10-1421. Procedure for and effect of
administrative dissolution
A. If the commission determines that one or more grounds exist under section
10-1420 for dissolving a corporation, it shall serve the corporation with written notice
of its determination under section 10-504.
B. If the corporation does not correct each ground for dissolution or demonstrate
to the reasonable satisfaction of the commission that each ground determined by the
commission does not exist within sixty days after service of the notice is perfected
under section 10-504, the commission shall administratively dissolve the corporation by
signing a certificate of dissolution that recites the ground or grounds for dissolution
and its effective date. The commission shall file the original of the certificate and
serve a copy on the corporation under section 10-504.
C. Subject to the provisions of section 10-1422 regarding reinstatement, a
corporation administratively dissolved continues its corporate existence but may not
carry on any business except that necessary to wind up and liquidate its business and
affairs under section 10-1405 and notify claimants under sections 10-1406 and
10-1407. If the corporation has not applied for reinstatement within six months after
the effective date of the dissolution, the commission shall release the corporate name
for use in accordance with chapters 1 through 17 of this title or by a person intending
to register the name as a trade name pursuant to title 44, chapter 10, article 3.1.
D. The administrative dissolution of a corporation does not terminate the authority
of its statutory agent.
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