Virginia Code 46.2-1574: Acts of officers, directors, partners, and salespersons
If a licensee or registrant is a partnership or corporation, it shall be sufficient cause for the denial, suspension, or revocation of a license or certificate of dealer registration that any officer, director, or trustee of the partnership or corporation, or any member in the case of a partnership or the dealer-operator, has committed any act or omitted any duty which would be cause for refusing, suspending, or revoking a license or certificate of dealer registration issued to him as an individual under this chapter. Each licensee or registrant shall be responsible for the acts of any of his salespersons while acting as his agent, if the licensee approved of those acts or had knowledge of those acts or other similar acts and after such knowledge retained the benefit, proceeds, profits, or advantages accruing from those acts or otherwise ratified those acts.
Terms Used In Virginia Code 46.2-1574
- 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.
- Dealer-operator: means the individual who works at the established place of business of a dealer and who is responsible for and in charge of day-to-day operations of that place of business. See Virginia Code 46.2-1500
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- revocation: means that the document or privilege revoked is not subject to renewal or restoration except through reapplication after the expiration of the period of revocation. See Virginia Code 46.2-100
- suspension: means that the document or privilege suspended has been temporarily withdrawn, but may be reinstated following the period of suspension unless it has expired prior to the end of the period of suspension. See Virginia Code 46.2-100
- Trustee: A person or institution holding and administering property in trust.
1988, c. 865, § 46.1-550.5:33; 1989, c. 727.