2006 Code of Virginia § 13.1-931 - Revocation of certificate of authority by Commission

13.1-931. Revocation of certificate of authority by Commission.

A. The certificate of authority to transact business in this Commonwealth ofany foreign corporation may be revoked by order of the Commission when itfinds that the corporation:

1. Has continued to exceed the authority conferred upon it by law;

2. Has failed to maintain a registered office or a registered agent in thisCommonwealth as required by law;

3. Has failed to file any document required by this Act to be filed with theCommission; or

4. No longer exists, by virtue of dissolution, termination, merger orconsolidation under the laws of the state or country of its incorporation.

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

C. The authority of a foreign corporation to transact business in thisCommonwealth ceases on the date shown on the certificate revoking itscertificate of authority.

D. The Commission's revocation of a foreign corporation's certificate ofauthority appoints the clerk of the Commission the foreign corporation'sagent for service of process in any proceeding based on a cause of actionarising during the time the foreign corporation was authorized to transactbusiness in this Commonwealth. Service of process on the clerk of theCommission under this subsection is service on the foreign corporation andshall be made on the clerk in accordance with 12.1-19.1.

E. Revocation of a foreign corporation's certificate of authority does notterminate the authority of the registered agent of the corporation.

(Code 1950, 13.1-280; 1956, c. 428; 1958, c. 506; 1985, c. 522; 1991, c.672; 1995, c. 76.)