(1) If the Secretary of State determines that one or more grounds exist under ORS 65.737 for revocation of authority of a foreign corporation to transact business in this state, the Secretary of State shall give the foreign corporation written notice of that determination.
(2) If the foreign corporation does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the Secretary of State, within 45 days after notice is given, that each ground for revocation determined by the Secretary of State does not exist, the Secretary of State shall administratively revoke the foreign corporationís authority, and in the case of a foreign corporation that would have been a public benefit corporation had it been incorporated in this state, shall notify the Attorney General in writing.
(3) The authority of a foreign corporation to transact business in this state ceases as of the date of revocation of its authority to transact business in this state.
(4) The Secretary of Stateís revocation of a foreign corporationís authority to transact business in this state appoints the Secretary of State the foreign corporationís agent for service of process in any proceeding based on a cause of action which arose during the time the foreign corporation was authorized to transact business in this state.
(5) Revocation of a foreign corporationís authority to transact business in this state terminates the authority of the registered agent of the corporation. [1989 c.1010 §159; 1991 c.231 §12; 1993 c.190 §9]Section: Previous 65.717 65.721 65.724 65.727 65.731 65.734 65.737 65.741 65.744 65.747 65.751 65.754 65.757 65.771 65.774 Next
Last modified: August 7, 2008