499.77 - PROCEDURE FOR AND EFFECT OF ADMINISTRATIVE DISSOLUTION.
499.77 PROCEDURE FOR AND EFFECT OF ADMINISTRATIVE DISSOLUTION. 1. If the secretary of state determines that one or more grounds exist under section 499.76 for dissolving an association, the secretary of state shall serve the association by ordinary mail with written notice of the secretary of state's determination pursuant to section 499.75. 2. If the association does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the secretary of state that each ground determined by the secretary of state does not exist within sixty days after service of the notice is perfected pursuant to section 499.75, the secretary of state shall administratively dissolve the association by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The secretary of state shall file the original of the certificate and serve a copy on the association pursuant to section 499.75. 3. An association administratively dissolved continues its existence but shall not carry on any business except that necessary to wind up and liquidate its business and affairs and notify claimants. 4. The administrative dissolution of an association does not terminate the authority of its registered agent.
Section History: Recent Form 93 Acts, ch 126, §24 Referred to in § 499.76, 499.78