16-16-1407 - Cancellation of certificate of authority -- Effect of failure to have certificate.
16-16-1407. Cancellation of certificate of authority -- Effect of failure to havecertificate.
(1) To cancel its certificate of authority, a foreign cooperative shall deliver to the divisionfor filing a notice of cancellation. The certificate is canceled when the notice becomes effectiveunder Section 16-16-203.
(2) A foreign cooperative transacting business in this state may not maintain an action orproceeding in this state unless it has a certificate of authority.
(3) The failure of a foreign cooperative to have a certificate of authority does not impairthe validity of a contract or act of the foreign cooperative or prevent the foreign cooperative fromdefending an action or proceeding in this state.
(4) A member of a foreign cooperative is not liable for the obligations of the foreigncooperative solely by reason of the foreign cooperative's having transacted business in this statewithout a certificate of authority.
(5) If a foreign cooperative transacts business in this state without a certificate ofauthority or cancels its certificate, it appoints the division as its agent for service of process for anaction arising out of the transaction of business in this state.
Amended by Chapter 378, 2010 General Session