Procedure and effect of administrative dissolution of a domestic filing entity

(1) If the division determines that one or more conditions for administrative dissolution described in Section 16-1a-602 exist, the division shall serve the domestic filing entity with a notice of the division's determination. (2) A domestic filing entity may for up to 60 days after the day on which the division serves the notice described in Subsection (1): (a) cure each condition the division lists in the notice; or (b) demonstrate to the satisfaction of the division that each condition the division lists in the notice does not exist. (3) If a domestic filing entity fails to comply with Subsection (2)(a) or (b) within the time limit described in Subsection (2), the division shall administratively dissolve the domestic filing entity by signing a statement of administrative dissolution that states: (a) each condition that prompted the dissolution; and (b) the effective date of the dissolution. (4) A domestic filing entity that the division administratively dissolves continues the domestic filing entity's existence as the same type of entity but may not conduct any activity except an activity that is necessary to: (a) (i) wind up the domestic filing entity's activities and affairs; and (ii) liquidate the domestic filing entity's assets in the manner provided in the domestic filing entity's domestic law; or (b) apply for reinstatement in accordance with Section 16-1a-604. (5) The administrative dissolution of a domestic filing entity does not terminate the authority of the domestic filing entity's registered agent.