What is "good standing"

n. 1 The status of a member of a profession who is not suspended or disbarred, and is registered with a proper authority and has paid any registration fees 2 (context by extension English) The status of a person who is known to be of good character and to be trustworthy

A person or organisation in good standing is regarded as having complied with all their explicit obligations and having unabated powers to conduct their activities.