A. If the commission determines that one or more grounds exist under section 10-1530 for revocation of a grant of authority, the commission shall serve the foreign corporation with written notice of the determination under section 10-1510.

B. If the foreign corporation does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commission that each ground determined by the commission does not exist within sixty days after service of the notice is perfected under section 10-1510, the commission may revoke the foreign corporation’s grant of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date. The commission shall file the original of the certificate and serve a copy on the foreign corporation under section 10-1510.

C. The authority of a foreign corporation to transact business in this state ceases on the date shown on the certificate revoking its grant of authority.

D. The commission’s revocation of a foreign corporation’s grant of authority appoints the commission the foreign corporation’s agent for service of process in any proceeding based on a cause of action that arose during the time the foreign corporation was authorized to transact business in this state. Service of process on the commission under this subsection is service on the foreign corporation. On receipt of process, the commission shall mail a copy of the process to the secretary of the foreign corporation at its principal office shown in its most recent annual report or in any subsequent communication received from the foreign corporation stating the current mailing address of its principal office, or, if none is on file, in its application for authority.

E. Revocation of a foreign corporation’s grant of authority does not terminate the authority of the statutory agent of the foreign corporation.

F. A foreign corporation whose authority was revoked pursuant to this section may apply to the commission for reinstatement within six years after the effective date of the revocation. The application shall state both:

1. The name of the foreign corporation and the effective date of the foreign corporation’s revocation of authority.

2. That the ground or grounds for the revocation either did not exist or have been eliminated.

G. If the commission determines that the application contains the information prescribed in subsection F of this section and that the information is correct, the commission shall do all of the following:

1. Cancel the certificate of revocation.

2. Prepare a certificate of reinstatement that states the determination and the effective date of the reinstatement.

3. File the original of the certificate of reinstatement.

4. Serve a copy on the foreign corporation pursuant to section 10-1510.

H. Once the reinstatement is effective, the reinstatement relates back to and takes effect as of the effective date of the revocation and the foreign corporation shall resume its business as if the revocation had never occurred.

I. If the corporation has not applied for reinstatement within six months after the effective date of the dissolution, the commission shall release the corporation name for use pursuant to chapters 1 through 17 of this title or by a person intending to register the name as a trade name pursuant to Title 44, Chapter 10, Article 3.1. If another corporation has adopted the name of the foreign corporation or another person has adopted the name of the foreign corporation as a trade name, the foreign corporation shall attach to the application for reinstatement an application for amended authority and adopt a fictitious name for use in this state that satisfies the requirements of sections 10-1504 and 10-1506.