(a) Any limited liability company which has been dissolved by the Department of Revenue and Taxation under the provisions of § 15124 or prior law may be reinstated by the Department of Revenue and Taxation at any time upon approval of an application for reinstatement signed by an officer or director of the dissolved limited liability company. Such application shall be filed by the Department of Revenue and Taxation whenever it is established to the satisfaction of the Department that in fact there was no cause for the dissolution or that the reasons for the dissolution have been corrected and all fees, computed at the rate provided by law at the time the limited liability company applies for reinstatement, have been paid. If the name of the dissolved limited liability company has been lawfully assumed in the state by another limited liability company, the Department of Revenue and Taxation shall require the dissolved limited liability company to amend its articles of organization to change its application for reinstatement.

(b) Whenever the application for reinstatement is approved and filed by the Department of Revenue and Taxation, the existence of the limited liability company shall be deemed to have continued without interruption from the date of dissolution. The reinstatement shall have no effect upon any personal liabilities of the members or managers of the limited liability company on account of actions taken during the period between dissolution and reinstatement, but the power of the limited liability company to indemnify such members or managers shall extend to actions during such period.