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

(b)  If the foreign corporation does notcorrect each ground for revocation or demonstrate to the reasonablesatisfaction of the department director that each ground determined by thedepartment director does not exist within sixty days after the date of mailingof the department director's written notice, the department director may revokethe foreign corporation's certificate of authority by signing a certificate ofrevocation that recites the ground or grounds for revocation and its effectivedate.

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

(d)  Revocation of a foreign corporation'scertificate of authority does not terminate the authority of the registeredagent of the corporation. [L 2000, c 244, pt of §1; am L 2001, c 129, §49; am L2003, c 124, §17]