Section 180.1421. Procedure for and effect of administrative dissolution.

 

(1)  If the department determines that one or more grounds exist under s. 180.1420 for dissolving a corporation, the department shall give the corporation under s. 180.0141 notice of the determination. Notwithstanding s. 180.0141 (2) (b) , (3) , and (4) , the notice shall be in writing and addressed to the registered office of the corporation.

(2)  

(a) Within 60 days after the notice takes effect under s. 180.0141 (5) (a) , the corporation shall correct each ground for dissolution or demonstrate to the reasonable satisfaction of the department that each ground determined by the department does not exist.

(b) If the corporation fails to satisfy par. (a) , the department shall administratively dissolve the corporation. The department shall enter a notation in its records to reflect each ground for dissolution and the effective date of dissolution and shall give the corporation under s. 180.0141 notice of those facts. Notwithstanding s. 180.0141 (2) (b) , (3) , and (4) , the notice shall be in writing and addressed to the registered office of the corporation.

(2m)  

(a) If a notice under sub. (1) or (2) (b) is returned to the department as undeliverable, the department shall again give notice to the corporation under s. 180.0141 . Notwithstanding s. 180.0141 (2) (b) , (3) , and (4) and except as provided under par. (b) , the notice under this paragraph shall be in writing and addressed to the principal office of the corporation.

(b) If the notice under par. (a) is returned to the department as undeliverable or if the corporation's principal office cannot be determined from the records of the department, the department shall give the notice by posting the notice on the department's Internet site.

(3)   Sections 180.1405 (1) and (2) and 180.1406 to 180.1408 apply to a corporation that is administratively dissolved.

(4)  The corporation's right to the exclusive use of its corporate name terminates on the effective date of its administrative dissolution.

1989 a. 303 ; 1995 a. 27 ; 2001 a. 44 ; 2011 a. 234 ; 2013 a. 20 .