2006 Code of Virginia § 13.1-915 - Involuntary termination of corporate existence

13.1-915. Involuntary termination of corporate existence.

The corporate existence of a corporation may be terminated involuntarily byorder of the Commission when it finds that the corporation (i) has continuedto exceed or abuse the authority conferred upon it by law; (ii) has failed tomaintain a registered office or a registered agent in this Commonwealth asrequired by law; or (iii) has failed to file any document required by thischapter to be filed with the Commission.

Upon such termination the properties and affairs of the corporation shallpass automatically to its directors as trustees in liquidation. The trusteesthen shall proceed to collect the assets of the corporation, and pay, satisfyand discharge its liabilities and obligations and do all other acts requiredto liquidate its business. After paying or adequately providing for thepayment of all its obligations, the trustees shall distribute the remainderof its assets in accordance with 13.1-907.

Before entering any such order the Commission shall issue a rule against thecorporation giving it an opportunity to be heard and show cause why such anorder should not be entered. The Commission may issue the rule on its ownmotion or on motion of the Attorney General.

(Code 1950, 13.1-256; 1956, c. 428; 1958, c. 506; 1968, c. 116; 1976, c.350; 1985, c. 522; 1991, c. 310.)