§ 44-12-8 - Forfeiture of charter or articles for nonpayment of tax. - Rhode Island Statutes

SECTION 44-12-8

   § 44-12-8  Forfeiture of charter orarticles for nonpayment of tax. – The tax administrator may, after July 15 of each year, make up a list of allcorporations which have failed to pay any franchise tax assessed for two (2)years after the tax became due and payable, shall certify to the correctness ofthe list, and shall file the list as a public record in the office of thesecretary of state. Upon the filing of the certified list, the charter orarticles of association of each of the corporations shall become forfeited byreason of the failure to pay the tax, and all the corporations shall cease tobe bodies corporate, except as provided in § 7-1.2-1324. The secretary ofstate shall mail a notice of the forfeiture of charter or articles ofassociation to each corporation at its last known address, but failure toreceive the notice shall not invalidate the forfeiture. Any corporation or anystockholder, officer, or agent of the corporation, continuing to act thereafterunder any forfeited charter or articles of association, except as provided in§ 7-1.2-1324, or pending an appeal from the forfeiture as provided, shallbe deemed guilty of a misdemeanor and upon conviction shall be fined not lessthan fifty dollars ($50.00) nor more than one thousand dollars ($1,000) foreach offense.