§ 18-441-1406. Revocation of certificate of authority.

REVOCATION OF CERTIFICATE OF AUTHORITY.

(a)  A certificate of authority may be revoked by the Secretary of State in the manner provided in subsection (b) of this section if the foreign cooperative does not:

(1)  Pay, not later than sixty (60) days after the due date, any fee, tax, or penalty due to the Secretary of State under the Uniform Limited Cooperative Association Act of 2009 or law of this state other than the Uniform Limited Cooperative Association Act of 2009;

(2)  Deliver, not later than sixty (60) days after the due date, its annual report;

(3)  Appoint and maintain an agent for service of process; or

(4)  Deliver for filing a statement of change not later than thirty (30) days after a change has occurred in the name of the agent or the address of the foreign cooperative’s designated office.

(b)  To revoke a certificate of authority, the Secretary of State must file a notice of revocation and send a copy to the foreign cooperative’s registered agent for service of process in this state or, if the foreign cooperative does not appoint and maintain an agent for service of process in this state, to the foreign cooperative’s principal office.  The notice must state:

(1)  The revocation’s effective date, which must be at least sixty (60) days after the date the Secretary of State sends the copy; and

(2)  The foreign cooperative’s noncompliance that is the reason for the revocation.

(c)  The authority of a foreign cooperative to transact business in this state ceases on the effective date of the notice of revocation unless before that date the foreign cooperative cures each failure to comply stated in the notice.  If the foreign cooperative cures the failures, the Secretary of State shall so indicate on the filed notice.

Added by Laws 2009, c. 68, § 127, eff. Jan. 1, 2010.