(1) A delinquent entity may not maintain a proceeding in any court in this state for the collection of its debts until it has cured its delinquency pursuant to section 7-90-904 (1), (2), or (3).
A court may stay a proceeding commenced by an entity until it determines whetherthe entity is delinquent. If the court determines that the entity is delinquent, it may further stay the proceeding until the entity cures its delinquency pursuant to section 7-90-904. If a delinquent entity cures its delinquency in accordance with section 7-90-904, no proceeding in any court in this state to which such entity is a party shall thereafter be dismissed by reason of that instance of delinquency.
The delinquency of an entity does not terminate the authority of the registered agentof the entity.
The existence of a domestic entity continues notwithstanding its delinquency.
A delinquent domestic entity may be dissolved at any time and by any manner asmay be provided or permitted by its constituent documents and organic statutes and, if it has failed to cure its delinquency for three years or more, the delinquent domestic entity may be dissolved pursuant to section 7-90-908.
Source: L. 2005: Entire part added, p. 1213, § 20, effective October 1.