(a) The secretary of state may administratively dissolve a foundation if: (1) For 2 consecutive years, the foundation does not pay the annual fee or any penalty imposed by this chapter or other law within 60 days after the fee or penalty is due; (2) For 2 consecutive years, the foundation does not file its annual report with the secretary of state within 60 days after the annual report is due; (3) For a period of 60 days or more, the foundation does not have a registered agent or a registered office; (4) The foundation fails to file with the secretary of state: (A) A notice of a change of its registered agent within 60 days after the change; (B) A notice of a change of its registered office within 60 days after the change; (C) A notice of its registered agent's resignation within 60 days after the resignation; or (D) A notice of the discontinuance of its registered office within 60 days after the discontinuance; or (5) The period of foundation's duration stated in its certificate of formation expires. (b) The secretary of state may dissolve a foundation under subsection (a) by sending the following documents to the foundation at the foundation's registered office: (1) A notice of administrative dissolution; and (2) An application for reinstatement. (c) The notice of administrative dissolution shall set forth: (1) The grounds for dissolution; and (2) The effective date of dissolution.
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