15-3-160. GROUNDS FOR ADMINISTRATIVE DISSOLUTION.

The Director of Corporations may proceed under Section 161 to dissolve a corporation administratively if:

1. The corporation’s period of duration stated in its articles of incorporation expires;
2. Responses to the interrogatories under Section 15-1-107 of this Chapter show that the Corporation has been inactive for a period of at least one year, and there are no plans to reactive the corporation in the future; or
3. Interrogatories under Section 15-1-107 of this Chapter have not been answered by any of the persons to whom were directed for a period of 120 days after becoming due; provided, however, that 30 days before commencing a proceeding under this subsection, the Director of Corporation shall notify each person failing to answer such interrogatories of its intent to commence such a proceeding.