3.__Revocation of authority. The foreign limited partnership's authority is revoked if within 60 days after the notice under subsection 2 was issued the Secretary of State determines that the foreign limited partnership has failed to correct the ground or grounds for the revocation. The Secretary of State shall send notice to the foreign limited partnership at its last registered office address or to its last registered or principal office wherever located that recites the ground or grounds for revocation and the effective date of revocation.

4.__Authority to transact business ceases. The authority of a foreign limited partnership to transact business in this State ceases on the effective date of revocation of its authority.

5.__Registered agent; not terminated. Revocation of a foreign limited partnership's authority to transact business in this State does not terminate the authority of the registered agent of the foreign limited partnership.

6.__Authorization after revocation. A foreign limited partnership whose authority to transact business in this State has been revoked under this section and that wishes to transact business again in this State must be authorized as provided in this chapter.

§1417.__Cancellation of certificate of authority; effect of

failure to have certificate

1.__Notice of cancellation.__In order to cancel its certificate of authority to transact business in this State, a foreign limited partnership must deliver to the Secretary of State for filing a notice of cancellation. The certificate is canceled when the notice becomes effective under section 1326.

2.__Certificate of authority to maintain action or proceeding.__ A foreign limited partnership transacting business in this State may not maintain an action or proceeding in this State unless it has a certificate of authority to transact business in this State.

3.__Validity of contract or act; defending action or proceeding.__The failure of a foreign limited partnership to have a certificate of authority to transact business in this State does not impair the validity of a contract or act of the foreign limited partnership or prevent the foreign limited partnership from defending an action or proceeding in this State.