§ 14.20. Involuntary termination
(a) A corporation, which fails to file an annual report required by section 16.22 of this title, shall terminate and the Secretary of State shall notify such corporation of such termination. If, however, such terminated corporation shall file such annual report together with any fee required by law, its charter shall be reinstated by the Secretary of State.
(b) When the reinstatement is effective, reinstatement shall relate back to and take effect as of the date of the corporation's termination under subsection (a) of this section as if the termination had never occurred.
(c) A corporation shall lose the right to retain its corporate name if the annual report required under subsection (a) of this section is not filed on or before five years after the date when the report is due, and if another domestic or foreign corporation files articles of incorporation requesting the name of the corporation.
(d) Involuntary termination of a corporation does not:
(1) prevent commencement of a proceeding against the corporation in its corporate name;
(2) abate or suspend a proceeding pending by or against the corporation on the effective date of involuntary termination; or
(3) terminate the authority of the registered agent of the corporation. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)
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