- (a) Any person who transacts business in the name or for the account of a corporation knowing that its charter has been forfeited and has not been revived is guilty of a misdemeanor and on conviction is subject to a fine of not more than $500.
- (b) For the purpose of this section, unless there is clear evidence to the contrary, a person who was an officer or director of a corporation at the time its charter was forfeited is presumed to know of the forfeiture.
- (c) A prosecution for violation of the provisions of this section may not be instituted after the date articles of revival of the corporation are filed.
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1986, c. 593, § 2.
Formerly Art. 23, § 86.