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303.17 License revocation.

Subdivision 1. Grounds. The certificate of authority of a foreign corporation to transact business in this state shall be revoked by the secretary of state if it fails:

(1) To pay any fee due under the provisions of this chapter;

(2) To designate a registered agent when a vacancy occurs in that office, or when the appointed registered agent becomes disqualified or incapacitated;

(3) To file certificates of merger or name change, as required in section 303.11;

(4) To file an annual report; or

(5) To comply with the provisions of Minnesota Statutes 1949, section 303.04, and acts amendatory thereof and supplementary thereto, insofar as it relates to the limits of territory in which a savings association organized under the laws of another state may carry on the business of making real estate mortgages.

Subd. 2. Notice to corporation. On finding that any default has occurred, the secretary of state shall give notice by mail to the corporation, at its registered office in this state, that the default exists and that its certificate of authority will be revoked unless the default shall be cured within 30 days after the mailing of the notice.

Subd. 3. Revocation after 30 days. The secretary of state shall revoke the certificate of authority of such corporation to do business in this state if such default shall not be cured with such period of 30 days; provided, that for good cause shown the secretary of state may enlarge the period from time to time, but the aggregate of such enlargements shall not exceed 180 days or the period of any applicable extension granted by the department of revenue of time for filing the income tax return of the corporation, whichever is greater.

Subd. 4. Certificate of revocation. Upon revoking the certificate of authority, the secretary of state shall:

(1) issue a certificate of revocation; and

(2) mail to the corporation, at its registered office in this state, a notice of the revocation.

Subd. 5. Cessation of authority. Upon the issuance of such certificate of revocation, the authority of the corporation to transact business in this state shall cease.

HIST: (7495-17) 1935 c 200 s 17; 1951 c 220 s 1; 1976 c 181 s 2; 1978 c 674 s 60; 3Sp1981 c 2 art 1 s 43; 1984 c 618 s 23; 1986 c 444; 1989 c 236 s 10; 1991 c 205 s 11; 1994 c 438 s 6,7; 1995 c 202 art 1 s 25

Official Publication of the State of Minnesota
Revisor of Statutes