50-73.58:2 - Involuntary cancellation of certificate of registration - Virginia Statutes

§ 50-73.58:2. Involuntary cancellation of certificate of registration.

A. The certificate of registration to transact business in the Commonwealthof any foreign limited partnership may be canceled involuntarily by order ofthe Commission when it finds that the foreign limited partnership:

1. Has continued to exceed or abuse the authority conferred on it by law;

2. Has failed to maintain a registered office or a registered agent in theCommonwealth as required by law;

3. Has failed to file any document required by this chapter to be filed withthe Commission;

4. No longer exists under the laws of the state or other jurisdiction of itsformation; or

5. Has been convicted for a violation of 8 U.S.C. § 1324a(f), as amended, foractions of its partners constituting a pattern or practice of employingunauthorized aliens in the Commonwealth.

B. Before entering any such order, the Commission shall issue a rule againstthe limited partnership giving it an opportunity to be heard and show causewhy such an order should not be entered. The Commission may issue the rule onits own motion or on motion of the Attorney General.

C. The authority of a foreign limited partnership to transact business in theCommonwealth ceases on the date shown on the order canceling its certificateof registration.

D. The Commission's cancellation of a foreign limited partnership'scertificate of registration appoints the clerk of the Commission the limitedpartnership's agent for service of process in any proceeding based on a causeof action arising during the time the limited partnership was authorized totransact business in the Commonwealth. Service of process on the clerk of theCommission under this subsection is service on the foreign limitedpartnership and shall be made on the clerk in accordance with § 12.1-19.1.

E. Cancellation of a foreign limited partnership's certificate ofregistration does not terminate the authority of the registered agent of theforeign limited partnership.

F. Any foreign limited partnership convicted of the offense listed insubdivision A 5 shall immediately report such conviction to the Commissionand file with the Commission an authenticated copy of the judgment or recordof conviction. A certificate of registration canceled pursuant to subdivisionA 5 shall not be eligible for reinstatement for a period of not less than oneyear.

(2008, c. 586; 2009, c. 167.)