(a) A foreign foundation shall not engage in any registrable activity in this state until it registers with the secretary of state. (b) A registrable activity includes any activity that, if conducted by a foreign corporation, would constitute the corporation's transacting business in this state. (c) Activities that are not registrable activities include: (1) Maintaining, defending, or settling any judicial proceeding; (2) Holding meetings of the board of directors or carrying on other activities concerning the foundation's internal affairs; (3) Maintaining one or more bank accounts; (4) Creating or acquiring indebtedness, mortgages, and security interests in real or personal property; (5) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts; (6) Without more, owning any real or personal property located in this state; (7) Conducting an isolated transaction that: (A) Is completed within 30 days; and (B) Is not a single transaction in the course of repeated transactions of a like nature; (8) Transacting any activity in interstate commerce; and (9) Any activity that, if conducted by a foreign corporation, would not constitute the corporation's transacting business in this state.
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