§ 26-54-111 - Charter forfeiture for failure to pay tax -- Procedure. - Arkansas Statutes

26-54-111. Charter forfeiture for failure to pay tax -- Procedure.

(a) On or before January 1 of each year, the Secretary of State shall issue a proclamation proclaiming as forfeited the corporate charters or authorities, as the case may be, of all corporations, both domestic and foreign which, according to the Secretary of State's records, are delinquent in the payment of the annual franchise tax for any prior year.

(b) A copy of the proclamation, or applicable portion thereof, shall be furnished to each other official or agency of the state which is authorized to issue corporation charters or authorities. Upon their receipt of the proclamation, the several officials shall at once correct their respective records in accordance with the proclamation.