1. The secretary of state shall charge and collect additional fees for late filing of the annual report and payment of the publicly traded corporation franchise fee as follows: a. Within ninety days after the date provided in subsection 1 of section 10 -35-29, two hundred fifty dollars. b. Ninety days after the date provided in subsection 1 of section 10-35-29, the publicly traded corporation becomes not in good standing. The secretary of state shall notify the publicly traded corporation that its certificate of incorporation is not in good standing and that it may be dissolved as provided in subsection 2. (1) The secretary of state shall mail the notice of impending dissolution to the last registered agent at the last registered office of record. (2) If the publicly traded corporation files its annual report after the notice is mailed, together with the publicly traded corporation franchise fee and a late filing penalty of one thousand dollars, then the secretary of state shall restore its certificate of incorporation to good standing. 2. A publicly traded corporation that fails to file its annual report or to pay the publicly traded corporation franchise fee due within one year after the date provided in subsection 1 of section 10 -35-29 ceases to exist as a corporation and is considered involuntarily dissolved by operation of law. a. The secretary of state shall note the dissolution of the certificate of incorporation of the publicly traded corporation on the records of the secretary of state and shall give notice of the action to the dissolved publicly traded corporation. b. Notice by the secretary of state must be mailed to the last registered agent at the last registered office of record. 3. A publicly traded corporation dissolved for failure to file an annual report or to pay a publicly traded corporation franchise fee due may be reinstated within one year following the dissolution by: a. Filing a past -due annual report with the publicly traded corporation franchise fee due; b. Paying a late filing penalty of one thousand dollars; and c. Paying a reinstatement fee of one hundred thirty-five dollars. 4. Reinstatement under this subsection does not affect the rights or liabilities arising during the time from the dissolution to the reinstatement. 5. Fees paid to the secretary of state according to this chapter are not refundable if an annual report submitted to the secretary of state cannot be filed because it lacks information required by section 10 -35-28 or the annual report lacks sufficient payment as required by section 10-35-28 or as required by this section.
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