16-10a-1505 - Effect of filing an application for authority to transact business.
16-10a-1505. Effect of filing an application for authority to transact business.
(1) Filing an application for authority to transact business authorizes the foreigncorporation to transact business in this state subject, however, to the right of the state to revokethe certificate as provided in this part.
(2) A foreign corporation authorized to transact business in this state has the same rightsand privileges as, but no greater rights or privileges than, a domestic corporation of like character.Except as otherwise provided by this chapter, a foreign corporation authorized to transactbusiness in this state is subject to the same duties, restrictions, penalties, and liabilities now orlater imposed on a domestic corporation of like character.
(3) This chapter does not authorize this state to regulate the organization or internalaffairs of a foreign corporation authorized to transact business in this state.
Enacted by Chapter 277, 1992 General Session