2009 Rhode Island Code
Title 44 - Taxation
CHAPTER 44-12 - Franchise Tax
§ 44-12-8 - Forfeiture of charter or articles for nonpayment of tax.

SECTION 44-12-8

   § 44-12-8  Forfeiture of charter or articles for nonpayment of tax. – The tax administrator may, after July 15 of each year, make up a list of all corporations which have failed to pay any franchise tax assessed for two (2) years after the tax became due and payable, shall certify to the correctness of the list, and shall file the list as a public record in the office of the secretary of state. Upon the filing of the certified list, the charter or articles of association of each of the corporations shall become forfeited by reason of the failure to pay the tax, and all the corporations shall cease to be bodies corporate, except as provided in § 7-1.2-1324. The secretary of state shall mail a notice of the forfeiture of charter or articles of association to each corporation at its last known address, but failure to receive the notice shall not invalidate the forfeiture. Any corporation or any stockholder, officer, or agent of the corporation, continuing to act thereafter under any forfeited charter or articles of association, except as provided in § 7-1.2-1324, or pending an appeal from the forfeiture as provided, shall be deemed guilty of a misdemeanor and upon conviction shall be fined not less than fifty dollars ($50.00) nor more than one thousand dollars ($1,000) for each offense.