Reinstatement

(a)A limited cooperative association that is administratively dissolved under § 171214 may apply to the Director of Revenue and Taxation for reinstatement no later than two

(2)years after the effective date of dissolution. The application must state:

(1)the name of the association at the time of its administrative dissolution and, if needed, a different name that satisfies § 17115;

(2)the address of the principal office of the association and the name and street and mailing addresses of its registered agent;

(3)the effective date of the association’s administrative dissolution; and

(4)that the grounds for dissolution did not exist or have been cured.

(b)To be reinstated, a limited cooperative association must pay all fees, taxes, interest, and penalties that were due to the Director at the time of the association’s administrative dissolution and all fees, taxes, interest, and penalties that would have been due to the Director while the association was administratively dissolved.

(c)If the Director determines that an application under Subsection

(a)of this Section contains the required information, is satisfied that the information is correct, and determines that all payments required to be made to the Director by Subsection

(b)of this Section have been made, the Director shall:

(1)cancel the statement of administrative dissolution and prepare a statement of reinstatement that states the determination and the effective date of reinstatement; and CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT

(2)file the statement of reinstatement and serve a copy on the limited cooperative association.

(d)When reinstatement under this Section is effective the following rules apply:

(1)The reinstatement relates back to and takes effect as of the effective date of the administrative dissolution.

(2)The limited cooperative association resumes carrying on its activities and affairs as if the administrative dissolution had not occurred.

(3)The rights of a person arising out of an act or omission in reliance on the dissolution before the person knew or had notice of the reinstatement are not affected.