(1) An entity eligible for reinstatement under section 7-90-1001 may be reinstated upon compliance with the following conditions:
(a) The affirmative vote or consent shall have been obtained from owners and other persons entitled to vote or consent at that time that is:
Required for reinstatement under its constituent operating document; or
If its constituent operating document does not state the vote or consent required forreinstatement, sufficient for dissolution under the organic statutes, or such greater or lesser vote or consent as is required for dissolution under its constituent operating document;
Except as otherwise provided in the constituent operating document, the owners andother persons having authority under the entity's organic statutes and under its constituent operating document to bring about or prevent dissolution of the entity shall not have, before or at the time of the vote or consent required by paragraph (a) of this subsection (1), voted against reinstatement or delivered to the entity their written objection to reinstatement;
In the case of an entity dissolved in an involuntary or judicial proceeding initiated byone or more of the owners, the affirmative vote or consent of each such owner shall have been obtained and shall be included in the vote or consent required by paragraph (a) of this subsection
(1);
In the case of an entity dissolved in a proceeding initiated by one or more creditors ofthe entity, the obligations of the entity to each such creditor shall have been satisfied or discharged in full; and
In the case of an entity dissolved in a proceeding initiated by the attorney general, allgrounds for the dissolution asserted by the attorney general shall have been remedied, and the attorney general shall have consented to the reinstatement.
To the extent that an entity's constituent operating document or the organic statutesprovide for the voting rights of owners or other persons, for the calling of meetings, for notices of meetings, for consents and actions of owners and other persons without a meeting, for establishing a record date for meetings, or for other matters concerning the voting or consent of owners and other persons, such provisions shall govern the vote or consent required by paragraph (a) of subsection (1) of this section with respect to the entity and the vote or objection of owners and other persons provided for in paragraph (b) of subsection (1) of this section with respect to the entity.
This section shall not apply to a domestic entity that is described in this subsection(3) and that was administratively dissolved for any reason other than the expiration of the period of duration stated in its constituent filed document until the later of January 1, 2006, or the following date, as applicable:
In the case of a corporation that was administratively dissolved after July 1, 2002, thedate that is three years after the date it was administratively dissolved;
In the case of a nonprofit corporation that was administratively dissolved after July 1,1999, the date that is six years after the date it was administratively dissolved;
In the case of a limited liability company that was administratively dissolved afterJuly 1, 2001, the date that is four years after the date it was administratively dissolved.
Source: L. 2003: Entire part added, p. 2311, § 217, effective July 1, 2004. L. 2004: IP(1), (1)(a)(II), (1)(b), (1)(c), and (2) amended, p. 1494, § 243, effective July 1. L. 2005: (1)(b) and (2) amended and (3) added, p. 1216, § 21, effective October 1.