Reinstatement following administrative dissolution.
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(1) A limited cooperative association that has been dissolved administratively may apply to the division for reinstatement not later than two years after the effective date of dissolution. The application shall be delivered to the division for filing and state:
(a) the name of the association and the effective date of its administrative dissolution;
(b) that the grounds for dissolution either did not exist or have been eliminated; and
(c) that the association's name satisfies the requirements of Section 16-16-111.
(2) If the division determines that an application contains the information required by Subsection (1) and that the information is correct, the division shall:
(a) prepare a declaration of reinstatement;
(b) file the original of the declaration; and
(c) serve a copy of the declaration on the association.
(3) When reinstatement under this section becomes effective, it relates back to and takes effect as of the effective date of the administrative dissolution, and the limited cooperative association may resume or continue its activities as if the administrative dissolution had not occurred.