46.2-1574 - Acts of officers, directors, partners, and salespersons. - Virginia Statutes

§ 46.2-1574. Acts of officers, directors, partners, and salespersons.

If a licensee or registrant is a partnership or corporation, it shall besufficient cause for the denial, suspension, or revocation of a license orcertificate of dealer registration that any officer, director, or trustee ofthe partnership or corporation, or any member in the case of a partnership orthe dealer-operator, has committed any act or omitted any duty which would because for refusing, suspending, or revoking a license or certificate ofdealer registration issued to him as an individual under this chapter. Eachlicensee or registrant shall be responsible for the acts of any of hissalespersons while acting as his agent, if the licensee approved of thoseacts or had knowledge of those acts or other similar acts and after suchknowledge retained the benefit, proceeds, profits, or advantages accruingfrom those acts or otherwise ratified those acts.

(1988, c. 865, § 46.1-550.5:33; 1989, c. 727.)