No dividend or distribution of income, as used in § 13.1-814, shall be made to a member corporation of a corporation licensed under the provisions of this title unless the corporation has received approval by the Commission prior to the distribution. In approving the distribution, the Commission shall give consideration to the subscribers’ or policyholders’ best interest.

Terms Used In Virginia Code 38.2-230

  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

1985, c. 380, § 38.1-39.1; 1986, c. 562.

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