§432:2-607  Suspension, revocation or
refusal of license of foreign or alien society.  (a)  When the commissioner
upon investigation finds that a foreign or alien society transacting or
applying to transact business in this State:



(1)  Has exceeded its powers;



(2)  Has failed to comply with any of the provisions
of this article;



(3)  Is not fulfilling its contracts in good faith; or



(4)  Is conducting its business fraudulently or in a
manner hazardous to its members or creditors or the public;



the commissioner shall notify the society of such
deficiency or deficiencies and state in writing the reasons for the
commissioner's dissatisfaction.  The commissioner shall at once issue a written
notice to the society requiring that the deficiency or deficiencies which exist
are corrected.  After such notice the society shall have a thirty-day period in
which to comply with the commissioner's request for correction.  If the society
fails to comply the commissioner shall notify the society of such findings of
noncompliance and require the society to show cause on a date named why its
license should not be suspended, revoked or refused.  If on such date the
society does not present good and sufficient reason why its authority to do
business in this State should not be suspended, revoked or refused, the
commissioner may suspend or refuse the license of the society to do business in
this State until satisfactory evidence is furnished to the commissioner that
such suspension or refusal should be withdrawn or the commissioner may revoke
the authority of the society to do business in this State.



(b)  Nothing contained in this section shall be
taken or construed as preventing any society from continuing in good faith all
contracts made in this State during the time the society was legally authorized
to transact business in this State. [L 1987, c 347, pt of §2]