Revocation; Application for Reinstatement

(a)A foreign corporation whose certificate of authority has been revoked pursuant to § 7116 may apply to the Director of the Department of Revenue and Taxation for reinstatement at any time after the effective date of revocation of authority. The application must:

(1)recite the name of the foreign corporation and the effective date of its revocation of authority;

(2)state that the ground or grounds for revocation of authority either did not exist, or have been eliminated and that no further grounds currently exist for revocation of authority;

(3)state that the foreign corporation's name satisfies the requirements of § 7107; and

(4)state that all fees owed by the corporation and computed at the rate provided by law at the time the foreign corporation applies for reinstatement have been paid; or COL070307 CH. 7 FOREIGN CORPORATIONS

(b)As an alternative, the foreign corporation may submit a current annual report, signed by the registered agent and an officer or director, which substantially complies with the requirements of Subsection (a).

(c)If the Director of the Department of Revenue and Taxation determines that the application contains the information required by Subsections

(a)and (b), and that the information is correct, it shall cancel the certificate of revocation of authority and prepare a certificate of reinstatement that recites its determination and prepare a certificate of reinstatement, file the original of the certificate, and serve a copy upon the corporation.

(d)When the reinstatement is effective, it relates back to and takes effect as of the effective date of the revocation of authority, and the foreign corporation resumes carrying on its business as if the revocation of authority had never occurred.

(e)The name of the foreign corporation whose certificate of authority has been revoked is not available for assumption or use by another corporation until one

(1)year after the effective date of revocation of authority, unless the corporation provides the Director of the Department of Revenue and Taxation with an affidavit permitting the immediate assumption or use of the name by another corporation.

(f)If the name of the foreign corporation has been lawfully assumed on Guam by another corporation, the Director of the Department of Revenue and Taxation shall require the foreign corporation to comply with § 7107 before accepting its application for reinstatement.