§ 49-4-110 — Revocation of authorization

The commissioner shall have the power to revoke the certificate of authority or bring proceedings for the dissolution or liquidation of a corporation pursuant to regulations promulgated by the commissioner relating to notice, hearing and opportunity for review, whenever the commissioner finds that: (1) The corporation is being operated for profit; (2) The affairs of the corporation are being fraudulently conducted; (3) The corporation is guilty of a violation of any of this part; (4) The certificate of authority was obtained by fraud; (5) The corporation is guilty of false or misleading advertising; (6) Trust funds have been or are being used for purposes other than scholarships; (7) There has been a material variance between any plan or plans as filed with the commissioner and the actual administration of the plan or plans to the detriment of any member, trustee of member or class of member; (8) The corporation has willfully failed to file reports required by the commissioner pursuant to this part; or (9) The corporation has refused or prevented examination of its books and records by the commissioner.

Legislative History

Acts 1968, ch. 589, § 12; T.C.A., § 49-4512.