181.1531 Procedure for and effect of revocation.
181.1531
181.1531 Procedure for and effect of revocation.181.1531(1)
(1) Notice of proceeding by department. If the department determines that one or more grounds exist under s. 181.1530 (1) for revocation of a certificate of authority, the department shall give the foreign corporation under s. 181.1510 written notice of the determination, addressed to the foreign corporation's registered agent.181.1531(2)
(2) Cure, revocation and reinstatement.181.1531(2)(a)
(a) Within 60 days after the notice takes effect, the foreign corporation shall correct each ground for revocation or demonstrate to the reasonable satisfaction of the department that each ground determined by the department does not exist.181.1531(2)(b)
(b) If the foreign corporation fails to satisfy par. (a), the department may revoke the foreign corporation's certificate of authority by entering a notation in the department's records to reflect each ground for revocation and the effective date of revocation. The department shall give notice of those facts to the foreign corporation in the same manner as a notice of determination under subs. (1) and (2).181.1531(2)(c)
(c)181.1531(2)(c)1.
1. If a foreign corporation's certificate of authority is revoked, the department shall reinstate the certificate of authority if the foreign corporation does all of the following within 6 months after the effective date of revocation:181.1531(2)(c)1.a.
a. Corrects each ground for revocation.181.1531(2)(c)1.b.
b. Pays any fees or penalties due the department under s. 181.1502 (4) (a) or $500, whichever is less.181.1531(2)(c)2.
2. A reinstatement under this paragraph shall relate back to and take effect as of the effective date of the revocation, and the foreign corporation may resume carrying on its business as if the revocation never occurred.181.1531(2g)
(2g) Secondary notices.181.1531(2g)(a)
(a) If a notice under sub. (1) or (2) (b) is returned to the department as undeliverable, the department shall again give written notice to the foreign corporation, addressed to the principal office of the foreign corporation, as most recently designated in the records of the department.181.1531(2g)(b)
(b) If the notice under par. (a) is returned to the department as undeliverable or if the corporation's principal office cannot be determined from the records of the department, the department shall give the notice by publishing a class 2 notice under ch. 985 in the official state newspaper.181.1531(2r)
(2r) Effective date of notice. A notice under sub. (1), (2) (b), or (2g) (a) takes effect at the earliest of the following:181.1531(2r)(a)
(a) When received.181.1531(2r)(b)
(b) Five days after its deposit in the U.S. mail, if mailed postpaid and correctly addressed.181.1531(2r)(c)
(c) On the date shown on the return receipt, if sent by registered or certified mail, return receipt requested, and the receipt is signed by or on behalf of the addressee.181.1531(3)
(3) Effect of revocation. The authority of a foreign corporation to transact business in this state, ends on the effective date of revocation of its certificate of authority, as reflected in the records of the department.181.1531(4)
(4) Service on corporation after revocation. If the department or a court revokes a foreign corporation's certificate of authority, the foreign corporation may be served under s. 181.1510 (3) and (4) or the foreign corporation's registered agent may be served until the registered agent's authority is terminated, in any civil, criminal, administrative or investigatory proceeding based on a cause of action which arose while the foreign corporation was authorized to transact business in this state.181.1531(5)
(5) Authority of registered agent. Revocation of a foreign corporation's certificate of authority does not terminate the authority of its registered agent.181.1531 - ANNOT.
History: 1997 a. 79; 2001 a. 44.