Virginia Code 38.2-4518: Renewal of nonstock corporation license
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A. Each nonstock corporation licensed under this chapter shall renew its license annually by July 1. The renewal license shall not be issued unless the nonstock corporation has complied with all requirements of law.
Terms Used In Virginia Code 38.2-4518
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Nonstock corporation: means a foreign or domestic nonstock corporation which is subject to regulation and licensing under this chapter and which operates a dental services plan or an optometric services plan. See Virginia Code 38.2-4501
B. The Commission shall not fail or refuse to renew the license of any nonstock corporation without first giving the nonstock corporation ten days’ notice of its intention not to renew the license and giving it an opportunity to be heard and to introduce evidence in its behalf. Any nonrenewal hearing may be informal, and the required notice may be waived by the Commission and the nonstock corporation.
1980, c. 682, § 38.1-907; 1986, c. 562; 1987, cc. 565, 655.