15-2-162. PROCEDURE FOR AND EFFECT OF ADMINISTRATIVE DISSOLUTION.

1. If the Director of Corporations determines that one or more grounds exist under Section 161 for dissolving a corporation, it shall serve the corporation with written notice of its determination.
2. If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the Director of Corporation that each ground determined by the Director of Corporation does not exist within 60 days after service of the notice is perfected, the Director of Corporations shall administratively dissolve the corporation by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The Director of Corporations shall file the original of the certificate and serve a copy on the corporation.
3. 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 158 and notify claimants under Sections 159 and 160.
4. The administrative dissolution of a corporation does not terminate the authority of its registered agent.