(1) NOTICE OF DETERMINATION. If the department determines that one or more grounds exist under s. 181.1420 for dissolving a corporation, the department may give the corporation notice of the determination. The notice shall be in writing and addressed to the agent of the corporation. (2) SECONDARY NOTICES. (a) If a notice under sub. (1) is returned to the department as undeliverable, the department shall again give the corporation notice by first-class mail, addressed to the principal office of the corporation, as most recently designated in the records of the department. (b) If the notice under par. (a) is returned to the department as undeliverable or if the corporation’s principal office cannot be determined from the records of the department, the department shall give the notice by posting the notice on the department’s Internet site. (3) EFFECTIVE DATE OF NOTICE. A notice of determination made under sub. (1) or (2) is effective upon the earliest of the following: (a) The date on which the corporation or its registered agent receives the notice. (b) Five days after the notice is deposited in the U.S. mail, if mailed postpaid and correctly addressed. (c) If the notice is sent by certified mail, return receipt requested, and if the return receipt is signed on behalf of the corporation, the date shown on the return receipt. (d) If the notice is posted on the department’s Internet site, the date of posting. (4) CURE. (a) Within 60 days after the notice takes effect under sub. (3), the corporation shall, with respect to each ground for dissolution, either correct such ground or demonstrate to the reasonable satisfaction of the department that such ground determined by the department does not exist. (b) If the corporation fails to satisfy par. (a), the department may administratively dissolve the corporation by entering a notation in the department’s records to reflect each ground for dissolution and the effective date of such dissolution. The department shall give the corporation notice of each ground for dissolution and the effective date of dissolution. The notice shall be in writing and addressed to the agent of the corporation. (5) EFFECT OF ADMINISTRATIVE DISSOLUTION. Sections 181.1405 (1) and (2), 181.1406 and 181.1407 apply to a corporation that is administratively dissolved. (6) TERMINATION OF RIGHT TO EXCLUSIVE USE OF NAME. The corporation’s right to the exclusive use of its corporate name terminates on the effective date of its administrative dissolution. (7) EFFECT OF DISSOLUTION ON AGENT. The administrative dissolution of a corporation does not terminate the authority of its registered agent.
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