Section 10-913 - Forfeiture of right to do business.
§ 10-913. Forfeiture of right to do business.
(a) In general.- The Department may forfeit the right of any foreign limited partnership to do business in this State if the limited partnership fails to file with the Department any report or fails to pay any late filing penalties required by law:
(1) Within the time required by law; and
(2) Thereafter, within 30 days after the Department makes a written demand for the delinquent report or late filing penalties.
(b) Effective date.- Unless the Department excuses a reasonable delay for good cause shown, the forfeiture is effective 15 days after written notice of forfeiture from the Department, without proceedings of any kind either at law or in equity.
(c) Demand for delinquent report or penalties; notice.- The demand for a delinquent report or late filing penalties and the notice of forfeiture shall be addressed to the limited partnership:
(1) At its address on file with the Department; or
(2) If it has no address on file with the Department, in the care of the Secretary of State, or corresponding official of the place where it was organized or is existing, if known to the Department.
(d) Effect of forfeiture.- On forfeiture of its right to do business in this State, the foreign limited partnership is subject to the same rules, legal provisions, and sanctions as if it had never qualified or been licensed to do business in this State.
[1995, ch. 295.]