59-7-536 - Relief in case of suspension or forfeiture.
59-7-536. Relief in case of suspension or forfeiture.
(1) (a) Any corporation which has suffered the suspension or forfeiture referred to inSection 59-7-534 may be relieved from that suspension or forfeiture by applying for that relief inwriting, paying the tax and the interest and penalties for nonpayment of which the suspension orforfeiture occurred, and paying a reinstatement fee of $100. If the corporation has done businessin this state during the period of such suspension, a tax shall be computed according to thischapter for each year in which the business was done, and the tax shall be added to thedelinquency and penalties provided in this section. If the due date of any return required in thissection has not passed, a return need not be filed until that due date.
(b) Application for revivor may be made by any stockholder or creditor of the corporationor by a majority of the surviving trustees or directors, and the same shall be filed with theDivision of Corporations and Commercial Code. Upon payment to the commission of the taxes,penalties, and reinstatement fee provided for in this section, the Division of Corporations andCommercial Code shall issue a certificate of revivor, and the applicant shall be revived. Therevivor shall be without prejudice to any action, defense, or right which has accrued by reason ofthe original suspension or forfeiture. The certificate of revivor is prima facie evidence of therevivor.
(2) If any corporation has adopted, subsequent to such suspension or forfeiture, any nameso closely resembling the name of the reviving corporation as will tend to deceive, then thereviving corporation is entitled to a certificate of revivor pursuant to the terms of this section onlyupon adopting a new name, and in such case nothing in this section may be construed aspermitting the reviving corporation to carry on any business under its former name. The revivingcorporation may use its former name or may take the new name only upon filing an applicationfor it with the Division of Corporations and Commercial Code, and upon the issuing of acertificate to such corporation by the Division of Corporations and Commercial Code, settingforth the right of such corporation to take such new name or use its former name as the case maybe. The Division of Corporations and Commercial Code may not issue any certificate permittingany corporation to take or use the name of any corporation already organized in this state andwhich has not suffered a forfeiture, or take or use a name so closely resembling the name of anycorporation already organized in this state as will tend to deceive.
Renumbered and Amended by Chapter 169, 1993 General Session