§ 38.2-4702. Investigation of applicant; issuance of license
Upon the filing of an application and the payment of the application fee, the Commission shall make an investigation of the applicant. The Commission shall issue a license, expiring on June 30 immediately following the date of issuance, if it finds that (i) the application is in proper form and the required fee has been paid; (ii) the financial responsibility, experience, character, and general fitness of the applicant indicate that the business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter, the same criteria being applicable to members of the applicant if the applicant is a partnership or association and to officers and directors of the applicant if the applicant is a corporation; (iii) if the applicant is a corporation, it is a corporation of this Commonwealth or a foreign corporation that has a certificate of authority to transact business in this Commonwealth; and (iv) the applicant has assets equal to or greater than its liabilities and has working capital sufficient for the operation of its business.
(1964, c. 147, § 38.1-737; 1981, c. 107; 1986, c. 562.)Sections: Previous 38.2-4700 38.2-4701 38.2-4702 38.2-4703 38.2-4704 38.2-4705 38.2-4706 38.2-4707 38.2-4708 38.2-4709 38.2-4710 38.2-4711 38.2-4712 Next
Last modified: April 3, 2009