Section 38.2-4222 - Licensing of nonstock corporationsA. No person shall deliver or issue for delivery in this Commonwealth a subscription contract without a license issued by the Commission. Each nonstock corporation shall apply for a license and furnish any relevant information the Commission requires. Each license shall expire at midnight on the following June 30. Application for a license shall be accompanied by a nonrefundable application fee of $500.B. The Commission may refuse to issue or renew a license to a nonstock corporation if it is not satisfied that the financial condition, the method of operation, and the manner of doing business of the nonstock corporation enable it to meet its contractual obligations to all subscribers and that the nonstock corporation has otherwise complied with all the requirements of law.Code 1950, § 32-195.11; 1956, c. 268, § 38.1-825; 1978, c. 4; 1979, c. 721; 1980, c. 682; 1986, c. 562; 1987, cc. 565, 655; 1988, c. 185; 1994, c. 503.Amended by Acts 1994, § c. 503.Amended by Acts 1988, § c. 185.Amended by Acts 1987, § cc. 565, 655.Amended by Acts 1986, § c. 562.Amended by Acts 1980, § c. 682.Amended by Acts 1979, § c. 721.Amended by Acts 1978, § c. 4.Amended by Acts 1956, § c. 268, § 38.1-825.