effect of certificate of authority
A. A certificate of authority authorizes the foreign corporation to which it is issued to transact business in the Commonwealth, subject, however, to the right of the Commonwealth to revoke the certificate as provided in this Act.
B. A foreign corporation holding a valid certificate of authority shall have no greater rights and privileges than a domestic corporation. The certificate of authority shall not be deemed to authorize it to exercise any of its corporate powers or purposes that a foreign corporation is forbidden by law to exercise in the Commonwealth.
C. This Act does not authorize the Commonwealth to regulate the organization or internal affairs of a foreign corporation authorized to transact business in the Commonwealth.
(Code 1950, §§ 13.1-266, 13.1-271; 1956, c. 428; 1985, c. 522; 2007, c. 925.)
Sections: Previous 13.1-916 13.1-917 13.1-918 13.1-919 13.1-920 13.1-921 13.1-922 13.1-923 13.1-924 13.1-925 13.1-926 13.1-927 13.1-928 13.1-928.1 13.1-928.2 NextLast modified: April 2, 2009