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

(1)  Has exceeded its powers;

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

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

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

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inthis State until satisfactory evidence is furnished to the commissioner thatsuch suspension or refusal should be withdrawn or the commissioner may revokethe authority of the society to do business in this State.

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