(1) If the Secretary of State determines that one or more grounds exist under ORS 63.737 for revocation of authority of a foreign limited liability company to transact business in this state, the Secretary of State shall give the foreign limited liability company written notice of the determination. (2) If the foreign limited liability company does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the Secretary of State that each ground determined by the Secretary of State does not exist within 45 days after notice is given, the Secretary of State shall revoke the foreign limited liability companys authority. (3) The authority of a foreign limited liability company to transact business in this state ceases as of the date of revocation of its authority to transact business in this state. (4) The Secretary of States revocation of a foreign limited liability companys authority to transact business in this state appoints the Secretary of State as the foreign limited liability companys agent for service of process in any proceeding based on a cause of action which arose during the time the foreign limited liability company was authorized to transact business in this state. (5) Revocation of a foreign limited liability companys authority to transact business in this state terminates the authority of the registered agent of the foreign limited liability company.
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