Virginia Code 38.2-4131: Suspension, revocation or refusal of license of foreign or alien society.
No foreign or alien society doing business or applying to do business in this Commonwealth shall:
Terms Used In Virginia Code 38.2-4131
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
- Society: means fraternal benefit society, unless otherwise indicated. See Virginia Code 38.2-4103
1. Exceed its powers;
2. Fail to comply with any of the provisions of this chapter;
3. Fail to fulfill its contracts in good faith; or
4. Conduct its business fraudulently or in a manner hazardous to its members or creditors or the public.
If the Commission, upon investigation, finds such deficiencies, it shall notify the society in writing of its findings, and after reasonable notice require the society to show cause on a date designated in the notice why its license should not be suspended, revoked or refused. If, on the date named in the notice, the grounds for the proposed suspension, revocation or refusal of the society’s license have not been removed to the satisfaction of the Commission, or the society does not present good and sufficient reasons why its authority to do business in this Commonwealth should not at that time be suspended, revoked, or refused the Commission may suspend, revoke or refuse the license of the society to do business in this Commonwealth.
Code 1950, §§ 38-322, 38.1-631; 1952, c. 317, § 38.1-638.52; 1968, c. 654; 1986, c. 562.