Defaulting corporations: Conditions and procedure for reinstatement.
1. Except as otherwise provided in subsections 3 and 4, the Secretary of State shall reinstate any corporation sole which has forfeited its right to transact business under the provisions of this chapter and restore the right to carry on business in this state and exercise its corporate privileges and immunities, if it:
(a) Files with the Secretary of State a certificate of acceptance of appointment signed by the resident agent of the corporation; and
(b) Pays to the Secretary of State:
(1) The filing fees and penalties set forth in this chapter for each year or portion thereof during which its charter has been revoked; and
(2) A fee of $25 for reinstatement.
2. When the Secretary of State reinstates the corporation to its former rights, he shall:
(a) Immediately issue and deliver to the corporation a certificate of reinstatement authorizing it to transact business, as if the fees had been paid when due; and
(b) Upon demand, issue to the corporation a certified copy of the certificate of reinstatement.
3. The Secretary of State shall not order a reinstatement unless all delinquent fees and penalties have been paid, and the revocation of its charter occurred only by reason of its failure to pay the fees and penalties.
4. If a corporate charter has been revoked pursuant to the provisions of this chapter and has remained revoked for 10 consecutive years, the charter must not be reinstated.
Last modified: February 26, 2006