10-1520

10-1520. Withdrawal of foreign
corporation

A. A foreign corporation authorized to transact business in this state shall not
withdraw from this state until the commission files its application for withdrawal.

B. A foreign corporation authorized to transact business in this state may apply to
surrender the authority by delivering an application to the commission for filing. The
application shall set forth:

1. The name of the foreign corporation and the name of the state or country under
whose law it is incorporated.

2. That it is not transacting business in this state and that it surrenders its
authority to transact business in this state.

3. That the foreign corporation revokes the authority of its statutory agent to
accept service on its behalf and appoints the commission as its agent for service of
process in any proceeding based on a cause of action arising during the time it was
authorized to transact business in this state.

4. A mailing address to which the commission may mail a copy of any process served
on the commission pursuant to its appointment as the foreign corporation's agent for
service of process.

5. A commitment to notify the commission in the future of any change in the foreign
corporation's mailing address.

C. The application for withdrawal is not considered complete until the commission
has received a notice from the department of revenue to the effect that the tax levied
under title 42, chapter 5, article 1 against the foreign corporation has been paid or
until it is notified by the department of revenue that the applicant is not subject to
the tax and further has received from the department of revenue its certificate issued
pursuant to section 43-1151.

D. The application for withdrawal is not considered complete until all fees,
penalties and costs required to be paid under this chapter have been paid.

E. After determining that the application appears in all respects to conform to the
requirements of this chapter and when all fees have been paid as are prescribed in this
chapter, the commission shall file the application in the manner provided in section
10-120. On the filing of the application for withdrawal, the authority of the foreign
corporation to transact business in this state ceases.

F. Within sixty days after the commission approves the filing, a copy of the
application for withdrawal shall be published. An affidavit evidencing the publication
may be filed with the commission.

G. After withdrawal of the foreign corporation is effective, service of process on
the commission under this section is service on the foreign corporation. On receipt of
process, the commission shall mail a copy of the process to the foreign corporation at
the most recent mailing address provided by the foreign corporation in the application or
by notice to the commission.