2006 Code of Virginia § 13.1-930 - Automatic revocation of certificate of authority

13.1-930. Automatic revocation of certificate of authority.

A. If any foreign corporation fails to file the annual report required bythis chapter in a timely manner, the Commission shall mail notice to it ofimpending revocation of its certificate of authority to transact business inthis Commonwealth. Whether or not such notice is mailed, if the corporationfails to file the annual report before the last day of the fourth monthimmediately following its annual report due date each year, the foreigncorporation shall automatically cease to be authorized to transact businessin this Commonwealth and its certificate of authority shall be automaticallyrevoked as of that day.

B. 1. Any foreign corporation shall pay the annual registration fee requiredby law on or before the corporation's annual report due date determined inaccordance with subsection C of 13.1-936 of each year. If the corporationpays the annual registration fee for the year assessed after such date ofthat year, the corporation shall incur a penalty of ten dollars.

2. If any foreign corporation fails to pay by the due date of the yearassessed the annual registration fee, the Commission shall mail notice to thecorporation of impending revocation of its certificate of authority. Thecorporation shall automatically cease to be authorized to do business in thisCommonwealth if any such fee is unpaid as of the last day of the fourth monthimmediately following the due date of that year, and its certificate ofauthority shall be automatically revoked.

C. If any foreign corporation whose registered agent has filed with theCommission his statement of resignation pursuant to 13.1-927 fails to filea statement of change pursuant to 13.1-926 within thirty-one days after thedate on which the statement of resignation was filed, the Commission shallmail notice to the corporation of impending revocation of its certificate ofauthority. If the corporation fails to file the statement of change beforethe last day of the second month immediately following the month in which theimpending revocation notice was mailed, the corporation shall automaticallycease to be authorized to transact business in this Commonwealth and itscertificate of authority shall be automatically revoked as of that day.

(Code 1950, 13.1-279; 1956, c. 428; 1970, c. 4; 1985, cc. 522, 528; 1987,c. 2; 1988, c. 405; 1991, c. 125; 1997, c. 216; 2000, c. 52.)