House of Representatives

HB 2050

corporate dissolution; cancellation; reinstatement

Sponsor: Representative Reagan

DPA  S/E	Committee on Commerce
DPA	Caucus and COW
X	As Transmitted to Governor

HB 2050 increases the amount of time a corporation may apply to the Arizona Corporation Commission (ACC) to reinstate its authority to transact business in Arizona.

History

Currently a corporation that is administratively dissolved may apply to the Arizona Corporation Commission to have the corporate status reinstated if the request is made within three years of dissolution.  The application must include the following:

1. The name of the corporation and the date of the administrative dissolution.

2. The grounds for dissolution either did not exist, or have been resolved.

If the ACC determines the application contains all of the required information and it is correct, then the ACC must cancel the Certificate of Dissolution and issue a Certificate of Reinstatement.  The reinstatement dates back to the effective date of the administrative dissolution and the corporation may carry on its activities as if the dissolution never happened.  If another corporation in the meantime has adopted the name of the reinstated corporation as a trade name, then the application for reinstatement must contain articles of amendment in accordance with current law for adopting a new business name.

Provisions

· Permits an administratively dissolved corporation, nonprofit corporation or limited liability company six years to apply to the ACC to reinstate its corporate status. 

· Prescribes a six-year time period for a foreign corporation or a foreign nonprofit corporation to apply to the ACC for reinstatement of its authority to transact business. 

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Forty-eighth Legislature

First Regular Session  2          April 24, 2007

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