§ 12-912. Forfeiture of right to do business

   (a) In general. -- The Department may forfeit the right of a foreign statutory trust to do business in the State if the foreign statutory trust fails to file with the Department any report or fails to pay any late filing penalty 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 or late filing penalty.

(b) Effective date. -- 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 legal proceedings of any kind.

(c) Demand for deliquent report or penalties; notice. -- The demand for a delinquent report or late filing penalty and the notice of forfeiture shall be addressed to the foreign statutory trust:

   (1) At the address of the foreign statutory trust on file with the Department; or

   (2) If the foreign statutory trust has no address on file with the Department, in care of the Secretary of State or corresponding official of the jurisdiction in which the foreign statutory trust was formed or is existing, if known to the Department.

(d) Effect of forfeiture. -- On forfeiture of the right of a foreign statutory trust to do business in the State, the foreign statutory trust is subject to the same rules, legal provisions, and sanctions as if it had never registered to do business in the State.

HISTORY: 2010, ch. 611, § 1.