Iowa Code 490.1420 – Grounds for administrative dissolution
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The secretary of state may commence a proceeding under section 490.1421 to dissolve a corporation administratively, if any of the following apply:
1. The corporation does not pay within sixty days after they are due any fees, taxes, interest, or penalties imposed by this chapter or other laws of this state.
Terms Used In Iowa Code 490.1420
- Articles of incorporation: means the articles of incorporation described in section 490. See Iowa Code 490.140
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Interest: means either or both of the following rights under the organic law governing an unincorporated entity:a. See Iowa Code 490.140
- Proceeding: includes a civil suit and criminal, administrative, and investigatory action. See Iowa Code 490.140
- Secretary: means the corporate officer to whom the board of directors has delegated responsibility under section 490. See Iowa Code 490.140
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The corporation does not deliver its biennial report required by section 490.1621 to the secretary of state within sixty days after it is due.3. The corporation is without a registered agent or registered office in this state for sixty days or more.4. The secretary of state has not been notified within sixty days that the corporation’s registered agent or registered office has been changed, that its registered agent has resigned, or that its registered office has been discontinued.5. The corporation’s period of duration stated in its articles of incorporation expires.