Section 3-514 - Prohibition against doing business after forfeiture.
§ 3-514. Prohibition against doing business after forfeiture.
(a) Prohibition.- Any person who transacts business in the name or for the account of a corporation knowing that its charter has been forfeited and has not been revived is guilty of a misdemeanor and on conviction is subject to a fine of not more than $500.
(b) Presumption.- For the purpose of this section, unless there is clear evidence to the contrary, a person who was an officer or director of a corporation at the time its charter was forfeited is presumed to know of the forfeiture.
(c) Limitation.- A prosecution for violation of the provisions of this section may not be instituted after the date articles of revival of the corporation are filed.
[An. Code 1957, art. 23, § 86; 1975, ch. 311, § 2; 1986, ch. 593, § 2.]