The department director may commence a proceeding under section 414-462 to revoke the certificate of authority of a foreign corporation authorized to transact business in this State if:

1. (1) The corporation fails to:

   1. (A) Pay any fees prescribed by law;
   2. (B) File its annual report for a period of two years;
   3. (C) Appoint and maintain an agent for service of process as required; or
   4. (D) File a statement of a change in the name or business address of the agent as required; or
2. (2) A misrepresentation has been made of any material matter in any application, report, affidavit, or other record or document submitted by the corporation.

[L 2000, c 244, pt of §1; am L 2001, c 129, §48; am L 2002, c 130, §34; am L 2003, c 124, §16]