Guam § 7118 - Revocation; Application for Reinstatement.

§ 7118. 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

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(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has been revoked is not available for assumption or use by another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