§ 38.2-4222. Licensing of nonstock corporations
A. No person shall deliver or issue for delivery in this Commonwealth a subscription contract without a license issued by the Commission. Each nonstock corporation shall apply for a license and furnish any relevant information the Commission requires. Each license shall expire at midnight on the following June 30. Application for a license shall be accompanied by a nonrefundable application fee of $500.
B. The Commission may refuse to issue or renew a license to a nonstock corporation if it is not satisfied that the financial condition, the method of operation, and the manner of doing business of the nonstock corporation enable it to meet its contractual obligations to all subscribers and that the nonstock corporation has otherwise complied with all the requirements of law.
(Code 1950, § 32-195.11; 1956, c. 268, § 38.1-825; 1978, c. 4; 1979, c. 721; 1980, c. 682; 1986, c. 562; 1987, cc. 565, 655; 1988, c. 185; 1994, c. 503.)
Sections: Previous 38.2-4216 38.2-4216.1 38.2-4217 38.2-4218 38.2-4219 38.2-4220 38.2-4221 38.2-4222 38.2-4223 38.2-4224 38.2-4225 38.2-4226 38.2-4227 38.2-4228 38.2-4229 NextLast modified: April 3, 2009