§414-462  Procedure for and effect of
revocation.  (a)  If the department director determines that one or more
grounds exist under section 414-461 for revocation of a certificate of
authority, the department director shall give written notice of the department
director's determination by mailing the notice to the foreign corporation at
its last known address appearing in the records of the department director.



(b)  If the foreign corporation does not
correct each ground for revocation or demonstrate to the reasonable
satisfaction of the department director that each ground determined by the
department director does not exist within sixty days after the date of mailing
of the department director's written notice, the department director may revoke
the foreign corporation's certificate of authority by signing a certificate of
revocation that recites the ground or grounds for revocation and its effective
date.



(c)  Upon revoking any certificate of
authority, the department director shall issue a certificate of revocation that
shall be filed in the department director's office, and the authority of a
foreign corporation to transact business in this State shall immediately cease
thereafter.



(d)  Revocation of a foreign corporation's
certificate of authority does not terminate the authority of the registered
agent of the corporation. [L 2000, c 244, pt of §1; am L 2001, c 129, §49; am L
2003, c 124, §17]