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Code · BILL · 116th Congress · S. 3215 (Introduced in Senate) — To establish the obligations of certain large business entities in the United States, and for other purposes. · Sec. 9

Sec. 9. Petition for revocation of charter

384 words·~2 min read·/bill/116/s/3215/is/section-9·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The attorney general of a State may file a petition with the Office to revoke the charter of a United States corporation that is organized in that State or that does business in that State. If a revocation petition is filed under subsection
(a)with respect to a United States corporation— not later than 180 days after the date on which the petition is filed, the United States corporation may file a response that explains why revoking the charter of the United States corporation is not justified in consideration of the factors described in subsection (c)(2); and the Director shall issue a ruling with respect to the petition not later than 180 days after the earlier of the date that is— 180 days after the date on which the petition is filed; or the date on which the corporation files a response under paragraph (1). The Director, with the approval of the Secretary of Commerce, and after consideration of the factors described in paragraph (2), may grant a revocation petition that is filed under subsection (a). In determining whether to grant a revocation petition under paragraph
(1)with respect to a United States corporation, the Director shall consider whether the United States corporation— has engaged in repeated, egregious, and illegal misconduct that has caused significant harm to— the customers, employees, shareholders, or business partners of the United States corporation; or the communities in which the United States corporation operates; and has not undertaken measures to address the causes of the misconduct described in subparagraph (A), such as terminating the employment of any officer or executive of the United States corporation who oversaw that misconduct. A decision by the Director to grant a revocation petition under this subsection— shall be subject to judicial review under section 706 of title 5, United States Code; and shall not be subject to the procedure for congressional disapproval under section 802 of title 5, United States Code. If the Director grants a revocation petition under subsection
(c)with respect to a United States corporation, the Office shall revoke the charter of that corporation, which shall be effective beginning on the date that is 1 year after the date on which the Director grants the petition. The Director may issue any rules that are necessary to carry out this section.
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