                                 CODE OF VIRGINIA

LICENSING OF NONSTOCK CORPORATIONS (§ 38.2-4222)

A. No person shall deliver or issue for delivery in this Commonwealth a
subscription contract without a license issued by the Commission. Each nonstock
corporation shall apply for a license and furnish any relevant information the
Commission requires. Each license shall expire at midnight on the following June
30. Application for a license shall be accompanied by a nonrefundable
application fee of $500.

B. The Commission may refuse to issue or renew a license to a nonstock
corporation if it is not satisfied that the financial condition, the method of
operation, and the manner of doing business of the nonstock corporation enable
it to meet its contractual obligations to all subscribers and that the nonstock
corporation has otherwise complied with all the requirements of law.

HISTORY: 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.