1. (a) The director may cancel the certificate of authority of a limited partnership administratively if:

   1. (1) The partnership fails to:

      1. (A) Pay any fees prescribed by law;
      2. (B) File its annual statement for a period of two years;
      3. (C) Appoint and maintain an agent for service of process as required by chapter 425R; or
      4. (D) File a statement of a change in the name or business address of the agent as required by section 425R-7; 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 partnership.
2. (b) Cancellation of a certificate of authority shall not relieve the general partners of liability for the penalties for failure to file any statement or certificate required by this chapter.

[L 2003, c 210, pt of §1; am L 2009, c 55, §50]