§ 55-15-31. Procedure for and effect of revocation. - North Carolina Statutes

§ 55‑15‑31. Procedure for and effect of revocation.

(a)        If the Secretary ofState determines that one or more grounds exist under G.S. 55‑15‑30for revocation of a certificate of authority, he shall mail to the foreigncorporation written notice of his determination.

(b)        If the foreigncorporation does not correct each ground for revocation or demonstrate to thereasonable satisfaction of the Secretary of State that each ground determinedby the Secretary of State does not exist within 60 days after notice is mailed,the Secretary of State may revoke the foreign corporation's certificate ofauthority by signing a certificate of revocation that recites the ground orgrounds for revocation and its effective date. The Secretary of State shallfile the original of the certificate and mail a copy to the foreigncorporation.

(c)        The authority of aforeign corporation to transact business in this State ceases on the date shownon the certificate revoking its certificate of authority.

(d)        The Secretary ofState's revocation of a foreign corporation's certificate of authority appointsthe Secretary of State the foreign corporation's agent for service of processin any proceeding based on a cause of action arising in this State or arisingout of business transacted in this State during the time the foreigncorporation was authorized to transact business in this State. The Secretary ofState shall then proceed in accordance with G.S. 55D‑33.

(e)        Revocation of aforeign corporation's certificate of authority does not terminate the authorityof the registered agent of the corporation.

(f)         The corporationshall not be granted a new certificate of authority until each ground forrevocation has been substantially corrected to the reasonable satisfaction ofthe Secretary of State. (1955, c. 1371, s. 1; 1989, c. 265, s. 1; 1989 (Reg. Sess., 1990), c.1024, s. 12.24; 1991, c. 645, s. 14; 2001‑358, s. 47(f); 2001‑387,ss. 173, 175(a); 2001‑413, s. 6.)