§ 58-24-150. Suspension, revocation or refusal of license of foreign or alien society. - North Carolina Statutes

§58‑24‑150.  Suspension, revocation or refusal of license of foreignor alien society.

(a)        When theCommissioner upon investigation finds that a foreign or alien societytransacting or applying to transact business in this State:

(1)        Has exceeded itspowers;

(2)        Has failed to complywith any of the provisions of this Article;

(3)        Is not fulfillingits contracts in good faith; or

(4)        Is conducting itsbusiness fraudulently or in a manner hazardous to its members or creditors orthe public;

the Commissioner shall notify thesociety of such deficiency or deficiencies and state in writing the reasons forhis or her dissatisfaction.  The Commissioner shall at once issue a writtennotice to the society requiring that the deficiency or deficiencies which existare corrected.  After such notice the society shall have a 30 day period inwhich to comply with the Commissioner's request for correction, and if thesociety fails to comply the Commissioner shall notify the society of suchfindings of noncompliance and require the society to show cause on a date namedwhy its license should not be suspended, revoked or refused.  If on such datethe society does not present good and sufficient reason why its authority to dobusiness in this State should not be suspended, revoked or refused, theCommissioner may suspend or refuse the license of the society to do business inthis State until satisfactory evidence is furnished to the Commissioner thatsuch suspension or refusal should be withdrawn or the Commissioner may revoke theauthority of the society to do business in this State.

(b)        Nothing containedin this section shall be taken or construed as preventing any such society fromcontinuing in good faith all contracts made in this State during the time suchsociety was legally authorized to transact business herein. (1987,c. 483, s. 2; 1991, c. 720, s. 4.)