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| 3.__Failure to file annual report; penalty.__A domestic or foreign |
| limited partnership that is required to deliver an annual report |
| for filing as provided in subsection 1 that fails to deliver its |
| properly completed annual report to the Secretary of State shall |
| pay, in addition to the regular annual report fee, the late filing |
| penalty described in section 1460, subsection 19, as long as the |
| report is received by the Secretary of State prior to revocation or |
| administrative dissolution. Upon a limited partnership's failure to |
| file the annual report and to pay the annual report fee or the |
| penalty, the Secretary of State, notwithstanding Title 4, chapter 5 |
| and Title 5, chapter 375, shall revoke a foreign limited |
| partnership's authority to do business in this State and |
| administratively dissolve a domestic limited partnership. The |
| Secretary of State shall use the procedures set forth in section |
| 1399 to administratively dissolve a domestic limited partnership |
| and the procedure set forth in section 1416 to revoke a foreign |
| limited partnership's authority to transact business in this State. |
| A domestic limited partnership that has been administratively |
| dissolved under section 1399 must follow the requirements set forth |
| in section 1400 to reinstate. |
