1. (a) The secretary of state may administratively dissolve a foundation if:

   1. (1) For 2 consecutive years, the foundation does not pay the annual fee or any penalty imposed by this chapter or other law within 60 days after the fee or penalty is due;
   2. (2) For 2 consecutive years, the foundation does not file its annual report with the secretary of state within 60 days after the annual report is due;
   3. (3) For a period of 60 days or more, the foundation does not have a registered agent or a registered office;

   4. (4) The foundation fails to file with the secretary of state:

      (A) A notice of a change of its registered agent within 60 days after the change;

      (B) A notice of a change of its registered office within 60 days after the change;

      (C) A notice of its registered agent's resignation within 60 days after the resignation; or

      (D) A notice of the discontinuance of its registered office within 60 days after the discontinuance; or

   5. (5) The period of foundation's duration stated in its certificate of formation expires.

2. (b) The secretary of state may dissolve a foundation under subsection (a) by sending the following documents to the foundation at the foundation's registered office:

   1. (1) A notice of administrative dissolution; and
   2. (2) An application for reinstatement.

3. (c) The notice of administrative dissolution shall set forth:

   1. (1) The grounds for dissolution; and
   2. (2) The effective date of dissolution.

Source. 2017, 257:47, eff. Oct. 1, 2017.