35-1-1026. 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 shareholders 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 the corporation's own 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 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 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.

     History: En. Sec. 160, Ch. 368, L. 1991.