MARVIN MANDEL, Governor

1903

7-303. FAILURE OF QUALIFIED CORPORATION TO FILE
CERTIFIED STATEMENT.

IF A FOREIGN CORPORATION WHICH IS QUALIFIED TO DO
BUSINESS IN THIS STATE FAILS TO COMPLY WITH THE
PROVISIONS OF § 7-206 OF THIS TITLE, THE DEPARTMENT SHALL
IMPOSE A PENALTY OF $5 ON THE CORPORATION AND AN
ADDITIONAL PENALTY OF $1 FOR EACH TEN DAYS OR A
FRACTIONAL PART OF TEN DAYS DURING WHICH THE FAILURE TO
COMPLY CONTINUES. THESE PENALTIES SHALL BE COLLECTED
AND MAY BE REDUCED OR ABATED UNDER THE PROCEDURES OF
ARTICLE 81, §252 OF THE CODE WHICH RELATE TO THE PENALTY
FOR FAILURE TO FILE REPORTS WITH THE DEPARTMENT.

REVISOR'S NOTE: This section presently appears as
the last two sentences of Art. 23, §90(g).

The only changes are in style.

7-304. FAILURE OF CORPORATION TO FILE REQUIRED REPORT.

(A)   FORFEITURE OF RIGHT TO DO INTRASTATE BUSINESS.

THE DEPARTMENT MAY FORFEIT THE RIGHT OF ANY FOREIGN
CORPORATION TO DO INTRASTATE BUSINESS IN THIS STATE IF
THE CORPORATION FAILS TO FILE WITH THE DEPARTMENT ANY
REPORT REQUIRED BY LAW:

(1)   WITHIN THE TIME REQUIRED BY LAW; AND

(2)   THEREAFTER, WITHIN 30 DAYS AFTER THE
DEPARTMENT MAKES A WRITTEN DEMAND FOR THE DELINQUENT
REPORT.

(B)   EFFECTIVE DATE OF FORFEITURE.

UNLESS THE DEPARTMENT EXCUSES A REASONABLE DELAY FOR
GOOD CAUSE SHOWN, THE FORFEITURE IS EFFECTIVE 15 DAYS
AFTER WRITTEN NOTICE OF FORFEITURE FROM THE DEPARTMENT,
WITHOUT PROCEEDINGS OF ANY KIND EITHER AT LAW OR IN
EQUITY.

(C)   DEMAND AND NOTICE.

THE DEMAND FOR A DELINQUENT REPORT AND THE NOTICE OF
FORFEITURE SHALL BE ADDRESSED TO THE CORPORATION:

(1)     AT ITS ADDRESS ON FILE WITH THE
DEPARTMENT; OR

(2)   IF IT HAS NO ADDRESS ON FILE WITH THE
DEPARTMENT, IN CARE OF THE SECRETARY OF STATE OR
CORRESPONDING OFFICIAL OF THE PLACE WHERE IT WAS