Current through the 2023 Regular Session
Section 35-2-820 - Authority to transact business required(1) A foreign corporation may not transact business in this state until it obtains a certificate of authority from the secretary of state.(2) The following activities, among others, do not constitute transacting business within the meaning of subsection (1): (a) maintaining, defending, or settling any proceeding;(b) holding meetings of the board of directors or members or carrying on other activities concerning internal corporate affairs;(c) maintaining bank accounts;(d) maintaining offices or agencies for the transfer, exchange, and registration of memberships or securities or maintaining trustees or depositaries with respect to those securities;(e) selling through independent contractors;(f) soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside this state before they become contracts;(g) creating or acquiring indebtedness, mortgages, and security interests in real or personal property;(h) securing or collecting debts or enforcing mortgages and security interests in property securing the debts;(i) owning real or personal property: (i) that is acquired incident to activities described in subsection (2)(h) if the property is disposed of within 5 years after the date of acquisition; or(ii) that does not produce income or is not used in the performance of a corporate function;(j) conducting an isolated transaction that is completed within 30 days and that is not a transaction in the course of repeated transactions of a similar nature; or(k) transacting business in interstate commerce.(3) The list of activities in subsection (2) is not exhaustive.En. Sec. 147, Ch. 411, L. 1991.