38.2-4222 - Licensing of nonstock corporations.
§ 38.2-4222. Licensing of nonstock corporations.
A. No person shall deliver or issue for delivery in this Commonwealth asubscription contract without a license issued by the Commission. Eachnonstock corporation shall apply for a license and furnish any relevantinformation the Commission requires. Each license shall expire at midnight onthe following June 30. Application for a license shall be accompanied by anonrefundable application fee of $500.
B. The Commission may refuse to issue or renew a license to a nonstockcorporation if it is not satisfied that the financial condition, the methodof operation, and the manner of doing business of the nonstock corporationenable it to meet its contractual obligations to all subscribers and that thenonstock corporation has otherwise complied with all the requirements of law.
(Code 1950, § 32-195.11; 1956, c. 268, § 38.1-825; 1978, c. 4; 1979, c. 721;1980, c. 682; 1986, c. 562; 1987, cc. 565, 655; 1988, c. 185; 1994, c. 503.)