2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1421 - PROCEDURE FOR AND EFFECT OF ADMINISTRATIVE DISSOLUTION.

        490.1421  PROCEDURE FOR AND EFFECT OF ADMINISTRATIVE
      DISSOLUTION.
         1.  If the secretary of state determines that one or more grounds
      exist under section 490.1420 for dissolving a corporation, the
      secretary of state shall serve the corporation with written notice of
      the secretary of state's determination under section 490.504.
         2.  If the corporation does not correct each ground for
      dissolution or demonstrate to the reasonable satisfaction of the
      secretary of state that each ground determined by the secretary of
      state does not exist within sixty days after service of the notice is
      perfected under section 490.504, the secretary of state shall
      administratively dissolve the corporation by signing a certificate of
      dissolution that recites the ground or grounds for dissolution and
      its effective date.  The secretary of state shall file the original
      of the certificate and serve a copy on the corporation under section
      490.504.
         3.  A corporation administratively dissolved continues its
      corporate existence but shall not carry on any business except that
      necessary to wind up and liquidate its business and affairs under
      section 490.1405 and notify claimants under sections 490.1406 and
      490.1407.
         4.  The administrative dissolution of a corporation does not
      terminate the authority of its registered agent.
         5.  The secretary of state's administrative dissolution of a
      corporation pursuant to this section appoints the secretary of state
      the corporation's agent for service of process in any proceeding
      based on a cause of action which arose during the time the
      corporation was authorized to transact business in this state.
      Service of process on the secretary of state under this subsection is
      service on the corporation.  Upon receipt of process, the secretary
      of state shall serve a copy of the process on the corporation as
      provided in section 490.504.  This subsection does not preclude
      service on the corporation's registered agent, if any.  

         89 Acts, ch 288, §153; 96 Acts, ch 1170, § 11
         Referred to in § 490.1420, 490.1422