A. The certificate of authority of a foreign business trust to transact business in this state may be revoked by the public regulation commission [secretary of state] pursuant to this section when:

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(1)     the foreign business trust has failed to pay any fees prescribed by law when they become due and payable;

(2)     the foreign business trust has failed to appoint and maintain a registered agent in this state;

(3)     the foreign business trust has failed, after change of its registered office or registered agent, to file with the commission [secretary of state] a statement of the change as required by law; or

(4)     a misrepresentation has been made of any material matter in an application, report, affidavit or other document submitted by such foreign business trust pursuant to law.

B. No certificate of authority of a foreign business trust shall be revoked by the public regulation commission [secretary of state] unless:

(1)     it has given the foreign business trust not less than sixty days’ prior notice of revocation by mail addressed to its registered office in this state; and

(2)     the foreign business trust prior to revocation fails to pay fees or taxes owed, file the required statement of change of registered agent or registered office or correct the misrepresentation.