55-501 - Revocation of registration. - Virginia Statutes

§ 55-501. Revocation of registration.

A. The agency, after notice stating the deficiency complained of and hearing,may issue an order revoking the registration of a cooperative upondetermination that a declarant or any officer or principal of a declarant has:

1. Failed to comply with a cease and desist order issued by the agencyaffecting that cooperative;

2. Concealed, diverted or disposed of any funds or assets of any person in amanner impairing rights of purchasers of cooperative interests in thatcooperative;

3. Failed to perform any stipulation or agreement made to induce the agencyto issue an order relating to that cooperative;

4. Intentionally misrepresented or failed to disclose a material fact in theapplication for registration; or

5. Failed to meet any of the conditions described in §§ 55-498 and 55-499necessary to qualify for registration.

B. Without the consent of the agency a declarant shall not convey, cause tobe conveyed, or contract for the conveyance of any cooperative interest whilean order revoking the registration of the cooperative is in effect.

C. In appropriate cases the agency, in its discretion, may issue a cease anddesist order in lieu of an order of revocation.

(1982, c. 277.)