Annual report; due date; content; notice of requirement; effect of failure to file

(1) A business trust by the trust’s anniversary date shall deliver to the office of the Secretary of State for filing an annual report accompanied by the annual fee. (2) The annual report must contain: (a) The name of the business trust and the state or country under the law of which the business trust is formed; (b) The names and addresses of the business trust’s trustees; (c) The physical street address of the business trust’s registered office in this state, which must be a location at which process may be personally served on the registered agent and which may not be a commercial mail receiving agency, a mail forwarding business or a virtual office, and the name of the trust’s registered agent at the registered office; (d) A mailing address to which the Secretary of State may mail notices; (e) A description of the primary business activity of the business trust; and (f) Any additional identifying information that the Secretary of State may require by rule. (3) The annual report must be on forms prescribed and furnished by the Secretary of State. The information contained in the annual report must be current as of 30 days before the anniversary of the business trust. (4) The Secretary of State shall mail the report form to any address shown for the business trust in the current records of the office of the Secretary of State. The business trust’s failure to receive the report form from the Secretary of State does not relieve the business trust of the trust’s duty under this section to deliver a report to the office. (5) If the Secretary of State finds the report conforms to the requirements of this section, the Secretary of State shall file the report. (6) If the Secretary of State finds that the annual report does not conform to the requirements of this section, the Secretary of State shall return the report to the business trust. The business trust shall correct the annual report and return the corrected report to the Secretary of State within 45 days after the Secretary of State returns the report. (7) If a business trust has not filed the report by the reporting date or has not filed a corrected report within the 45-day period, the Secretary of State shall send to the business trust a final notice advising that a report has not been filed and the Secretary of State, therefore, assumes that the business trust is no longer active unless a report is filed within 45 days after the mailing of the final notice. (8) Not less than 45 days after the mailing date of the final notice specified in subsection (7) of this section, the Secretary of State may assume and note on the records of the Secretary of State that the business trust is inactive.