79-11-349 - Administrative dissolution, procedures.
§ 79-11-349. Administrative dissolution, procedures.
(1) Upon determining that one or more grounds exist under Section 79-11-347 for dissolving a corporation, the Secretary of State shall serve the corporation with written notice of that determination under Section 79-11-169.
(2) If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the Secretary of State that each ground determined by the Secretary of State does not exist within at least sixty (60) days after service of the notice is perfected under Section 79-11-169, the Secretary of State may administratively dissolve the corporation by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The Secretary of State shall file the original of the certificate and serve a copy on the corporation under Section 79-11-169.
(3) A corporation administratively dissolved continues its corporate existence but may not carry on any activities except those necessary to wind up and liquidate its affairs under Section 79-11-341 and notify its claimants under Sections 79-11-343 and 79-11-345.
(4) The administrative dissolution of a corporation does not terminate the authority of its registered agent.
Sources: Laws, 1987, ch. 485, § 125, eff from and after January 1, 1988.