§ 17-30-904 — Administrative forfeiture of authority and articles of formation

Wyoming § 17-30-904

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 30: WYOMING STATUTORY FOUNDATION ACT
• Art. 9: TERMINATION

Text

(a) If the registered agent of the statutory foundation
has filed its resignation with the secretary of state and the
foundation has not replaced its registered agent, or the
statutory foundation is without a registered agent or registered
office in this state for any reason, the foundation shall be
deemed to be operating in this state without authority and to
have forfeited any rights or privileges acquired under the laws
of this state.
(b) A forfeiture under subsection (a) of this section
shall be made effective as follows:
(i) The secretary of state shall mail by first class
mail or submit by electronic means a notice of the failure of
the statutory foundation to comply with subsection (a) of this
section; and
(ii) Unless compliance is made within sixty (60) days
of mailing or electronic submission, the statutory foundation
shall be deemed defunct and to have forfeited its articles of
formation filed in this state.
(c) A statutory foundation, at any time within two (2)
years after a forfeiture under subsection (a) or (b) of this
section, may be revived and reinstated by filing the necessary
statement under this act and paying a reinstatement fee
established by the secretary of state by rule, together with a
penalty of two hundred fifty dollars ($250.00). A reinstatement
fee under this subsection shall not exceed the costs of
providing the reinstatement service. The foundation shall retain
its registered name during the two (2) year reinstatement period
under this section.
(d) If a statutory foundation has failed to pay any fee
required by the secretary of state under W.S. 17-30-704 or any
penalties imposed under W.S. 17-28-109, the statutory foundation
shall be deemed to be operating within this state without
authority and to have forfeited any rights or privileges
acquired under the laws of this state.
(e) A forfeiture under subsection (d) of this section
shall be made effective as follows:
(i) The secretary of state shall provide notice to
the statutory foundation at its last known mailing address by
first class mail or submit by electronic means a notice of the
failure of the statutory foundation to comply; and
(ii) Unless compliance is made within sixty (60) days
of the date of mailing or electronic submission of the notice,
the statutory foundation shall be deemed defunct and to have
forfeited its articles of formation filed in this state.
(f) A statutory foundation, at any time within two (2)
years after a forfeiture under subsection (d) of this section,
may be revived and reinstated by paying the delinquent fees.
(g) Upon reinstatement of a statutory foundation under
this section, the reinstatement shall relate back to and take
effect as of the date the forfeiture was made effective under
this section and the statutory foundation may resume carrying on
operations as if the forfeiture was never effective.
(h) A statutory foundation shall be deemed to be operating
within this state without authority, to have forfeited any
rights or privileges acquired under the laws of this state and
shall be deemed to have forfeited its articles of formation
filed in this state if:
(i) An organizer, founder or any other person
authorized to act on behalf of the foundation signed a document
he knew was false in any material respect with intent that the
document be delivered to the secretary of state for filing;
(ii) The statutory foundation has failed to respond
to a valid subpoena; or
(iii) The public interest is served by forfeiture and
the statutory foundation, its founder or any other person
authorized to act on behalf of the statutory foundation:
(A) Failed to provide records to the registered
agent as required by this act;
(B) Provided fraudulent information or failed to
correct false information upon request of the secretary of state
on any filing under this act;
(C) Cannot be served by either the registered
agent or by the secretary of state acting as the agent for
process;
(D) Is owned or controlled by a foreign
government or foreign nongovernment person determined to be a
foreign adversary by the United States secretary of commerce and
specified in 15 C.F.R. 791.4(a) or a successor regulation,
except if the ownership or control has been approved by the
committee on foreign investment in the United States; or
(E) Has provided false or fraudulent information
to the registered agent, as determined by the secretary of state
during or following an examination of records pursuant to W.S.
17-28-108 or following notification by the registered agent.
(j) The secretary of state may classify a statutory
foundation as delinquent and as awaiting forfeiture of its
articles of formation at the time the secretary of state mails
or electronically submits any notice required under this section
to the foundation.