(a) The certificate of registration of a foreign statutory trust to transact business in this state may be revoked by the Secretary of the State upon the conditions provided in this section when: (1) A wilful misrepresentation has been made of any material matter in any application, report, affidavit or other document, submitted by such foreign statutory trust pursuant to sections 34-500 to 34-547, inclusive; (2) the foreign statutory trust is exceeding the authority conferred upon it by said sections; or (3) the foreign statutory trust is without an agent upon whom process may be served in this state for sixty days or more.

(b) On the happening of the events set out in subdivision (1), (2) or (3) of subsection (a) of this section, the Secretary of the State shall give not less than twenty days written notice to the foreign statutory trust that said secretary intends to revoke the certificate of registration of such foreign statutory trust for one of said causes, specifying the same. Such notice shall be given by registered or certified mail addressed to the foreign statutory trust at its address as last shown on the records of the Secretary of the State. If, before expiration of the time set forth in the notice, the foreign statutory trust establishes to the satisfaction of the Secretary of the State that the stated cause for the revocation of its certificate of registration did not exist at the time the notice was mailed or, if it did exist at said time, has been cured, the Secretary of the State shall take no further action. Otherwise, on the expiration of the time stated in the notice, said secretary shall revoke the certificate of registration of such foreign statutory trust to transact business in this state.

(c) Upon revoking the certificate of registration of any foreign statutory trust, the Secretary of the State shall file a certificate of revocation in his office and mail a copy thereof to such foreign statutory trust at its address as last shown on said secretary's records. The filing of such certificate shall cause the authority of a foreign statutory trust to transact business in this state to cease. Notwithstanding the filing of the certificate of revocation, the appointment by a foreign statutory trust of an attorney upon whom process may be served shall continue in force as long as any liability remains outstanding against the foreign statutory trust in this state.

(P.A. 96-271, S. 246, 254; P.A. 09-38, S. 7.)

History: P.A. 96-271 effective October 1, 1997; P.A. 09-38 amended Subsec. (a) to delete former Subdiv. (1) re revocation of certificate of registration when statutory trust has failed to file annual report, redesignate existing Subdivs. (2) and (3) as Subdivs. (1) and (2), and add new Subdiv. (3) authorizing revocation of certificate of registration when foreign statutory trust is without an agent upon whom process may be served in this state for 60 days or more, amended Subsec. (b) to delete provision re revocation of certificate of registration on happening of events set out in former Subsec. (a)(1) re failure to file annual report and replace reference to “subdivision (2) or (3) of subsection (a)” with “subdivision (1), (2) or (3) of subsection (a)” and made technical changes throughout.