1. A. Upon revoking a certificate of authority, the commission [secretary of state] shall:

   1. (1) issue a certificate of revocation in duplicate;
   2. (2) file one of the certificates in its office; and
   3. (3) mail a notice of revocation accompanied by one of the certificates to the corporation at the corporation's mailing address as shown in the most recent annual report filed with the commission [secretary of state].
2. B. Upon the issuance of the certificate of revocation, the authority of the corporation to transact business in this state shall cease.

3. C. A corporation administratively revoked under Section 53-17-17 NMSA 1978 may apply to the commission [secretary of state] for reinstatement within two years after the effective date of revocation. The application shall:

   1. (1) recite the name of the corporation and the effective date of its administrative revocation;
   2. (2) state that the ground or grounds for revocation either did not exist or have been eliminated; and
   3. (3) state that the corporation name satisfies the requirements of Section 53-17-3 NMSA 1978.
4. D. If the commission [secretary of state] determines that the application contains the information required by Subsection C of this section and that the information is correct, it shall cancel the certificate of revocation and prepare a certificate of reinstatement that recites its determination and the effective date of reinstatement, file the original of the certificate and serve a copy on the corporation.
5. E. When the reinstatement is effective, it relates back to and takes effect as of the effective date of the administrative revocation and the corporation resumes carrying on its business as if the administrative revocation had never occurred.

History: 1953 Comp., § 51-30-17, enacted by Laws 1967, ch. 81, § 119; 1977, ch. 103, § 18; 2001, ch. 200, § 72; 2003, ch. 318, § 48.

ANNOTATIONS

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state. See 8-4-7 NMSA 1978.

Compiler's notes. — This section is derived from Section 122 of the ABA Model Business Corporation Act.

The 2003 amendment, effective July 1, 2003, substituted "duplicate" for "triplicate" in Paragraph A(1); substituted "the corporation's mailing address as shown in the most recent" for "its registered office in this state and also either to its principal office in the state or country under the laws of which it is incorporated or to the principal office of the corporation at the addresses as shown in the last" following "the corporation at".

The 2001 amendment, effective July 1, 2001, inserted "reinstatement" in the section heading; and added Subsections C, D and E.