13.1-761 - Effect of certificate of authority. - Virginia Statutes

§ 13.1-761. Effect of certificate of authority.

A. A certificate of authority authorizes the foreign corporation to which itis issued to transact business in this Commonwealth subject, however, to theright of the Commonwealth to revoke the certificate as provided in this Act.

B. A foreign corporation holding a valid certificate of authority shall haveno greater rights and privileges than a domestic corporation. The certificateof authority shall not be deemed to authorize it to exercise any of itscorporate powers or purposes that a foreign corporation is forbidden by lawto exercise in this Commonwealth.

C. This chapter does not authorize this Commonwealth to regulate theorganization or internal affairs of a foreign corporation authorized totransact business in this Commonwealth.

(Code 1950, §§ 13.1-102, 13.1-103, 13.1-108; 1956, c. 428; 1985, c. 522.)