fall 2008 bus orgs va code franchises

fall 2008 bus orgs va code franchises - 13.1-557 Short...

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§ 13.1-557. Short title. This chapter shall be known as the "Retail Franchising Act." 13.1-558. Policy of the Commonwealth. It is hereby declared to be the policy of the Commonwealth, through the exercise by the General Assembly of its power to regulate commerce partly or wholly within the Commonwealth of Virginia, to correct as rapidly as practicable such inequities as may exist in the franchise system so as to establish a more even balance of power between franchisors and franchisees; to require franchisors to deal fairly with their franchisees with reference to all aspects of the franchise relationship and to provide franchisees more direct, simple, and complete judicial relief against franchisors who fail to deal in a lawful manner with them. (1972, c. 561.) § 13.1-559. Definitions; applicability of chapter. A. As used in this chapter, unless the context otherwise requires: "Commission" means the State Corporation Commission. "Controlling person" means a natural person who is an officer, director, or partner, or who occupies a similar status or performs a similar function, of a franchisor organized as a corporation, partnership, or other entity, or any person who possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of a franchisor, whether through the ownership of voting securities, by contract, or otherwise. "Franchise" means a written contract or agreement between two or more persons, by which: 1. A franchisee is granted the right to engage in the business of offering, selling or
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This note was uploaded on 02/05/2011 for the course BULE 302 taught by Professor Demory during the Spring '10 term at George Mason.

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fall 2008 bus orgs va code franchises - 13.1-557 Short...

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