38.2-4518 - Renewal of nonstock corporation license. - Virginia Statutes

§ 38.2-4518. Renewal of nonstock corporation license.

A. Each nonstock corporation licensed under this chapter shall renew itslicense annually by July 1. The renewal license shall not be issued unlessthe nonstock corporation has complied with all requirements of law.

B. The Commission shall not fail or refuse to renew the license of anynonstock corporation without first giving the nonstock corporation ten days'notice of its intention not to renew the license and giving it an opportunityto be heard and to introduce evidence in its behalf. Any nonrenewal hearingmay be informal, and the required notice may be waived by the Commission andthe nonstock corporation.

(1980, c. 682, § 38.1-907; 1986, c. 562; 1987, cc. 565, 655.)