§ 1211.
252 words·~1 min read·
/vt/1211A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1211. Administrative dissolution
(a)The Secretary of State may dissolve a mutual benefit enterprise administratively if the enterprise does not:
(1)pay, not later than 60 days after the due date, any fee, tax, or penalty due to the Secretary of State under this title; or
(2)deliver not later than 60 days after the due date its annual report to the Secretary of State.
(b)If the Secretary of State determines that a ground exists for dissolving a mutual benefit enterprise administratively, the Secretary of State shall file a record of the determination and serve the enterprise with a copy of the record.
(c)If, not later than 60 days after service of a copy of the Secretary of State’s determination under subsection
(b)of this section, the enterprise does not correct each ground for dissolution or demonstrate to the satisfaction of the Secretary of State that each uncorrected ground determined by the Secretary of State does not exist, the Secretary of State shall dissolve the enterprise administratively by preparing and filing a declaration of dissolution that states the grounds for dissolution. The Secretary of State shall serve the enterprise with a copy of the declaration.
(d)A mutual benefit enterprise that has been dissolved administratively continues its existence only for purposes of winding up its activities.
(e)The administrative dissolution of a mutual benefit enterprise does not terminate the authority of its agent for service of process. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)