Opinion ID: 2639084
Heading Depth: 1
Heading Rank: 5

Heading: Corporate revival

Text: NRS 78.730(1) states that [a]ny corporation which did exist or is existing under the laws of this state may ... procure a renewal or revival of its charter for any period. The corporation must comply with the provisions of NRS 78.180, [13] which requires the corporation to pay any fees and penalties and file a list of officers and directors and designation of a resident agent. [14] The corporation must also file a certificate with the Secretary of State setting forth: (1) the name of the corporation; (2) the name and address of the resident agent; (3) the date when revival is to be effective, which may be before the date of the certificate; (4) whether the revival is to be perpetual; and (5) that the corporation is, or has been, organized and carrying on the business authorized by its charter. [15] Finally, the certificate must be signed by a person representing the majority of the stockholders. [16] Upon complying with these procedures, the Secretary of State has the discretion to revive a corporate charter. The reinstatement statute does not contain any of these provisions. [17] The process for revival differs substantially from reinstatement in several ways. First, a corporation seeking reinstatement does not need to file a certificate with the Secretary of State. [18] Second, a corporation seeking reinstatement does not have to sign a certificate representing the majority of the stockholders. [19] Third, a corporation seeking revival may choose the date that the charter becomes effective, which may be any date between the original date of default to the date when the certificate is filed. [20] A corporation seeking reinstatement cannot choose an effective date. [21] Fourth, a corporation seeking reinstatement cannot be reinstated if its charter has remained revoked for a period of five consecutive years. [22] There is no similar restriction on revival. [23] By its plain terms, NRS 78.730 allows any Nevada corporation now existing or that did exist to apply for revival of its charter. The Legislature, by putting a limit on reinstatement and not on revival, knew that it could limit revival and chose not to. In the instant case, New York Owners applied for revival under NRS 78.730 and was a corporation at the time of revival. Therefore, it existed as required by statute. New York Owners provided the Secretary of State with its list of officers and paid the fees and penalties. It complied with all other procedures that NRS 78.730 requires, and the Secretary of State accepted New York Owners' certificate of revival.