The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
10-1421 - Procedure for and effect of administrative dissolution
10-1421. Procedure for and effect of administrative dissolution
A. If the commission determines that one or more grounds exist under section 10-1420 for dissolving a corporation, it shall serve the corporation with written notice of its determination under section 10-504.
B. If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the commission that each ground determined by the commission does not exist within sixty days after service of the notice is perfected under section 10-504, the commission shall administratively dissolve the corporation by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The commission shall file the original of the certificate and serve a copy on the corporation under section 10-504.
C. Subject to the provisions of section 10-1422 regarding reinstatement, a corporation administratively dissolved continues its corporate existence but may not carry on any business except that necessary to wind up and liquidate its business and affairs under section 10-1405 and notify claimants under sections 10-1406 and 10-1407. If the corporation has not applied for reinstatement within six months after the effective date of the dissolution, the commission shall release the corporate name for use in accordance with chapters 1 through 17 of this title or by a person intending to register the name as a trade name pursuant to title 44, chapter 10, article 3.1.
D. The administrative dissolution of a corporation does not terminate the authority of its statutory agent.