Sec. B-116. 13-C MRSA §1424 is enacted to read:

§1424.__Reinstatement of suspended corporate charter

1.__Reinstatement after charter suspension. A corporation whose charter was suspended before July 1, 2003 may apply for reinstatement with the Secretary of State if:

A.__The Secretary of State determines that the application contains the information required under section 1422, subsection 1;

B.__The application is accompanied by the reinstatement fee set forth in section 123, subsection 1; and

C.__The application is received by the Secretary of State by June 30, 2009.

2.__Effect on corporation failing to reinstate by June 30, 2009.__A corporation that fails to meet the requirements of subsection 1 is administratively dissolved and may not reinstate.

3.__Protecting corporate name after suspension.__The name of a corporation whose charter is suspended remains in the Secretary of State's records of corporate names and is protected for a period of 3 years following its suspension.

Sec. B-117. 13-C MRSA §1501, sub-§1, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:

1. Application for authority. A foreign corporation may not transact business in this State until it the foreign corporation files an application for authority to transact business with the Secretary of State.

Sec. B-118. 13-C MRSA §1502, sub-§5, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:

5. Validity of corporate acts. Notwithstanding subsections 1 and 2, the failure of a foreign corporation to file an application for authority does not impair the validity of its corporate acts, including contracts, or prevent it from defending any proceeding in this State.