§ 4-33-1530 - Grounds for revocation.
4-33-1530. Grounds for revocation.
(a) The Secretary of State may commence a proceeding under 4-33-1531 to revoke the certificate of authority of a foreign corporation authorized to transact business in this state if:
(1) the foreign corporation does not pay within one hundred twenty (120) days after they are due any franchise taxes or penalties imposed by this chapter or other law;
(2) the foreign corporation is without a registered agent or registered office in this state for one hundred twenty (120) days or more;
(3) the foreign corporation does not inform the Secretary of State under 4-33-1508 or 4-33-1509 that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinued within ninety (90) days of the change, resignation, or discontinuance;
(4) an incorporator, director, officer, or agent of the foreign corporation signed a document such person knew was false in any material respect with intent that the document be delivered to the Secretary of State for filing;
(5) the Secretary of State receives a duly authenticated certificate from the Secretary of State or other official having custody of corporate records in the state or country under whose law the foreign corporation is incorporated stating that it has been dissolved or disappeared as the result of a merger; or
(6) the corporation does not file the annual disclosure statement required under 4-33-131 within sixty (60) days after it is due.
(b) The Attorney General may commence a proceeding under 4-33-1531 to revoke the certificate of authority of a foreign corporation authorized to transact business in this state if:
(1) the corporation has continued to exceed or abuse the authority conferred upon it by law; or
(2) the corporation would have been a public benefit corporation had it been incorporated in this state and that its corporate assets in this state are being fraudulently misapplied or wasted.