§ 504.1532

504.1532 Procedure for and effect of revocation. 1. The secretary of state, upon determining that one or more grounds exist under section 504.1531 for revocation of a certificate of authority, shall serve the foreign corporation withwritten notice of that determination under section 504.1510. 2. The attorney general, upon determining that one or more grounds exist under section 504.1531, subsection 2, for revocation of a certificate of authority, shall request the secretaryof state to serve, and the secretary of state shall serve, the foreign corporation with writtennotice of that determination under section 504.1510. 3. If the foreign corporation does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the secretary of state or attorney general that each ground forrevocation determined by the secretary of state or attorney general does not exist within sixtydays after service of the notice is perfected under section 504.1510, the secretary of state mayrevoke the foreign corporation’s certificate of authority by signing a certificate of revocationthat recites the ground or grounds for revocation and its effective date.

10, the secretary of state mayrevoke the foreign corporation’s certificate of authority by signing a certificate of revocationthat recites the ground or grounds for revocation and its effective date. The secretary of stateshall file the original of the certificate and serve a copy on the foreign corporation undersection 504.1510. 4. The authority of a foreign corporation to transact business in this state ceases on the date shown on the certificate revoking its certificate of authority. 5. The secretary of state’s revocation of a foreign corporation’s certificate of authority appoints the secretary of state the foreign corporation’s agent for service of process in anyproceeding based on a cause of action that arose during the time the foreign corporation wasauthorized to transact business in this state. Service of process on the secretary of state underthis subsection is service on the foreign corporation. Upon receipt of process, the secretary ofstate shall mail a copy of the process to the secretary of the foreign corporation at its principaloffice shown in its most recent biennial report or in any subsequent communications receivedfrom the corporation stating the current

rocess to the secretary of the foreign corporation at its principaloffice shown in its most recent biennial report or in any subsequent communications receivedfrom the corporation stating the current mailing address of its principal office or, if none areon file, in its application for a certificate of authority. 6. Revocation of a foreign corporation’s certificate of authority does not terminate the authority of the registered agent of the corporation. 2004 Acts, ch 1049, §165, 192Referred to in §504.1510, 504.1531 Sat Dec 23 00:36:29 2023 Iowa Code 2024, Section 504.1532 (17, 0)