Procedure for and Effect of Revocation

(a)If the Director of the Department of Revenue and Taxation determines that one

(1)or more grounds exist under § 7115 of this Chapter, for revocation of a certificate of authority, the Director of the Department of Revenue and Taxation shall serve the foreign corporation with written notice of such determination under § 7113.

(b)If the foreign corporation does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the Director of the Department of Revenue and Taxation that each ground determined by the Director of the Department of Revenue and Taxation does not exist within sixty

(60)days after issuance of notice is perfected under § 7113, the Director of the Department of Revenue and Taxation shall revoke the foreign corporation's certificate of authority by signing a certificate of revocation that recites the ground(s) for revocation and its effective date.

(c)The authority of a foreign corporation to transact business on Guam ceases on the date shown on the notice of revocation of its certificate of authority. COL070307 CH. 7 FOREIGN CORPORATIONS

(d)Service of process on a foreign corporation whose certificate of authority has been revoked may be made upon its registered agent, if any, or pursuant to § 7113.

(e)Revocation of a foreign corporation=s certificate of authority does not terminate the authority of the registered agent of the corporation.