38.2-4131 - Suspension, revocation or refusal of license of foreign or alien society.
§ 38.2-4131. Suspension, revocation or refusal of license of foreign or aliensociety.
No foreign or alien society doing business or applying to do business in thisCommonwealth shall:
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 membersor creditors or the public.
If the Commission, upon investigation, finds such deficiencies, it shallnotify the society in writing of its findings, and after reasonable noticerequire the society to show cause on a date designated in the notice why itslicense should not be suspended, revoked or refused. If, on the date namedin the notice, the grounds for the proposed suspension, revocation or refusalof the society's license have not been removed to the satisfaction of theCommission, or the society does not present good and sufficient reasons whyits authority to do business in this Commonwealth should not at that time besuspended, revoked, or refused the Commission may suspend, revoke or refusethe 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.)