Sec. 38a-603. (Formerly Sec. 38-214). Suspension or revocation of license of foreign or alien society.
Sec. 38a-603. (Formerly Sec. 38-214). Suspension or revocation of license of
foreign or alien society. When the commissioner upon investigation finds that a foreign
or alien society transacting or applying to transact business in this state: (a) Has exceeded
its powers; (b) has failed to comply with any of the provisions of sections 38a-595 to
38a-626, inclusive, 38a-631 to 38a-640, inclusive, and 38a-800; (c) is not fulfilling its
contracts in good faith; or (d) is conducting its business fraudulently or in a manner
hazardous to its members or creditors or the public, he shall notify the society of his
findings, state in writing the reasons for his dissatisfaction and require the society to
show cause on a date named why its license should not be suspended, revoked or refused.
If on such date the society does not present good and sufficient reason why its authority
to do business in this state should not be suspended, revoked or refused, he may suspend
or refuse the license of the society to do business in this state until satisfactory evidence
is furnished to him that such suspension or refusal should be withdrawn or he may revoke
the authority of the society to do business in this state. Nothing contained in this section
shall be taken or construed as preventing any such society from continuing in good faith
all contracts made in this state during the time such society was legally authorized to
transact business herein.
(1949 Rev., S. 6267; 1957, P.A. 448, S. 27; P.A. 90-243, S. 132.)
History: P.A. 90-243 substituted "foreign" for "nonresident" and "alien" for "foreign" societies; Sec. 38-214 transferred
to Sec. 38a-603 in 1991.