A. If a corporation fails for a period of thirty days to file the corporate reports required pursuant to Section 53-5-2 NMSA 1978 or to appoint and maintain a registered agent in this state or has failed for thirty days after change of its registered office or registered agent to file in the office of the commission [secretary of state] a statement of the change, the commission [secretary of state] shall notify the corporation of its delinquency by letter to the corporation's principal office. If the delinquency is not corrected within sixty days from the date the letter is mailed, the commission [secretary of state] shall issue a certificate of revocation that recites the grounds for revocation and its effective date.

B. A corporation administratively revoked pursuant to this section may apply to the commission [secretary of state] for reinstatement within two years after the effective date of revocation. The application shall:

(1) recite the name of the corporation and the effective date of its administrative revocation;

(2) state that the ground or grounds for revocation either did not exist or have been eliminated; and

(3) state that the corporation's name satisfies the requirements of Section 53-11-7 NMSA 1978.

C. If the commission [secretary of state] determines that the application contains the information required by Subsection B 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.

D. 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., § 51-24-11.1, enacted by Laws 1967, ch. 252, § 3; 2001, ch. 200, § 43; 2003, ch. 318, § 30.

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 not a part of the ABA Model Business Corporation Act.

The 2003 amendment, effective July 1, 2003, in Subsection A, inserted "file the corporate reports required pursuant to Section 53-5-2 NMSA 1978 or to" following "thirty days to" and deleted "certified" following "statement delinquency by".

The 2001 amendment, effective July 1, 2001, inserted "reinstatement" in the section heading; inserted the Subsection A designation and added Subsections B, C and D; and in Subsection A, substituted "sixty days from the date the letter is mailed" for "thirty days form the date the letter is transmitted" and changed the consequences for a delinquent corporation, which formerly provided for the names and records of the corporation stricken from commission files, the issuance of a notice of dissolution, the setting of a hearing date, and appeal procedures.