2006 Code of Virginia § 13.1-1247 - Transaction of business without registration; civil penalty

13.1-1247. Transaction of business without registration; civil penalty.

A. A foreign business trust transacting business in this Commonwealth shallnot maintain any action, suit, or proceeding in any court of thisCommonwealth until it has registered in this Commonwealth.

B. The failure of a foreign business trust to register in this Commonwealthshall not impair the validity of any contract or act of the foreign businesstrust or prevent the foreign business trust from defending any action, suit,or proceeding in any court of this Commonwealth.

C. If a foreign business trust transacts business in this Commonwealthwithout a certificate of registration, each trustee, officer or employee ofthe business trust who does any such business in this Commonwealth knowingthat a certificate of authority is required and has not been obtained shallbe liable for a civil penalty of not less than $500 and not more than $5,000,which may be imposed by the Commission or by any court in the Commonwealthbefore which an action against the business trust may lie, after the businesstrust and the individual have been given notice and an opportunity to beheard. Civil penalties paid pursuant to this chapter shall be deposited tothe credit of the Literary Fund.

D. A foreign business trust, by transacting business in this Commonwealthwithout registration, appoints the clerk of the Commission as its agent forservice of process with respect to causes of action arising out of thetransaction of business in this Commonwealth.

(2002, c. 621.)