10-15-52.7. Foreign cooperative - Revocation of certificate of authority

10-15-52.7. Foreign cooperative - Revocation of certificate of authority 1. The certificate of authority of a foreign cooperative to transact business in this state may be revoked by the secretary of state if: a. The foreign cooperative has failed to: (1) Appoint and maintain a registered agent, and if a noncommercial registered agent, then the registered office of the noncommercial registered agent as provided in chapter 10-01.1; (2) File in the office of the secretary of state any amendment to its application for a certificate of authority as provided in section 10-15-52.3; (3) File in the office of the secretary of state any merger as provided in section 10-15-52.1; (4) File in the office of the secretary of state an application for a certificate of withdrawal of its authority as provided in section 10-15-52.5 when the cooperative's existence has expired or the cooperative has been dissolved in the jurisdiction of origin; or b. A misrepresentation has been made of any material matter in any application, report, affidavit, or other record submitted by the foreign cooperative pursuant to this chapter. 2. Except for revocation of the certificate of authority for failure to file the annual report as provided in section 10-15-53.2, no certificate of authority of a foreign cooperative may be revoked by the secretary of state unless: a. The secretary of state has given the foreign cooperative at least sixty days' notice by mail addressed to its registered agent at the registered office in this state or, if the foreign cooperative fails to appoint and maintain a registered agent in this state, then addressed to its principal executive office; and b. During the sixty-day period, the foreign cooperative has failed to: (1) File the report of change as provided in chapter 10-01.1 regarding the registered office or the registered agent; (2) File any amendment; (3) File any merger; (4) File an application for certificate of withdrawal; or (5) Correct the misrepresentation. 3. Upon the expiration of sixty days after the mailing of the notice, the authority of the foreign cooperative to transact business in this state ceases and the secretary of state shall issue a notice of revocation and shall mail the notice to the registered agent at the registered office in this state or, if the foreign cooperative failed to appoint and maintain a registered agent or a registered office in this state, then addressed to the principal executive office of the foreign cooperative.